Pichiu (Pixiu) — are considered powerful protectors of feng shui practitioners, and resemble strong, winged lions, similar to a Kylin (Qilin), but more mischievous and with the ability to fly!
Pichiu Network is gearing up to secure its slot on Kusama.
We are excited to officially announce it is finally time to begin our experiment on Kusama. As you already knew, Pichiu is Kylin’s canary parachain on Kusama.
Pichiu aims to build a cross-chain platform powering the data economy on Kusama. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Kusama. Pichiu will provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.
Why Kusama Parachain Auctions
We believe securing a parachain slot will be monumental for Kylin Network and our mission to power the DeData Economy. Our experiment on Kusama will become a very significant milestone for us because Kusama parachain slot auctions will allow us to take advantage of its network ability to give our developers different ways to create new crypto assets and decentralized applications (dapps) on top of its blockchain.
As it was mentioned in the preceding announcement, we will prioritize a more rapid path to adoption and implementation of Kylin Network and DeData standards. And, right now, one of the fastest and most robust paths is Kusama.
It is believed that interoperability will be the key for the future of blockchain, and the Polkadot parachains are likely to be a massive leap in advancing the technology and eventually helping us reach mass adoption and power the DeData Economy.
Our Kusama implementation, Pichiu, will be a very valuable canary network for Kylin where we can innovate and battle-test a variety of experimental implementations of our Layer-1 data blockchain. It’s a place where, for example, we can work out the kinks of non-public oriented data validation (ie data that projects and companies can monetize and share with one another or sell in closed or semi-public dedata markets).
This valuable role will be played by Pichiu in perpetuity and in synergy with Kylin Network and the broader ecosystem of blockchains, smart contracts, and application layers that will use various aspects of a robust DeData network and ecosystem within Web3.
How Do We Participate?
A crowdloan will allow us to crowdsource $KSM tokens for Kusama slots to bootstrap our parachain auction.
To participate in a crowdloan, we need to enlist your help by locking up your $KSM for this auction. At the end of this period, users get their $KSM unlocked. And even if we fail to win a slot, it takes only a few days for the $KSM unlock.
Overall $PCHU Tokenomics
Crowdloan(s) — 40%
- 10% parachain crowdloan stimulus — 10% of total supply will be allocated to this first crowdloan, independent of the amount of KSM lent!
- 20% parachain crowdloan fund reserve — to cover the possibility of the maximum amount of KSM lent is achieved (50,000 KSM)
- 10% PLO Reserve (Used for future auctions)
Ecosystem — 60%
- 9% Community rewards
- 5% Lock drop rewards
- 6% Holders reward
- 20% Marketing fund (Used for promotions and educational content)
- 10% Liquidity fund (Liquidity for KSM swaps)
- 10% developer fund (Used for infrastructure costs and validator rewards)
Detail, Lock Drop Rewards — Total lock drop rewards amounts to 5%
- 0.5% $PCHU will airdrop to $KYL holders who lock their $KYL per month. This will last 10 months.
Detail, Holder Rewards — Total rewards are 6%
- 1% $PCHU will airdrop to $KYL holders immediately and the remaining tokens will be distributed each month (0.5% per month)
- Snapshot details will be shared shortly after winning our slot, so stay tuned
- Those staking $KYL will also receive airdrop
- Based on holder rewards of 6%, 6m / 173m equates to 0.034 $PCHU per KYL
- The values will of course be different for lock drop rewards as its 5% instead of 6%
The Crowdloan Explained in Numbers:
→ 1 $KSM will get you 350 + 200 $PCHU no matter what happens (if we win)
→ If and when we get to 10k KSM lent prior to the start of auction #31, we will allocate an additional bonus of 250 $PCHU per $KSM
→ If we require getting to 20k $KSM to win, we will increase by an additional 250 $PCHU per $KSM to get to 20k $KSM
Vesting and Limits
→ 30% will be released at TGE
→ 70% will be released by block over duration
→ 50K $KSM Loan Cap on the crowdloan
The Juicy Bit
In all likelihood we will be able to win this strategic auction lending less than 10,000 KSM overall in the crowdloan, this means that, in addition to the 350 $PCHU, you would receive 1000+ PCHU in total, depending on how much KSM is lent.
We are assuming this strategy because we want to compel people to take part with a counterintuitive narrative, and with the force of that momentum, hopefully we get some great market traction!
Here are some case examples (please note that these are only potential examples and not guarantees of outcome):
Given 10 $KSM individually lent to the $PCHU Crowdloan and we get to 10k KSM prior to the start of Auction #31
2,000 $KSM wins crowdloan → get 3,500 $PCHU + 50,000 $PCHU + for a total of 53,500 $PCHU
4,000 $KSM wins crowdloan → get 3,500 $PCHU + 25,000 $PCHU for a total of 28,500 $PCHU
8,000 $KSM wins crowdloan → get 3,500 $PCHU + 12,500 $PCHU for a total of 16,000 $PCHU
10,000 $KSM wins crowdloan → get 3,500 $PCHU + 10,000 $PCHU + 2,500 $PCHU for a total of 16,000 $PCHU
20,000 $KSM wins crowdloan → get 3,500 $PCHU + 5,000 $PCHU + 5,000 $PCHU for a total of 13,500 $PCHU
50,000 $KSM wins crowdloan → get 3,500 $PCHU + 2,000 $PCHU + 5,000 $PCHU for a total of 10,500 $PCHU
Effectively, and considering the highest probability of a win at around 10,000 $KSM, the $PCHU crowdlending reward has been quadrupled from its original iteration.
This is a crowdloan; you get your KSM back after the period of the parachain lease has ended, which is 48 weeks (one year from the opening of the crowdloan slot auctions).
How long Before $PCHU Airdrop?
After securing our Parachain, we expect approximately 60 days for the dApp to be completed for the linking of ERC20 wallets to Polkadot.js wallets, to receive the airdrop of native $PCHU.
When Will We Join Polkadot?
Joining the Polkadot parachain auctions is estimated to occur in 90–120 days after we secure our parachain on Kusama. Depends entirely upon network performance on Kusama and is subject to change.
The Mission of Pichiu Network
Pichiu network is about rewarding its community, the vast majority of the funds will be used for the community and pushing adoption.
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.