Kylin Network Crowdloan: Team Statement.
It’s no longer News, and admittedly surprising, that the Kylin Network is now bidding on the parachain slot 24 when all prior communication pointed to the project participating in the parachain auction for slot 26. Clear communication is necessary to discard all speculation and settle the concern that is already breeding the Polkadot ecosystem.
Not being able to start a crowndloan for auction 26, the team initially put out a 10 $DOT bid, which closed with auction 23. Upon we eventually found out the reason we could not start our crowdloan was because we needed 500 $DOT. And on July 27, we then proceeded with the registration of the crowdloan for auction 26.
From the crowdloan registration parameters we hoped to be participating
in auction 26, but it was misunderstood by us that the system automatically bids for you in the next auction; we were in auction 24.
The code is open, and it could have been checked.
Apologies for not having done so.
Meantime not being aware of this, the team maintained that the auction was to occur on the 28th of August, sending our community a memo to unstake their DOT to participate in the originally planned parachain auction for slot 26.
We eventually figured out that we were actually bidding on auction 24.
We are now accepting this parachain auction as is, even if we lose it — as we currently do not have the complete backing of our community with their DOT still staked. Thankfully, we’ve come close to winning, and we have to work to do so as well as resolve how rewards will be distributed to the participants of this accidental parachain auction.
In preparation for the original date, we have already begun revising the crowdloan distribution rewards allocation with an announcement scheduled for Tuesday, 9th August. Sadly, we can’t prove this now, but we must state that the rewards allocation is currently set at 55.55KYL per DOT contributed, and the early bird bonus still stands.
We sincerely apologize for any miscommunication or complete lack of communication that has been experienced. We’ve been hard at work improving our communications with the community as development has been in full swing, so rapid that it also left some of our marketing materials outdated — which we’ve also been working on, as we informed the community in this update. Our website was also undergoing changes in line with our new advances and preparation for the original auction plans.
We know how competitive parachain auctions are, and we could not have deliberately commenced one without any prior announcement of the new date, Kylians’ DOT availability, and website update. We hope to win and not face any backlash. We take responsibility for this mistake and are putting in our best efforts to get the best out of this in terms of strengthening the entire Polkadot ecosystem and winning the auction for our project.
We hope you see our transparency, “chainmanship,” and resilience in this.
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 accurate, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.
Originally published at https://kylin.substack.com on August 7, 2022.