Announcement: Pichiu Airdrop Details
Kylin Network set out to build a composable and configurable multi-level oracle infrastructure as a parachain on the Kusama Network to bring about the democratization and delivery of accurate data on time and at a reliably low cost. The team and the community entered a parachain auction to secure a slot for Kylin’s Canary Network, Pichiu, on the Kusama Network.
The Pichiu Network attained success by securing a slot on the Kusama Network. The supportive community and crowdloaners have had their rewards distributed. Now, the community and team look forward to what is next for the project in the coming weeks. The endgame is to launch a working product to bring utility to its native tokens PCHU. But there are existing commitments the project needs to uphold to the community, and the first is a PCHU drop to KYL holders, as detailed in the Pichiu tokenomics update.
To this end, the technical team spent countless hours developing and fine-tuning workflows, codes, and systems. In our last update, the missing pieces were the runtime upgrade needed for the democracy pallet, which is crucial to initiate the PCHU airdrop.
The technical team has successfully upgraded the runtime, and the democracy pallet is included in the latest runtime upgrade. To this end, Pichiu Network is pleased to present details of the upcoming PCHU token airdrop to the community, designed to incentivize the community to hold existing Ethereum native KYL tokens.
In a previous update shared with the community, the first step to claiming your PCHU token drop is successfully handshake your non-custodial wallet, holding your Ethereum native KYL, with a Substrate native wallet, where you wish to receive your PCHU tokens.
Visit the above address, where you’ll be presented with two options for completing the process.
Option 1: Automatically, users must sign the request with your metamask and substrate native wallet. For the best experience, utilize a laptop equipped with web plugins for Metamask and Polkadot.js wallet.
Option 2: This manual alternative requires the users to generate their signatures via https://etherscan.io/verifiedSignatures# and complete the process manually.
We put together a separate post equipped with links and YouTube videos walking users through the process of wallet creation across all devices and importing token information. Follow the link here for more guidance on that.
Now that you’re all set to receive your PCHU tokens airdropped to your substrate native wallet address, an ample amount of time needs to be given to all users to complete the above steps before all tokens are transferred.
Kylin ran an initial poll with the proposed idea of the community agreeing on a schedule for PCHU token distribution. Several community members voted in favor of tokens to be distributed on 22 September 2022. Due to the small number of users (8) that participated in this poll and the short timeframe to the actual date of token transfer (7 days). And lastly, the developer resources needed to complete the token transfer amidst other demanding tasks that needs tech attention.
To that end, the Pichiu Tokens will be airdropped on 22 October 2022. This will give community members ample time to complete their wallet handshake, and those unaware of the airdrop will get on board and complete the process.
In the past week, we have received countless queries from community members having difficulties completing Step 1. To that end, the Kylin team is working on implementing a ticketing system to help address this challenge at scale.
On the stipulated day, the PCHU token transfer will be initiated in a single transfer to all registered substrate-based wallets. The quantity of PCHU to be transferred will be based on the amount of KYL held in the non-custodial wallet. This will be based on the formula spelled out in the first post, which reads as follows:
0.034 PCHU per KYL
NB: The above figure might change depending on the number of hand-shook wallets eligible for the airdrop.
For feedback and support, feel free to communicate only with admins in the Kylin official Telegram channel.
Kylin Network strives to be a composable and configurable multi-level oracle infrastructure built as a Polkadot parachain, for the democratization and delivery of accurate data on time, at a reliably low cost. Kylin hopes to offer a way for chain-agnostic APIs to serve data according to service level agreements (SLA) that the consumers of this data will be aware of.
Data source compatibility beyond price feeds will bootstrap a free data market. This will allow market demand to determine the direction of the innovation of a feed, its price, and supply. With dynamic NFTs & SFTs, Kylin’s ongoing development will innovatively tokenize data streams that democratically will be accepted on the Kylin Network.
Originally published at https://kylin.substack.com on September 15, 2022.