• With over 100,000 KSM raised, Subsocial Network wins Kusama’s 16th parachain auction

  • The most recent Kusama parachain slot auction was won by Subsocial Network, a decentralized platform designed to support the creation of decentralized social networks. As rewards for crowdloan participants, 16.5 million (16.5 percent of the total supply) SUB tokens will be distributed. It is only the fourth crowdloan to reach the $100,000 $KSM cap.

    Subsocial is laying the groundwork for the future of social finance.

    The latest Kusama crowdloan highlights the power of community once again. Twitter was used by the Subsocial team to make an official announcement.

    #Subsocial just won @kusamanetwork’s 16th auction! Our community’s support was incredible, and we became the 4th crowdloan to hit the cap 🔥 Operating as a parachain will allow us to build all sorts of innovative integrations in the #SocialFinance sector!

    — Subsocial (hiring! see our links) (@SubsocialChain) December 5, 2021

    Subsocial is a new social network project that is built on the highly advanced Polkadot blockchain. They will allocate 16.5 percent of the initial total supply of SUB tokens, or $16.5 million, to the crowdloan if they win the slot. 15 million of those will be distributed as guaranteed rewards. The remaining 1.5 million will be allocated to referral bonuses and distributed in accordance with the referral program’s terms.

    Crowdloan participants may also be eligible for referral bonuses. Each participant will be given a unique referral code that will allow them to earn 15 SUB for every KSM contributed by their referrals, which will be split 50:50 between the referrer and the referee. Any unspent referral funds from the 1.5 million SUB allocation will be returned to the Treasury and applied to the next crowdloan.

    SUB rewards will have a vesting schedule. Upon receipt, 20% of the rewards will be available immediately, while the remaining 80% will vest over the course of the parachain slot lease’s 48 weeks.

    Subsocial as a social network resistant to censorship

    With increased focus on privacy and data concerns on the most popular social media platforms, users are now in favor of greater transparency. As a decentralized hub, Subsocial aims to revolutionize our online engagement. To empower content creators, it provides free expression and community rewards.

    Subsocial distinguishes itself from previous definitions of a social network by constructing it as a social finance protocol and redistributing power to creators. Subsocial can be customized to allow content creators to control their income streams in addition to the current functionality provided by social platforms.

    Subsocial wants to help users create new versions of popular social platforms such as Twitter, Instagram, Medium, and others.

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