Kintsugi BTC Crowdloan Takes Off

The Kintsugi Crowdloan has opened! BTC ♥️ Kusama!!!

By voting for Kintsugi, you vote to bring trustless Bitcoin to Kusama and help bootstrap the DeFi ecosystem!

How do I participate?

The crowdloan is a fully permissionless event — you make your own judgement on if and how you would like to participate. Examples of how to participate:

  1. Via Polkadot.js apps crowdloan page

  2. Via the Kintsugi crowdloan website using the Polkadot.js browser extension (coming soon)

  3. Participate via partner exchanges.

  4. Participate via partner mobile wallets.

Read on to learn about:

  • Kintsugi’s kBTC

  • Crowdloan mechanics

  • The latest updates to the tokenomics!

Kintsugi — interBTC’s Canary Network

Kintsugi is interBTC’s canary network, developed by Interlay — an R&D company focused on blockchain interoperability. Founded by ex-Imperial College CS PhDs — Alexei Zamyatin and Dominik Harz, Interlay’s mission is to make Bitcoin interoperable in a fully trustless and decentralized way.

The non-profit Kintsugi Lab will be responsible for Kintsugi’s launch and further — support the development and growth of the decentralized network.

Inspired by the ancient Japanese tradition of embracing the flawed and imperfect, Kintsugi accepts the nascent DeFi ecosystem on Kusama as chaotic while constantly being perfected by golden streaks of its community.

Kintsugi’s kBTC brings radically open Bitcoin to Kusama to kickstart liquidity for parachains like Karura, Shiden and Moonriver.

kBTC is a 1:1 Bitcoin-backed asset on Kusama, insured and always safe.

  • Read more about the tech here.

  • Read the whitepaper published by Kintsugi Labs for more details about Kintsugi’s decentralized governance & token economics — summarized below.

The Kintsugi Crowdloan

Kintsugi participates in the Kusama parachain auctions and supports a crowdloan to enable the community to vote.

Hard Facts:

  • Target slot: 6–10

  • Lease duration: 8 periods (maximum lease duration ~48 weeks)

  • Max. lockup target: 200 000 KSM

To participate in the crowdloan, you need to lock your KSM and vote for Kintsugi to become a parachain.

KINT tokens will be distributed to network participants, builders and early backers as airdrops and block-rewards. There will be no public sale or ICO.

Crowdloan Airdrop: 10% (1 million KINT) of the initial 4-year KINT supply

To create a proactive crowdloan process, Kintsugi features the following special airdrops:

  • Early Bird Bonus: 5% for first 3 days of crowdloan

  • Referral Bonus: 5% for the referrer and referred

  • Success Bonus: up to 100 000 additional KINT if specific KSM lockup targets are achieved.See table:

Success Bonus: additional KINT airdropped if KSM targets are achieved

Any KINT not used for the Core, Early, Referral and Success Airdrop will be distributed proportionally among all participants, further increasing the ratio of KINT per locked KSM.

Power User Bonus: 2% (200 000 KINT) of the initial 4-year KINT supply

To incentivize kBTC adoption, 200 000 KINT will be airdropped to crowdloan participants who then also run Vaults and mint kBTC on Kusama, once Kintsugi is live.

Tokenomics Updates

There are also some final tokenomics updates for KINT!

Crowdloan vesting:

  • 30% transferable right after airdrop

  • Remaining 70% subject to 48-week linear vesting (parachain lease period)

Team & Investor Vesting: 48 weeks (=1 lease period) lockup followed by 48 weeks linear vesting (=1 lease period).

Got Questions?

Ask us anything on Telegram, Discord, SubSocial and Twitter.

Summary of resources and social media channels: https://linktr.ee/interlay

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