What is Pichiu (PCHU)?
We are very excited to share with you that… Kylin network has decided to launch on Kusama!
We want to introduce Pichiu, Kylin’s canary parachain on Kusama. The official Pichiu token symbol is PCHU.
For a very long time, we have said that we are aiming to launch directly on Polkadot to save time on managing two parachains.
However, the growing adoption of Kusama, and its ability to act as a currently ready implementation layer — right now — have changed the context of that initial plan. We will always prioritize a more rapid path to adoption and implementation of Kylin Network and DeData standards. Right now, the most rapid and robust path includes Kusama.
Kylin itself is now very close to completing the querying functionality of the data warehouse (i.e. v0) — we believe it makes sense now to launch a canary network and test out the integrations with our many partners both Polkadot based and others. We can only do that in the very near term via Kusama.
One of the major priorities of this path is to utilize the Kusama bridge to ETH to integrate our Solidity-based partners and offer our community the ability to provide data to them. This we feel will be of fundamental strategic importance as we have a multitude of partners sitting out in the ether (pun intended) and we want to be able to integrate them and test out integrations as much as possible. Ultimately, the traffic — in terms of real implementation paths — is currently on Kusama so it makes sense for us to have a presence there.
Pichiu Token Distribution
We believe our community is what makes our project unique, we have taken the feedback from the launch of the KYL token and incorporated it in the launch of PCHU.
This will be a fair launch with no foundation or team allocation; furthermore, there are no private rounds or private investors. The token’s distribution will be a fair launch and favorable to early participants.
When Will Pichiu’s PLO Launch?
Pichiu Network intends to begin its Parachain Loan Offering in conjunction with the start of the seventh or eighth Kusama parachain auction. The exact date is TBD, so stay tuned for details on this. The most up-to-date channels for information and resourcing are our official TG — https://t.me/KylinOfficial — and our official Twitter: https://twitter.com/Kylin_Network.
How Do You Participate?
The Pichiu team is working on various, easy ways for you to participate in the PLO, which will reward you with $PCHU, which is Pichiu’s native token. More details will be released in the upcoming days as the plans are finalized. To be the first to be notified about any news or updates of our PLO, as well as any general information on Pichiu and Kylin Network, again, join our telegram channel: https://t.me/KylinOfficial.
About the Pichiu PLO
Up to 300,000,000 (300 Million) PCHU, or 30%, of the total supply will be distributed to KSM contributors. The cap of Pichiu crowdloan will be 300,000 KSMs which means no more PCHUs will be available for KSM contributors after the cap is reached. Any unused PCHU from the 30% allocation will be put directly towards the next parachain auction!
Unlocking the Full 300M PCHU in Stages
For the Pichiu crowdloan, the full allocation of 300 million PCHU will be distributed evenly over three stages (100 million PCHU unlocked per stage). Each new stage is unlocked if we don’t win the auction slot. For example, stage 1 begins (100 million PCHU) with slot 12. If we don’t win slot 12, then stage 2 opens up (an additional 100 million PCHU) with slot 13 auctions. If we don’t win slot 13, then stage 3 opens up (an additional 100 million PCHU for a total of 300 million in distribution). Stage 3 is the final unlock. In more details:
- The first stage has a cap of 100 million PCHU or KSM contributors which means a cap of 100,000 KSMs raised. If Pichiu wins the auction during each stage, the remaining PCHUs will go to the treasury for future auctions. Otherwise, the next stage opens up if we don’t win the slot auction.
- The second stage cap is 200 million PCHU and 200,000 KSM. If Pichiu does not win the slot auction during this stage, it will go to the third stage.
- In the third stage, 300 million PCHU will be distributed for a cap of 300,000 KSM.
Bonuses for Contribution
Pichiu crowdloan contributors will receive 1,000 PCHUs per 1 KSM contributed as rewards for their contribution to the crowdloan by default. The fixed ratio guarantees that rewards for KSM contributors won’t change with the amount of KSM Pichiu raised. This makes it fair for all participants, regardless of when they enter.
That being said, we want to show our appreciation for the early supporters. To do that, we are offering early bonuses to the first 1,000 contributors on our crowdloan.
The first 500 contributors receive an extra 10% bonus Pichiu. For example, if Sanders contributes 5 KSM, he receives 5000 PCHU by default. As one of the first 500 contributors, he receives an additional 10% bonus, or 500 PCHU. In total, Sanders receives 5,500 PCHU as a reward for his early contribution.
As an added bonus, Pichiu crowdloan contributors can also refer their friends and colleagues to participate in the Pichiu crowdloan. Both the referrer and their referred counterparts receive a 2.5% bonus each, or 5% bonus in total split between the two.
For example, if Molly refers Martin, and Martin contributes 1 KSM, he receives 1,000 PCHU. Because Martin used Molly’s referral code, Martin receives an additional 2.5%, or 250 PCHU for a total of 1,250 PCHU. Molly also receives an additional 2.5% calculated from Martin’s base contribution, or 250 PCHU.
Parachain Slot Duration
For Pichiu to be successfully launched on Kusama, we need enough KSMs to secure a parachain slot. Pichiu will bid for 8 periods each with a duration of 6 weeks (48 weeks).
Pichiu will bid for parachain slots through a crowdloan. The collective KSMs will be locked for 8 periods (6*8 weeks) from the moment Pichiu wins a slot until the duration ends. If Pichiu does not win a slot, the KSMs will be unlocked and refunded to their original owners.
After Pichiu wins a parachain slot, 34% of PCHU will be released to crowdloan participants. The remaining 66% will be vested every 8 weeks on an equal basis.
One Last thing…..
The dev team decided to forsake 20% of their allocation for $PCHU to allow current $KYL holders to exchange their tokens early rather than waiting for our launch on Polkadot. This means 200m $PCHU will be allocated. This is actually more than the circulating supply of $KYL to give us a buffer of window to implement swapping.
This means every single $KYL token holder has gaurenteed allocation to $PCHU should they wish to swap
We are committed to building out a swapping mechanism that will be the basis of how we swap the $KYL token on polkadot. You as a holder can chose to swap your $KYL for $PCHU in a 1:1 swap or keep it and exchange it for the Polkadot issued token.
We will begin working on the swap mechanism shortly after winning our parachain slot so stay tuned!
About Kylin Network
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network will provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.
What is Kylin?: https://www.kylin.network/video/kylin.mp4