Kylin Weekly Update #15: Pichiu Distributed
As promised, on the 22nd of October, 2022, PCHU, the native coin of Kylin’s Canary Network on Kusama, was distributed to every community user that completed the ERC <> Substrate wallet handshake procedure detailed in the last project update.
This week’s update will report on how the Pichiu coin distribution was executed and what to expect in the coming weeks. From all observations, the distribution was a complete success. However, several users encountered challenges in receiving their PCHU, most of which have been addressed. This gave rise to several questions from the community, which have also been addressed.
If you’re experiencing token distribution challenges, please open an issue on Kylin’s GitHub repository here.
We received a total of 635 signed requests; however, over 149 of these requests encountered challenges stemming from the following:
- 0 KYL balance (over 100 requests)
- Invalid substrate addresses (14 requests)
- Multiple requests using the same substrate address
The total amount of KYL hand shook = 67,290,000
The total amount of PCHU distributed = 2,287,860.
Handshake done, distribution Dusted: Now that the Pichiu coin distribution has been completed, the engineering team can be reassigned to get the MVP ready for a show and tell in November. Community users that are late to the registration process will not receive PCHU. Unfortunately, there will be no new option to participate in the reception of PCHU, at least not in the form of an airdrop. Other opportunities will be made clear in this post.
During the two months that led to last weekend’s Pichiu distribution, the team behind Kylin constantly shared reminders to ensure community members don’t miss the opportunity to receive their Pichiu. A total of 11,000,000 PCHU was allocated for our supportive community members via Lock Drop — 5,000,000 and Holders Reward — 6,000,000.
However, during the recent token distribution, only 2,287,860 PCHU tokens were successfully distributed. This was down to the low turn out of wallet address handshakes, this is far from desirable. The new direction is as follows:
The outstanding 3,712,140 PCHU will be re-allocated into the Kylin Community Incentive Program, designed to get Kylians incentivized for valuable participation to the project’s endeavours. The monthly lock drop, will be initiated from the month of November 2022. As originally described in this post, 0.5% PCHU in the “ Lock Drop” allocation will be distributed to KYL holders monthly, based on a formula to be later described in a detailed post about the future PCHU distribution.
What Happens to the remaining undistributed PCHU
As Kylin continues this journey of developing a Layer-1 Data Infrastructure for DeFi and Web3 across all blockchains, starting with Polkadot, we will need to evolve and adapt our approach to development as the need arises. We know our committed community members will continue to believe in the project as they have since inception.
We will be engaging the community in various endeavours to promote Kylin via an elaborate incentive framework for community members to earn more PCHU tokens by participating in democratic initiatives around the Kylin infrastructure. Some of the areas where incentives will be focus on includes, but not limited to:
Signing up, and voting on Kylin Polkassembly
Valuable Comment on Kylin Polkassembly
Tweet Thread promoting Kylin/Pichiu Network
Translating Kylin Articles/Posts
Articles about Kylin/Pichiu
Video Creation promoting Kylin/Pichiu
Attracting Crypto Influencer to collaborate with Kylin
KYL Staking Program
In August, we announced the pause of the ETH native KYL staking program in our weekly update, following the tweet thread that was shared on Kylin’s official Twitter account. The staking program was paused at the end of September after running for six months. We’re pleased to see the community’s eagerness and hope to see the staking Program return.
A little staking history, the Founders of Kylin Network initially intended the staking program to be originally reserved for Kylin OGs to stake their KYL holdings as they run collators helping to maintain the state of the Kylin Parachain. The size of their holdings will give them preferential treatment in accessing choice collators etc.
Having launched the Kylin project with ETH native KYL, the Founders, in a quest to provide utility for the ERC-KYL, launched the Kylin Staking Program. Now, Kylin Network now has a parachain on both Polkadot and Kusama, and with its native coins live on both chains, the project hopes to retrace its steps and offer incentives for community members that provide valuable contribution and participation to the project.
Involvement in Kylin Democratic Process Earns you Coins.
A new DeFi report commissioned by the EU Commission will inform the crypto legislation in 2023. It addresses Oracles like Kylin Network as one of three “targets of intervention” (Read an easily digestible tweet thread here). Reports such as these and others indicate the need for a paradigm shift. Web3 communities must evolve just as blockchain technology did, moving away from the speculative model and towards the participatory/incentive democracy standard.
We’ll still honor the old model that have brought us thus far in web3, just like we did in the recent PCHU token distribution. But moving towards a more inclusive and engaging future, we as a Web3 community need to embrace incentive-based behavior, as this will enable Kylin and Pichiu Network to justify European Commission clauses.
We shall release a detailed post about a new staking reward system and how to get involved with the Kylin Network democratic system by running a collator or simply interacting and engaging on Kylin’s Polkassembly assembly.
The team behind Kylin are considering several options available in regards to listing PCHU, and the Polkadot-native KYL. However, the main focus of the team at this point in time, is bringing a live product to market that will provide utility to both Coins on Polkadot and Kusama respectively.
The Tech team have made significant progress on the development front, and soon enough, we’ll have the first MVP of Polkadot’s Truth Machine. This will provide utility to both KYL and PCHU, beyond staking, and in due time, the team will continue to find the right opportunity to list both coins, with the right liquidity, and perhaps, an improved market condition.
Kylin Network at the Verge of Upgrading to Polkadot-v0.9.29
We are excited by the commitment and effort shown by the developers behind Kylin technical team. Early last week, the team successfully laid down the codes to see Kylin Network upgrade its substrate pallet to Polkadot-v0.9.29 and the weight to weight-v2 (multi-dimensional weight).
The upgrade is set to go live imminently; we’ll do well to inform the community when it does. Currently, in the DotSama ecosystem, only MoonBeam has upgraded to version 29.
YouTube Video on Kylin — The Future of Data
Kylin Hosted a Workshop During Polkadot Hackathon
Kylin’s Tech Lead, Sylvain Cormier successfully lead a workshop during Polkadot LATAM Hackathon on the 21st October. The workshop was attending several members of the Hispanic community, and it was an engaging session. We now have a number developers willing to take on challenges to support the development of certain aspect of Kylin’s infrastructure under the supervision of our Tech lead, and the entire development team.
About Kylin Network
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 November 3, 2022.