Mandala Chain Polkadot Crowd Loan Details — 10% of Supply Distributed

Mandala Chain Polkadot Crowd Loan Details

We’re going Pink! Mandala Chain is excited to announce details for our Parachain Slot Auction on Polkadot. We will be entering Auction #63, starting on February 21st, 2024, with a cap of 300,000 DOT available for participation. Skip the first 2 sections if you know your Polkadot, otherwise, read below for full details on what this all means.

Why Polkadot?

Polkadot is a next-gen blockchain built for interoperability. It allows for multiple specialized blockchains to transfer messages and value in a trust-free fashion; sharing features and functionality while pooling their security to the Polakdot base chain — the relay chain.

This is not a long-winded explanation about Polkadot, though. Long story short, we require robust interoperability and governance structures to pull off the vision we have for Mandala Chain. Polkadot checked the boxes for these. There will be a longer post about this soon. What matters today, is how we become recognized as a blockchain within the Polkadot Ecosystem and how you can help us!

Parachain Slot Auctions and Crowd Loans

To become an L1 blockchain on Polkadot (called a parachain), you need to secure (lease) block space on the relay chain. This is accomplished by winning one of the available parachains slots via an auction.

This auction is in the form of a crowd loan, where projects compete with one another in an auction to see who can raise the most $DOT (Polkadot’s native token). At the end of the auction, the project with the most $DOT raised from the public (or self-funded), wins a parachain slot.

A simple but elegant solution that displays proof of demand for your project before deployment and allows the DOT community to self-select the projects they want to see within the ecosystem.

In return for loaning their DOT to a parachain, holders are given rewards in the native taken of that project — in our case Kepeng $KPG. The next section will expand on these details.

What Do You Get If You Participate?

We have allocated roughly 10% of our token supply for distribution to users who contribute to our crowd loan. The main points:

• For every 1 $DOT contributed, 400 $KPG is distributed
• After 75,000 $DOT is raised, this shifts to 320 $KPG for every 1 $DOT contributed
• 10% of these rewards are unlocked at TGE (Token Generation Event) with the rest vested linearly over the next 96 weeks
• All $DOT contributed is returned after the 96 weeks
• The cap on how much $DOT we will raise is 300,000*

If you join early, i.e. within the first 75,000DOT there is a 20% increase as per the above. We wanted to reward early action.

*Note, rewards are only paid on the first 150,000 DOT raised.

Keep in mind that we reserve the right to pay out additional rewards in the future for crowd loan participants — hint hint!

Tokenomics of KPG

The below pie chart represents the initial tokenomics for Mandala Chain. KPG has a fixed supply of 1,000,000,000 tokens:

How to Join Us?

A minimum of **5 DOT and a Polkadot wallet are required to participate. Some helpful resources:

• Parachains.info or Bifrost are great options for participation.
• Desktop wallets: Talisman and Subwallet
• Mobile Wallet: Nova

**Polkadot requires an existential deposit (minimum amount in the wallet) of 1 DOT. The 5 DOT above does not account for this.

About Mandala Chain

Mandala Chain is a hybrid layer 1 blockchain network built to bridge the gap between Emerging and Global Blockchain Markets. Our first use case is Indonesia, where strategic resources and partnerships give us advantages we can leverage to expand into broader markets.

Indonesia, the 4th largest population globally, is poised for blockchain adoption. A young tech-savvy population that has already embraced the ethos of blockchain coupled with government-friendly regulation creates a perfect storm for onboarding millions of new users and use cases.

Our strategy begins by forging strong partnerships and relationships within government and enterprise sectors. This approach includes building private, permissioned blockchain networks that can integrate with our public, permissionless infrastructure. We aim to facilitate seamless cross-chain value transfer, bridging the gap between current demand and innovative strategic use cases across Indonesia.

Mainnet coming Q3 2024! Stay tuned for some exciting updates.