What to Expect in the Altair Crowdloan

The timeline and launch strategy for the Altair Crowdloan and parachain auction

Altair 💫 is launching its crowdloan soon! Read on to learn more about how to contribute and what to expect.

What is Altair?

Altair is one of the fastest spinning stars in the galaxy, and is also the bridge from Centrifuge to Kusama. You will now be able to tokenize real-world assets and finance them on the Kusama network.

Altair combines the industry-leading infrastructure built by Centrifuge to finance real-world assets (RWA) on Centrifuge Chain, with the newest experimental features — before they go live on Centrifuge Chain. It is the network for users who want to test the bounds of asset financing. From art NFTs to undiscovered assets — Altair enables users to tokenize their most experimental assets and finance them. It is the next step for anyone looking to unlock financing for their assets.

Altair is built for risk-takers and innovators who dare to push the limits of DeFi: powered by the AIR token.

How to Contribute KSM to the Crowdloan

There are several different ways to contribute to the Altair Crowdloan, and KSM holders can choose their preferred option!

Option 1: Contribute Directly!

KSM holders can contribute directly to the Altair crowdloan through the Kusama portal.

Option 2: Contribute through an exchange

Altair has partnered with leading exchanges including OKex and Kraken (more TBA!) to allow their users to contribute directly to the crowdloan. If you have an account on one of these exchanges, then you can securely participate in the crowdloan once it’s launched.

For every KSM that is contributed to the Altair crowdloan and locked for 48 weeks to secure the Altair parachain slot, at least 50 AIR will be rewarded. AIR can either be claimed through the chosen exchange (Option 2) or directly on-chain on Altair (Option 1).

CFG Snapshot

The CFG Snapshot will take place approximately between July 15th and July 17th. When block 6655171 is reached (approximately around midnight UTC July 17th) the block hash will be used as the seed to select a random block between block # 6626371 and block # 6655171 (approximately between midnight UTC July 15th and midnight UTC July 17th) for the snapshot. AIR will be generated to all corresponding addresses in the first runtime upgrade (see Launch Process below).

In order to be included in the snapshot, a CFG holder must hold tokens on Centrifuge Chain in a normal account, a multisig account, or in a Proxy account. Locked and/or vesting tokens will also be included in the snapshot. Note: unclaimed liquidity rewards will not be included in the snapshot. AIR will be generated to the corresponding address on Altair to the CFG holder’s private keys.

Timeline

  • End of June* — Crowdloan Opens

  • July 6th, 12:00 GMT — Auction 4 starts (first opportunity for Altair to enter an auction)

  • July 13th — Auction 4 parachain slot winner launches (first opportunity for Altair to launch)

  • July 15th-17th — CFG Snapshot taken

  • End of July — begin roll-out of upgrades (read more below)

*Make sure to sign up to be the first to know when the crowdloan opens!

Launch Process

Altair will launch with a stripped down runtime, similar to the process Gav described here for Statemine. There will be no balances, external collators, governance, or transfers enabled at launch. Once Altair is running smoothly for at least 1 week — it will begin the process of upgrades:

  1. State migration. Balances from the CFG snapshot and from the Altair crowdloan participation will be migrated onto the Altair parachain.

  2. Collators & Staking. Altair will begin to add external collators and will enable staking.

  3. Governance. Altair’s on-chain governance will be enabled. This includes council elections and enabling of the democracy module.

  4. Removal of the Sudo Key.

  5. Balance Transfers. AIR holders will be able to transfer tokens.

This process is subject to change. Make sure to sign up for updates for the latest timelines!

Running a Collator on Altair

Altair is looking for collators! “Collators maintain parachains by collecting parachain transactions from users and producing state transition proofs for Relay Chain validators. Collators maintain a full-node for the Relay Chain, and a full-node for their particular parachain; meaning they retain all necessary information to be able to author new blocks and execute transactions. Unlike validators, collator nodes do not secure the network.” (Learn more here!) The best prepared for this job are our existing Centrifuge Chain validators 😎

Are you interested in running a collator node on Altair? We recommend anyone who is interested to have experience with Centrifuge Chain first. Reach out to [email protected] with the subject “Altair Collator” if you are ready to push the limits as a collator on Altair.

No Limits.

Questions?

Ask us in our Telegram and Discord!


About Centrifuge

The untapped multi-trillion dollar market of real-world assets (RWA) is now entering Decentralized Finance (DeFi) through Centrifuge: the first protocol to connect DeFi to the real-world. Businesses are using Centrifuge today to access the liquidity that DeFi offers, while investors finance assets for an attractive, stable yield.

Centrifuge has the highest TVL in the Polkadot ecosystem — and will be among the first to launch a Parachain on Polkadot. Centrifuge chain is built on Polkadot for speed and low fees, while its financing Dapp, Tinlake, is built to access the massive liquidity on Ethereum. The native token CFG has its own bridge to Ethereum.

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