Crust shadow just won a parachain slot and is going to be onboarded in two weeks time. Crust shadow is the Kusama token from Crust which is a decentralized storage system via the IPFS. Right now all the NFTs from RMRK are saved via the Crust Network.

Crust shadow is live trading as an obscure ERC20 token on Uniswap right now and that is the only way to obtain it at the moment.
What is so interesting about this now? The crowdloan is over and the token didn’t get a surge in it’s price. This most certainly comes from it only being liste on Uniswap as a non-Polkadot native token and high Ethereum gas fees.

When you would have participated in the crowdloan you would’ve got for 1 KSM: 1000 CSM and 1 CRU which is trading at $9 right now. Which means crowdloaners got 1000CSM for around $300 or 1 CSM for $0.3 with a 30% unlock and 48 weeks vesting period for the rest.
If you instead buy the CSM via Uniswap now, you are paying $0.037 per token right now. This equals to a current marketcap of just $3.7mn and a FDV of $7.4mn. That’s right a FDV of 7.4 million USD. As you can see from the FDV Crust is already half diluted.

On the open market you pay for 1 CSM only an 1/8th compared to the crowdloaners (yes they get their KSM back, i know i know). So let’s do some excel.

The average/median marketcap of launched projects right now is 126mn/80mn and 468mn/391mn at ATH.

![](https://i.imgur.com/9naLrEJ.png)

Average/Median Marketcap at current prices and ATH
But these are quite big numbers and data storage isn’t as sexy as a EVM machine with low fees. But let’s have a look what happens when crust only perform half as good as the average right now.
![](https://i.imgur.com/Woc3Jo3.png)

![](https://i.imgur.com/GPAY5ZH.png)
Prices and marketcap of already launched projects at current price and ATH

Return at shown marketcap with an invest for 1000 CSM
At only 60mn marketcap you got 14,5x out of it.

I think the downside is very limited because Crust has a working product and a very low marketcap of $3,7mn — for example Kalamari without a product is sitting at $24mn right now — and the upside could be really fast really big.

In my view this is a great opportunity flying under the radar of a lot of people.

**If I helped you with that quick guide I would appreciate it if you leave a tip. Thanks!**

Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93

bafyreid4kcvuzdaxw5w3ke2bxlqxchestu7yun6qn4j2qrpn6xux4tu6pi

Opportunity in buying CSM via uniswap

In this new series I am going to have a look at the upcoming Parachain Auctions and the projects who are fighting for a slot on the Kusama Blockchain.

First let's start with an overview metric of the past Parachain winners and participants. Projects will receive three ratings (Crowdloan, Tokenomics, Social Media) and in the end these three ratings will get combined into one number. So if you are not fan of big spreadsheets and a lot of numbers, just have a look at the last row to see how every project is rated.

*At this point I need to write a brief disclaimer: These ratings do not take future market acceptance into account. A low fee EVM machine might be more well received than a decentralized storage solution. Not yet launched projects are rated on the average performance of already launched projects.*

![](https://i.imgur.com/wr5sA4K.jpg )

**Rating Crowdloan**

![Rating Crowdloan — The higher the number the better](https://i.imgur.com/5MXmkRn.png)

The crowdloan rating is based on the [expected] return a project will give for 1 KSM. This is based on project tokens rewarded per KSM times the future price performance at the All Time High of the project which is concluded in the spreadsheet shown below. I want to emphasis that these price performances are based on the average of the marketcap of already launched projects. This means the more projects are launched the better this metric becomes. Right now a project like Moonriver drags the average marketcap heavily up. Another factor to think about before investing is how the project will perform. This is a very subjective opinion everyone needs to form for themself.

![Marketcap comparison on the example of Picasso](https://i.imgur.com/xKvmUbr.png)

**Rating Tokenomics**

![Rating Tokenomics — the higher the number the better](https://i.imgur.com/lRmGn4N.png)

The tokenomics rating is based on the token allocation each project decided upon. These percentages are put into groups and rated. For example a high allocation to concepts like Liquidity Mining or Staking will give the project a good rating in that category. A big allocation to presale, Investors, early backer, etc. will give minus points. I am aware that these groups will often provide needed money for the project to go on, but for a normal investor a big pre-allocation of the token to early backers/VC is not favorable. You can see the different groups and their effect on the rating on the left.

**Rating Social Media**

![Rating Social Media — the higher the number the better](https://i.imgur.com/qNvnmDA.png)

The social media rating is based on the followers on Twitter, Telegram, Discord and Reddit. Because this can be tempered a lot via bots this rating only will count for 30%, compared to the 100% of both other ratings. This will give a little touch in a direction if a project performs well in this metric, but won't skew the rating too much.

**Top Projects**

The projects who rated the highest in the spreadsheet are coincidentally the projects I personally am the most bullish on.

**Number 1** is **Picasso**. Picasso takes the lead because it has absolute amazing tokenomics (Score: 100) and crowdloan rewards (Score 88,4). You get a nice amount of $PICA for your $KSM and can instantly stake that to earn the Layer 2 tokens from all the projects who build on Picasso. If Picasso would perform as Moonriver it would dwarf every other project by far.

**Number 2** is **Moonriver**. Everyone knows about Moonriver which exceeded the reward expectations of most people and released a big hype about the Kusama Parachain Auctions. Moonriver is one of the fasted growing L1 with a TVL of around $500M. 

**Number 3** is **Basilisk**. Basilisk has really nice tokenomics with a big allocation for liquidity mining / staking. Basilisk will give a new spin to help build the liquidity infrastructe of the future.

In the next days and weeks I will analyze each new project for the upcoming Batch 5 Kusama Parachain Auctions so that you can make an informed decision yourself.

**Tip**

I aim to bring you an objective and unbiased coverage of the current projects going for a parachain slot. Unlike others, I am not trying to sell you a project if I don't think it is offering a good investment just so that you go on my ref link and contribute. Each article takes approximately 6–8 hours of research. If I created value for you it would be very much appreciated if you could consider a tip so my effort is not in vain. Thanks a lot!

Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93

bafyreif2xhwuelvmox3cgppkjujhrqu3np7vrud4c7mh2wtnfptwlyw45q

Kusama Parachain Auctions Batch 5 - Overview of the past

**Index**

* Introduction
* What is the Crab.Network
* Tokenomics
* Summary
* Interview


**Introduction**

In a ever faster developing cryptoverse there is a growing problem of interoperability. With more and more ecosystems coming to life more separate closed spaces develop where developers and users create their own universes without much interaction with other ecosystems or blockchains. This problem is especially dominant in the DotSamaverse where the ecosystem doesn't consist of just one, but two layer 0 blockchains. It is crucial for the health and future of the ecosystem that these two layer 0 blockchains can speak to each other and their userbase is seamlessly connected.

![](https://i.imgur.com/s7xYEoQ.png)

**What is the Crab.Network?**

The Crab Network is the canary network of Darwinia and is the first blockchain in the Kusama ecosystem to natively support cross-chain, smart contract and NFT applications. 
The Crab Network has four main pillars, which are:
- Cross-chain interoperability, 
- Evolution Land, 
- Smart Contract Solution,
- Faster and Easier User Experience

with these Darwinia in symbiosis with the Crab Network will connect Polkadot with its canary network Kusama to a seamless cross-chain interoperability. For a more indepth explanation please have a look at question number 2 of the interview.

I want to put emphasis on the fact that Darwinia got three W3F Grants under it's belt.

![](https://i.imgur.com/RypzCn5.png)

**Tokenomics**

The crab network offers 200.000.000 CRAB tokens and 8.000 CKTON tokens for participants in their crowdloans who help them securing their Parachain slot. One CKTON is valued right now at ~2300 CRAB. 90% of the rewards are vested over the period of the lease. You can get up to 20% more rewards if you contribute before the start of Auction #21. [And you can get an extra 5% of rewards if you click here and use my referral link.](https://crab.network/plo_contribute?referral=EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz) 
As a guaranteed bonus, even if they won't win the slot you'll get a NFT blindbox worth more than 1 KSM and for contributions over 1000 KSM 1 BTC gets shared amongst the contributors. 

*Disclaimer: The CRAB token is trading right now live on MEXC Global with a value of $0,004. With the added interoperability and integration into Dotsama via a won Parachain slot the CRAB token will get a new value approach. If it will be valued as the projects I compare it against in the following paragraph is not guaranteed *

With a maximum KSM hardcap of 50000 KSM at the current Parachain auction will crowdloan participants get base reward of 4162 CRAB token. This figure is the absolute bottom and will probably not reached. If it would be reached this would mean that 1 KSM would reward an average of around $944 if Crab Network would perform like already launched projects.

![](https://i.imgur.com/2SdlZ1d.png)

A more realistic estimation could be the average of the last three auctions which would come down to 20742 KSM contributed. This would increase the reward for participants to 10539 CRAB per KSM and would yield a lot more interesting rewards. In this case the rewards for 1 KSM are $2283.

![](https://i.imgur.com/sRwNAgV.png)

The token allocation of this project is a bit different than what projects usually bring to the table when they're going for a Parachain slot. Nearly all tokens, except the tokens which are being auctioned off in this crowdloan, are already in circulation. 
This rare setup brings two different factors for investors.
In my view the price will not shoot up at release because, different to most other projects, liquidity is already there. Unique's Quartz for example starts at TGE with only 3,75% of the tokens released. This means that the crowdloan from the Crab Network shouldn't be that interesting for people who want to get rid of their rewarded coins immediately. Darwinia limited this strategy already themselves anyway with the decision of only unlocking 10% of the rewarded tokens at TGE. 
From a perspective of a long term holder could this bring some advantages, in the same case as $RMRK the CRAB token has no sell pressure from constant unlocks, which could prove as substantial for having a positive price trend.

![](https://i.imgur.com/3Wagb71.png)

Unfortunately the Crab Network is not performing that stellar in the overview spreadsheet. A high allocation to tokens in circulation and no dedicated token pool for liquidity mining / staking is counter productive in scoring a high score.  [If you need a explanation of the overview please have a look here.](https://app.subsocial.network/5874/kusama-parachain-auctions-batch-5-overview-of-the-past-30272)
I will have an eye on projects like Crab Network, Genshiro and Quartz how they are performing and will reevaluate afterwards if I need to change my rating for tokens in circulation. 
 
![](https://i.imgur.com/zsvJffp.png)

**Summary**

The Crab Network seems like a good way to get exposure to one of the crucial projects for the DotSama ecosystem. The team behind the Crab Network is rooted deeply in Polkadot and Kusama. With a mention of Gavin Wood as a "Project to watch" and 3 Web3F Grants investor can be quite sure of the legitimacy of the project.  For investor with a little risk tolerance it may be a good opportunity to jump in early to get the early bird bonus and hope for not so many contributions. 

**Interview**

I would to thank the business development team of Darwinia to take the time to answer the following question.

*  Crab Network is already released and has been working for two years. Now it's trying to win a Parachain slot. This is only the third project besides Crust Shadow and Genshiro that already has a token in circulation while going for a Parachain slot. Why was the decision made to do so? 

>  Darwinia (with Crab as an integral part) is a value-bearing token router network secured by nPoS, and the resaons for having tokens are inherent to how the network operates not only in terms of security, but also democracy, and a bridge-hub network designed to support billions of value flowing between chains needs to have some skin in the game. 

* Why should be people bullish on the Crab network? 

> There are only two value-bearing networks of significance that will act as intermediaries between Polkadot, Kusama, and hetereogeneous chains in the near future, and Darwinia is one of them. Darwinia network as a whole operates at a fundamentally lower level than layer-1 parachains on the 'truth' layer, whereas custodial bridges are built on the application layer, adding unnecessary levels of risk.

![](https://i.imgur.com/JR8ud9P.png)

> Darwinia developers have made significant contributions to the parity-bridge code (anything MMR) and also bug fixes, and although it is not finished yet, Darwinia has completed what needs to be done on their own networks for practical purposes. They likely would have received funding for this through W3f, but didn't apply due to RING token having already been released as primary currency of the Evolution Land game in 2018, thus disqualifying them. In essence, they self-funded the development of many of the bits that go into the parity-bridge code on behalf of the entire ecosystem.
Their own modular multi-channel bridge architecture seperates value from communications channels for utmost security, has been audited, and is already deployed on Darwinia, Crab, Ethereum, and Binance Smart Chain is coming next.
To sum it up, when compared to just about every other bridge out there available for Dotsama ecosystem projects, Darwinia is a better solution and they are more qualified in every single way.

* What is the incentive to stake your KSM in the Parachain auctions, instead of market buying the already released tokens? 

> The incentive is not only to help support the Dotsama ecosystem overall because all parachains will need secure bridging to external chains, but considering Darwinia is one of the only Substrate-based projects building critical cross-chain architecture it should really be a no-brainer for parachains and solochains needing to exchange value to choose and support one of their own.
The Darwinia Crab network rewards package for crowdloan contributors is quite lucrative especially considering they are giving away land and other NFTs in the metaverse within the cross-blockchain game, Evolution Land, that uses Darwinia network as the foundational layer. In addition, there are guaranteed CRAB and cKTON token rewards when they win a slot, and all kinds of other stuff like BTC and other prizes even if they don't this time around.

* Will there be a unique purpose for the Crab network compared to the Darwinia network? 

> Crab will be Darwinia's canary network just like Kusama.  It will be the place where developers launch there dapps for testing before moving them to Darwinia.  It will be the connection point for any Kusama parachains that wish to bridge to it.

* Composable Finance is going for a cross chain Interoperability approach as well. What is setting the Darwinia/Crab network apart from Composable and other cross chain projects?  

> Parachains are a shared-compute environment vs. solo-chains which are dedicated. Many chains like Composable and Moonbeam for example tout cross-chain interoperability and bridging but are not operating independent high-performance networks like Darwinia and Crab that are engineered from the ground up to be layer-0 infrastruture. Parachains and parathreads are able to use Darwinia's infrastructure in the background to realize that cross-chain interoperability transparently for their users.

![](https://i.imgur.com/q2gFnsY.png)

![](https://i.imgur.com/Jcb5klt.png)

![](https://i.imgur.com/HbqMJC3.png)

* I want to thank the Darwinia team and especially JDubs for doing the interview. I wish you guys good luck with the crowdloan and in your future endeavors.


**If I helped you with that article I would appreciate it if you leave a tip. Thanks!**
	
Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz 

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk 

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93

bafyreiaeghxt73wotlwpbqxgo4p7w4vjxlurdyx66cztrkm56xszyz6gwq

Kusama Parachain Auctions Batch 5 - Crab Network


This is a quick guide on how to use [Crust Files](https://crustfiles.io/) and get their premium service. Crust Files is a decentralized storage provider like many Web2.0 filehoster, but Web3.0.

1. First navigate to https://crustfiles.io/. Uploading Files is pretty straight foward via My Files -> public -> upload -> files.

	![](https://i.imgur.com/TBHuUAQ.png)

2. For the full quantity of feature you need to deposit 3 CRU, which you can redeem after 6 months.

	![](https://i.imgur.com/tjtSBXv.png)

3. To get the desired you need to have a Metamask wallet installed with some balance on Ethereum Mainnet or BSC

4. Navigate to the Get CRU page.

	![](https://i.imgur.com/Ym9X7fd.png)

5. Enter the amount you want to swap. Right now the minimum seems to be 0.023 ETH + fees for ETH Mainnet or $35 USDT for the BSC chain so I would suggest you deposit via the BSC chain. Afterwards you need to enter your crust wallet address. 

![](https://i.imgur.com/WE6WAxz.png)

6. Don't have a trust wallet yet? [No problem! Click here](https://chrome.google.com/webstore/detail/crust-wallet/jccapkebeeiajkkdemacblkjhhhboiek) and install the extension. When the extension is installed follow the process to create a wallet and backup your mnemonic seed. 

	Afterwards you click in the circle and copy your adress back into the text field under 2.
	
	![](https://i.imgur.com/kfYtOFe.png)

7. After typing in the amount you want to swap and entering your address you get your usual metamask popup to confirm the transaction.

	![](https://i.imgur.com/i1b8WqT.png)

8. Now click the deposit 3 CRU Button and you are set for the premium account.
 
	![](https://i.imgur.com/9xbcQpQ.png)

9. Now allow the depost from the Crust wallet and you are all set.
 
	![](https://i.imgur.com/U4MdAyd.png)
	
**If I helped you with that quick guide I would appreciate it if you leave a tip. Thanks!**
	
Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz 

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk 

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93

bafyreigpvg5poidgtf72elbwnzqr72n2aanbki35xqunhxwsh6l3lq7lca

Quick Guide: How to get Crustfiles premium storage

**Introduction**

Testnets of testnets of testnets. The occurence of this phenomenon may seem strange to some people, but the bigger the main project, the less leeway there is for mistakes and problems. That's why big projects in general move so slowly. A delayed or a long testing period will always beat problems with an already launched project. These problems can range from displeased users to legal trouble or the end of the project itself. If you have a look at Kusama and what it stands for as being the canary network of Polkadot, this seems to be the inherent function of it. In my personal view, I prefer the dynamic approach projects like Composable Finance are trying; both parachains, the Polkadot one and Kusama one, act acta s independent entities with unique functions that complement and support each other, instead of one just being the testnet of the other.

**What is Pontem Nox**

As with a lot of other Kusama parachains, Pontem Nox is the canary network of Pontem. Pontem aims to be the experimental network for Meta's (formerly Facebook) Diem. From that I would conclude that Pontem Nox is the even more chaotic, experimental network for Meta's Diem.

Diem singled out four development challenges:
- Permissioned blockchain makes developing interoperability costly
- Siloed liquidity from permissionless crypto
- High barriers to entry with strict compliance
- High cost for finding product market fit


To tackle these challenges Pontem focuses on four broader topics:
- Sandbox for diem  - Discover Diem's potential. Pontem lets you validate ideas before porting to the Diem Blockchain.
- Multi-chain liquidity - Pontem uses existing bridges to connect liquidity and data from other permissionless networks to the permissioned Diem Blockchain
- Development FRAMEWORKs - Focus on user experience. Pontem integrates with a broad suite of developer tools and pre-built smart contract modules so teams can focus on their product, not blockchain infrastructure.
- Compatible with DIEM - Pontem Network is the easiest way to build apps for Diem, allowing teams to iterate quickly on a permissionless, incentivized network that is interoperable with the Diem Blockchain.

![](https://i.imgur.com/T0fy1g7.png)

Pontem is a permissionless experimentation network that will enable and validate the technology and the product market fit via Pontem Nox and ensure compliance with Pontem via VASP framework. This will allow Diem to be technologically and regulatory ready.

So what is Pontem Nox bringing to the table? Why should people buy in? This is often the question if Polakdot projects use their Kusama project as the testnet. It's always interesting and important to have a look at the token they are rewarding crowdloaners with,  as well as  the inherent value it can create through its functions:
Some of the initial utility features of the token are as follows:
* Payment of gas fees for the Move VM and transaction validation.
* Governance of network upgrades and features
* As rewards for crowdloans dedicated tot he participants of parachain auctions on Polkadot/Kusama.
* Staking (collators/nominators) and governance (rewarding voters and collators/nominators for participating in governance).

**W3F Grants / Investors**

Pontem was granted one W3F Grant.

![](https://media.discordapp.net/attachments/898270951316275233/931111461705625620/unknown.png)

![](https://media.discordapp.net/attachments/898270951316275233/931122809579667507/unknown.png?width=902&height=943)

With 16 investors and three heavy weights (Alameda Research, NGC Ventures and Kenetic) onboard, Pontem looks really well funded. Liquidity problems shouldn't be a challenge for Pontem.

**Tokenomics**

Pontem Nox offers 100.000.000 NOX tokens for crowdloan participants who help them secure its Parachain slot. 80% of the rewards are vested over the period of the lease, so this leaves 20% unlocked at TGE. The unlocking schedule is in favor of crowdloaners, as 85% of all liquidity at TGE is in their hands. The tokens of investors are locked for 6 months until they start to be vested on a 24 month time schedule. This model seems pretty fair to me. 

Pontem Nox will reward crowdloaners at a fixed rate so you don't need to care about the KSM hardcap at the crowdloan. You'll receive a fixed base reward of 67,5 NOX. According to my market comparison sheet this means that 1 KSM would reward an average of around $1211 if NOX performs like previously launched projects. 
To be eligible for the rewards you must be whitelisted. [You can start the process here.](https://pontem.network/crowdloan-pre-registration)

If you register early to their whitelist you are eligible for a 30% early bird bonu, with an additional 10% possible if you are contributing before end of day three of the auction. [For another 2.5% bonus follow this referral link:](https://pontem.network/token-generation-event?r=ut8Fo)
The rewards seem okay-ish and because of that Pontem Nox scores an average 17,50 points in crowdloan rating. 

![](https://i.imgur.com/aflB2TY.png)

Although not having the greatest rewards per KSM. The tokenomics do look pretty solid. The allocation to Team & Investors is small and they have quite a big allocation to Community Initiatives and Adoption Programs. Because of that Pontem Nox scores a great 71,43 points in my Tokenomics rating.

![](https://i.imgur.com/9ZLI1eU.png) ![](https://i.imgur.com/uI4nOdC.png)

![](https://i.imgur.com/4ctcXG3.png)

In the overall Project Score Pontem Nox reaches a very decent score of 49,32 (Median 6,65). This puts Pontem Nox in the upper third of previously rated projects. *Disclaimer: This spreadsheet favors strong tokenomics; in my view this is a good metric to give potential investors an easy to read indicator for how healthy and fair a project will work out in the future.*

**Concerns**

While doing a deep dive into Pontem I found this FAQ. (https://pontem.network/posts/pontem-faq-general-questions) After reading it there were two questions which raised concerns with me: 
The first question is Q7: "Is Pontem partnered or contracted with Meta at all?" 
And the answer, unfortunately, is no. This means there are no legal or work relations between these two projects. Pontem is merely trying to create a good product for Meta that maybe Meta/Diem will at some point notice and invest into the product Pontem created. This brings an huge execution risk in my view, which is not adressed properly.

![](https://media.discordapp.net/attachments/864087076918788130/930419924134936576/unknown.png)

In Q10 Pontem answer the question what would happen if Diem fails:
The answer is that Pontem will fail as well (at least with the model they are going for right now). To reiterate, this means there is an immense execution risk, but if it's working out you basically can invest here for cheap in a potentially Meta backed program. This seems to be heavy speculation with an incredible upside to me. To put some more emphasis onto this, the massive potential upside is comes with substantial risk. 

![](https://media.discordapp.net/attachments/864087076918788130/930419991919099934/unknown.png)

**Summary**

From the first few normal categories I used to analyze Pontem Nox, the project looks like a mixed bag. The tokenomics are solid, albeit we don't know exactly what the community initiatives and adoption programs mean. So I would take the good rating  with a grain of salt. The crowdloan rewards are not amazing compared to some other projects, but they aren't bad either. As I laid out earlier, the whole setup on which Pontem is operating is an extremely high risk play with the potential for extremely high rewards.. I wanted to bring forward my concerns with the Pontem team, but had no luck and basically got brushed aside.

 **Tip**

I aim to bring you an objective and unbiased coverage of the current projects going for a parachain slot. Unlike others, I am not trying to sell you a project if I don't think it is offering a good investment just so that you go on my ref link and contribute. 
Each article takes approximately 6–8 hours of research. If I created value for you it would be very much appreciated if you could consider a tip so my effort is not in vain. Thanks a lot! 

Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz 

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk 

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93


bafyreig7tqlacrpcrhtq5ono3ecfclmw7mogyzdk52gmt3cufsttilmf2m

Kusama Parachain Auctions Batch 5 - Pontem Nox

**Introduction**

The staking and bonding mechanisms in RomeDAO are both giving different Return on Investments (ROI). Because of the different moving variables and actions, without doing calculations it is hard to see what you should do to get the best yield for your investment. In the following paragraphs I try to give you an overview and some guidance on how to properly navigate and manage your $ROME tokens. 

**Staking**

The staking process is pretty straight forward in RomeDAO. You stake your $ROME and you get $sROME. This sRome compounds via the dynamic compounding rate and in this way the amount of tokens will grow your investment.

![](https://media.discordapp.net/attachments/898270951316275233/931834997768343552/unknown.png)


**Bonding**

Bonding is an entirely different process than staking. When people trade their non-$ROME tokens for RomeDAO bonds, RomeDAO takes the non-$ROME tokens and issues new $ROME tokens as a reward at a discounted market price. With bonding you bring external capital into the closed system of the DAO. This means the protocol creates its own Protocol Owned Liquidity (POL). This is a layer of safety for the token holders in case of a bank run. With POL, a protocol can start generating its own revenue via providing liquidity on the dedicated exchanges. Nearly 100% of the ROME/FRAX pair is owned by the RomeDAO itself. This means every time someone buys or sells $ROME the protocol earns fees. 

The best-case scenario for the protocol is external money which enters for the first time into the DAO via bonds. In this case no selling pressure is exerted on the price and the market cap grows via dilution. But that is not always the case. At a specific threshold the ROI for bonding is greater than the ROI for staking your tokens. This means when the bonding discount is high, users will sell their tokens to get favorable bonds, which in turn exerts a selling pressure onto the market and the price goes down. Balancing the advantages and disadvantages of bonding is a delicate thing on which developers keep a close eye. A protocol needs to grow its treasury and does achieve that with bonding, but at the same time, it doesn’t want the bonding rates to be too favorable so that people will sell in masses.

[If you want to read more about the basics of bonding and staking you can do this here.](https://everipedia.org/wiki/lang_en/olympus-dao)
 
 ![](https://media.discordapp.net/attachments/898270951316275233/931835034741129226/unknown.png?width=2086&height=388)

**Bond / Stake**

Besides the “stake it and forget” strategy there are more strategies. Bond/Stake is a pretty common one. With Bond/Stake you enter a favorable bond and try to claim and autostake before every rebase. But even if you miss the third rebase of the day because you are sleeping or can’t be arsed and you are only able to claim/autostake twice a day this is still a very valuable strategy as I will show you later.

**Bond / Stake / Bond**

Another more advanced strategy is the Bond/Stake/Bond strategy. This adds another bond onto the Bond/Stake strategy. In this case after 50% of the initial bond is done you unstake your already staked $sROME and enter another favorable **different** bond. This will maximize bond uptime, which should be the ultimate goal. In theory you could keep doing that strategy infinite times, but bonds—especially good bonds—are limited. 

**Calculations**

To figure out which strategy we should use considering the given parameters, we need to do some calculations. The basic staking ROI percentage right now is at 9.87% for 5 days. This means that 10 staked $ROME would become 25.63 $ROME after 10 Cycles / 50 days. This percentage will most certainly not hold long term, but it gives us a good metric to gauge what strategy we should use at the given moment. This simple strategy has the best “effort to reward” ratio. You just need to stake your tokens and can forget them. In my perspective, people with little time to micromanage their investment this should be their most preferable strategy.

![](https://media.discordapp.net/attachments/898270951316275233/931835467610079232/unknown.png)
 
To improve the rewards you get from simple staking, you can and should do the bond/stake strategy if you have the time to manage it. This combines a ~50% uptime of staking with a 100% uptime of bonding. To calculate it we take a bonding rate at 6%, because 6% is a fairly doable bonding rate which is seen quite often. This bonding rate will give you a favorable outlook compared to just staking. You can get away with smaller bonding discounts, but you’ll need to do everything perfectly and look at it isolated (more on that later) it should not be worth the hassle. 

This strategy, with perfect execution, will give you an ROI of 12.16% on your ROME. This equals 31.50 $ROME after 10 cycles / 50 days and a Meme APY of 434,308%. The rewards generated with this strategy are 22.90% greater than simply staking your $ROME tokens.
 
 ![](https://media.discordapp.net/attachments/898270951316275233/931835829721137192/unknown.png)
 
The most rewarding and time-consuming strategy is the Bond / Stake / Bond strategy. You need to hunt at least twice for a good bond in the span of 5 days. This can be quite challenging, especially in the last weeks. I haven’t seen a bonding rate for FRAX or ROME/FRAX LP of 6% since releasing the bonding quests.

With the Bond / Stake / Bond you can score an ROI of 12.89% in 5 days. This an increase of 31.13% compared to simply staking your $ROME tokens. The Meme APY sits at a whopping 697,127%. 10 $ROME become 33.61 after 10 Cycles / 50 days. 

![](https://media.discordapp.net/attachments/898270951316275233/931846368832667658/unknown.png)

The difference between Bond / Stake and Bond / Stake / Bond is only 6.7% at a bonding rate of 6%, but it will become way bigger with higher bonding rates. If you somehow catch a 9% Bond you can achieve a Meme APY of 17,680,613%. Yes 17 million percent. Quite the return on your investment.

![](https://media.discordapp.net/attachments/898270951316275233/931849836108595230/unknown.png)

![](https://media.discordapp.net/attachments/898270951316275233/931849921726906398/unknown.png)

![](https://media.discordapp.net/attachments/898270951316275233/931850331254562836/unknown.png)

   
	 
**Bonding Quest**

The announcement of the bonding quest has had quite the interesting effect on the bonding rates. People are bonding massively at unfavorable rates. This means instead of staking their $ROME they are bonding at sub 4.5% discounts to achieve the progress in the NFT quests. This hurts the growth of the amount of their $ROME and they will get outpaced by the protocol. Their motivation seems to be gambling on getting expensive NFTS out of the bonding chests you can get via bonding a set amount. The difference of your $ROME if you bond at 12% ROI versus 4% ROI is nearly 50%. I can’t imagine that the NFTs will make up for this large gap. If you are in it for the NFTs, then consider waiting for good bonds and buying the NFTs on the secondary market. 

![](https://media.discordapp.net/attachments/898270951316275233/931851284896690246/unknown.png)

 
What you need to consider if you decide on progressing through the bonding quests is how much staking rewards you are willing to sacrifice for the shot at a good NFT and how much that NFT will be worth. If you see bonds at a 5% — 6% this could be worth it and give you a solid ROI. 
Another thing to consider is the progress you did in the quest line already. If you haven’t got the first bonding quest done with 1,000 Notional bonded, then I think it’s safe to say that you can and should bond at a bit unfavorable rate to get the Juno’s Treasure. The minimal rewards you sacrifice with a suboptimal bond, for example 4%, will most certainly get compensated with the NFT you acquire. The further you progress the harder the decision gets and you should decide for yourself about how big of a gambler you are. 

**Staking Quest**

I can’t tell a lot about the effects of the staking quest yet. Locking 10 $sRome will give you a safe allocation to a war chest. The more $sROME you lock, the better your chances are at rarer items. I can imagine that this could have a positive effect on the discount bonds will give, because a lot of people are locking their $Rome for a long time, but there are so many variables in play it’s hard to make a proper guess. 

**Summary**

From my perspective you should be on the outlook for some good bonds. If you don’t necessarily need them, then try to wait a bit more and don’t jump on bonds >5% immediately. Under no circumstances I would suggest bonding under 4%. This will give you way lower return in the long term. If your Rome stack isn’t the biggest, I would suggest going for the Japhy’s chest or the Pile of Junk; afterwards, you can then lock your (hopefully) 10 $ROME for a guaranteed war chest. 

**Tip**

I aim to bring you an objective and unbiased coverage of the current topics. Each article takes approximately 6–8 hours of research. If I created value for you, it would be very much appreciated if you could consider a tip so my effort is not in vain. Thanks a lot!

Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93


bafyreib6pcjdwac7okvtlzuf673c7pt4k5jszjfm7efa4jl3rz4byrggm4

RomeDAO Staking / Bonding strategy guide

**Introduction**

Interoperability is a growing topic these days in the Cryptosphere. Younger projects are building their blockchains and token with this feature in mind. The problem, however, is that some legacy coins aren’t as flexible as new projects. This creates a task for developers to tackle this problem by creating solutions to lock legacy coins by issuing a new token which is up to par with existing projects. Whether or not this is a viable long term solution for this current challenge remains to be seen, but as long as Bitcoin is the number one coin, workarounds are needed.

**What is Interlay?**

Interlay is a solution to the problem of a very unflexible Bitcoin. It is not possible to properly use Bitcoin in many of the emerging DeFi protocols that keep emerging and continue to grow in the Cryptoverse. With Interlay, though, you can put your Bitcoin to work in a decentralized network that is dedicated to connecting different mainnets, including Polkadot, Ethereum, Cosmos and other major DeFi networks. After securing its Kusama Parachain slot, Interlay is now aiming to secure the 10th Polkadot slot and get onboarded in March. 

![]( https://media.discordapp.net/attachments/898270951316275233/933693510522126416/unknown.png)

Interlay has Kintsugi, its canary network that has already been onboarded to the Kusama relay chain. It is here that the team is experimenting with real economic values. Kintsugi and Interlay share the same code base — with the difference that Kintsugi focuses strictly on innovation and will always be ahead in terms of features. In my view, this is the standard arrangement many DotSama projects are following. 

Interlay’s flagship product is interBTC, which is a form of Bitcoin that can be utilized on any blockchain. In essence, it is a 1:1 Bitcoin-backed asset that is fully collateralized, interoperable, and censorship-resistant. This is done via Vaults. They are the core of the interBTC and Kintsugi bridge. They purpose is to maintain the peg between BTC and interBTC, this is done via locking BTC into the vault, while interBTC exists on the Cross-chain network.

![]( https://media.discordapp.net/attachments/898270951316275233/933693409141616661/unknown.png?width=940&height=612)

For further informations and explanations about what Interlay and Kintsugi are doing click [here](https://docs.interlay.io/#/) and [here]( https://interlay.notion.site/interlay/Interlay-FAQ-5e3019b1cfd94f6693dc186e9640e607).

**Investors**

![]( https://media.discordapp.net/attachments/898270951316275233/934021839951372328/unknown.png)

There are really solid heavyweight investors backing Interlay, including IOSG and KR1. I especially like the backing from KR1, as they seem to have a reputation for backing solid investments in the past.

**W3F Grants**

![]( https://media.discordapp.net/attachments/898270951316275233/934021822121385984/unknown.png)

Interlay has two W3F Grants: One for the Polkadot/BTC Bridge specification, and a trustless BTC-Polkadot bridge.

**Tokenomics**

Interlay is offering 100.000.000 INTR for crowdloan participants. With an estimate of 5M DOT needed to secure the Parachain Slot, this would mean a return of at least 20 INTR per DOT. Because we are early in the emergence of Polkadot, there are only two projects to which we can draw a comparison. If Interlay will perform like the average of Astar and Moonbeam, you can expect a return on your DOT of $43. This is pretty solid in my view, especially because we are in the midst of a two month long market downtrend. The price will most certainly rise quite substantially when the whole cryptoverse enters an uptrend.
[You can get an extra 5% of rewards if you use this referral code.](https://crowdloan.interlay.io?referral=0x262080de9f006e2a8b523cd77e9b5ccde1d8a6badd485d2eb9daf34c2176a657)

![](https://media.discordapp.net/attachments/898270951316275233/934076046330966056/unknown.png)

Interlay’s Tokenomics look really solid from my point of view. It scores a great 72,5 for the opportunity score (average 57,63), while having a lower risk profile compared to its competitors, which scores 38 on the Risk rating (average 50,98). The two ratings combined give the Tokenomics of Interlay a great score of 90,20. This is heavily outperforming other projects which have an average score of 17,39 points.

![](https://media.discordapp.net/attachments/898270951316275233/934075850809311232/unknown.png?width=1882&height=564)

One thing to put emphasis on is the rather large allocation to Vault and staking rewards, which allows you to let your Tokens work for you instead of them just idling and waiting for price swings. This is the highest held category in my rating system and Interlay scores a lot of points with its 35% allocation here. 

![]( https://media.discordapp.net/attachments/898270951316275233/934020833624621066/unknown.png)

**Summary**

Sometimes projects are solutions to insignificant problems that do not need to be addressed. Therefore, the important question you need to ask yourself is whether or not Interlay is a solution to an existing problem that carries enough significance to qualify being resolved. With Bitcoin being the oldest—yet still the biggest project by far in the Cryptoverse — I think this is a problem which needs to be solved and Interlay has produced a sound solution to this economic challenge. If you combine this with the solid rewards and great tokenomics, you have a project where it's definitely not the wrong decision if you decide to support it in the crowdloans and stake some Polkadot in its favor. 

**Interview**

* **Can you please introduce yourself and say what you are doing at Interlay?**

> I am Alexei, a Co-founder and CEO of Interlay, the team building Interlay & Kintsugi networks. I come from a Research & Engineering background, a Software Developer by trade. I have been focusing on Bitcoin security research since 2015 and it ended up doing a PhD, focusing on crosschain communication. 2 years ago we decided to spin out Interlay and to actually build the research that we had been producing. And here we are now. 


 * **What sets Interlay apart from its competitors?**

> Here we can highlight: Why are we doing interBTC? 
I’d like to use a comparison first. We like to insure things. We like to be one the safe side, generally. We insure cars, we insure our phones, our houses. We even have insurance for the USD that we have in the bank other than from the government or from banks themselves. 
Then, with Bitcoin for some reason we don’t have that if we use it in DeFI. If you want to use Bitcoin in DeFi today, you have to go through a centralized provider or a centralized exchange. And let’s take the two-three biggest wrapped Bitcoin providers. You have wBTC, you have renBTC, you have hBTC. All of them are centralized today. In the end you have to trust these intermediaries. I am not saying that they will steal your Bitcoins, I really doubt that. These are great teams that have achieved a lot in the ecosystem. But it goes against the vision. You always have the risk that there is a hack, that there are regulator events or that you have to prove where the BTC came from. And you didn’t even, well, you weren’t prepared for that. 
>
> The risk here is you have I think today it’s $15 billion worth of BTC on Ethereum that is backed by trust. And this is $15 billion USD worth of BTC that can turn to zero from one day to another if there is a hack. This is not just isolated to the centralized Bitcoin wrap version itself. If you look at MakerDAO, MakerDAO uses wBTC as collateral and it’s pretty big on that. If wBTC fails, I don’t know what will happen to MakerDAO and to other projects that use it as collateral. 
>
> This is essentially the unique value proposition that you have in interBTC. You don’t need to trust any single person. You have a decentralized network of Vaults, where anyone can run Vaults and the only thing you need to do is that you provide collateral. You insure people who use your service against human behavior. It’s a model following the collateralization scheme of DeFi. This is exactly how interBTC works. 
> 
> * If you steal as a Vault, you lose your collateral and this collateral will be used to reimburse the users. 
> 
> *	As a user, you always know: You get your Bitcoin back, or, in the worst case scenario, you will be reimbursed an insurance and you can use that to buy Bitcoin, and you can always lead the system and you always know you will not face financial damage due to someone stealing your BTC. 
>
>This is essentially a very clear and unique value proposition for anyone who plans to use Bitcoin in Defi, and not just for a few trades, but long term. Use it as collateral, for example, lock it up in DeFI protocols to earn yield. But in particular, for DeFi protocols, like stablecoin lending platforms and so on, which rely on interBTC as a liquidity collateral asset. Because for them there is no quick exit, they depend on the security of the protocol and the Bitcoin that they use. 
>
>If it is centralized, well I mean, you know what they say: The chain is only as strong as the weakest link. So, if the weakest link is your centralized Bitcoin bridge, then your DeFi is at risk. This is essentially what interBTC solves.


* **Why should investors vote for Interlay during the parachain auctions and be bullish about it?**

>So, our guiding principle is to always favor decentralization, security for users, and censorship-resistance over shilling and quick profits. Kintsugi went live as a fully decentralized parachain on Kusama, winning the 12th slot and collecting 200,000 KSM from 8800 community members. Now, Interlay has also joined Batch two of the parachain auctions and is staying strong to secure slot 10.
>
>Answering your question, let’s start with a brief explanation on why we decided to join Batch 2. We, as a team, don’t want crowdloan participants to just trust us and then deal with our own promises. The way we envision decentralization and open source is - don’t trust, verify. That being said, before we do anything on Polkadot, Kintsugi will go live with all features. We now prefer to dedicate 100% of our effort to Kintsugi and showcase the potential of kBTC on Kusama, integrating with all major parachains. Besides, Interlay’s flagship product, interBTC, lives from XCM. As long as other parachains and XCM is not 100% ready, interBTC cannot unfold it’s full potential. If we go live in batch 1, we would end up waiting before interBTC can unfold it’s potential. As our community believed in us and voted us onto Kusama, we must now prove our worth to them, so they are consciously and subconsciously not just trusting our promises when voting for Interlay during the Polkadot auctions, but making a deliberate decision they won’t regret about in the future.


*	**Do you think that there is an increased interest in the common Bitcoin holder to use their Bitcoins in DeFi products? What is the advantage to do this via Interlay and not just sell some BTC and do it via the native route?** 

>And I’ll actually use this as a way to dive into the longer-term vision, because essentially exactly these crossparachain calls essentially, being able to call functions and dApp features across different parachains. You have the composability that you see in Ethereum, then you have the customization and capability of building a parachain that is really specific to use cases and is optimized for that. This unlocks so much potential that we will actually only see this in the next couple of years and understand what this actually means for the ecosystem. 
>
>From our side, what we really want to do and hope to achieve by this, is allowing users to seamlessly invest their cryptocurrency, specifically as the first step, Bitcoin, into any DeFi app with one click. Right now you have to go through the minting step on interBTC and you will always have to mint at some point, you always have to make this first Bitcoin fraction. You see this a lot in Ethereum tools where you have to move off the Ethereum Chain to some other network. This step you can optimize, but it will always be there. Once you’ve completed that, our vision is that with the one click you can say, well, you are going to provide liquidity into AMM, for example Solarbeam on Moonriver. Or you are going to mint a stablecoin. Or you are going to move it over to provide collateral in MakerDAO. And this MakerDAO is on Ethereum, but because there is a bridge in between, for example through Moonbeam and Moonriver, this could happen completely seamlessly. 
>
>The user just cares about the application. This is what Interlay has in mind to connect Bitcoin users and to enable BTC users to really gain access to decentralized financial applications. The way we do this is through insurance, of course. 
>
>The whole thing is based on decentralization and it has to be, because otherwise it would not be Bitcoin anymore. 
If you need to trust the centralized custodian to use Bitcoin at the centralized finance, you are going against all principals of what Bitcoin set out to achieve. By having this fully decentralized bridge and then integrating with decentralized connectual protocol on parachains like Moonriver enable anyone, who has Bitcoin either as just from investment when as a liquid asset to make use of it in a really secure and simple fashion. And from there I am just going to bring one potential example that came to our minds just yesterday and we keep exploring and identifying new use cases for Bitcoin on Polkadot day by day, because there are so many of them. Because we use this multi collateral system to ensure Bitcoin against thefts, this turns interBTC into basically a decentralized custodian solution. If you are not very certain about having Bitcoin in your wallet, which is fair enough, not everybody is that technical and trusts the wallet and wants to really have a lot of BTC in their wallets. 
>
>What some people do is you put it on an exchange, put it on custodian and essentially trust them, and you do potentially have some legal recourse, but in the end history has shown that centralized providers just tend to fail. But alternatively you could mint interBTC and suddenly you have interBTC as a liquid asset you can use it in DeFi, but you could also just hold it if you want to and the question is “Why would you do that?”. 
>
>The answer is because it is insured. It turns out that interBTC is also a custodian solution where you can hold your Bitcoin for a long term and it’s insured by a multi collateral system. So, if your interBTC is somehow lost just like it could be lost by a centralized custodian you can get your money back. And this is essentially from there we take this step further towards a fully non-custodial system allowing you then to invest BTC into any DeFi application and earn yield in a very simple manner just by doing one click. This is how we envision the next years, integrations into the DeFi protocols and really focusing on usability. So, one click and you can invest into different pools, different investment products and earn yield on your Bitcoin.


* **What do you think about the statement that DotSama season is imminent and what part will Interlay play in that?**


>My honest opinion is that yes, indeed we will see more action on Dotsama in 2022. With Polkadot parachains going live teams MUST deliver their products, there are now hard deadlines after 2 years of building and waiting. The community is hungry, institutions are getting ready as well. I think it is all set for a burst of liquidity, use cases and community growth.
>
>Let us not forget that Polkadot is the only sharded blockchain network with shared security. It is the first of its kind, a pioneer in terms of design, decentralization and efficiency. I highly respect the determination of Parity to not take any shortcuts and deliver the full vision - even if this makes things more difficult, causes delays and makes some people angry. Rome was not built in one day - but it passed the test of time and still stands today. 
>
>As a final note, I want to highlight that one thing that the entire Dotsama ecosystem is lacking is usability. This is something that we all missed, both core developers, parachain teams and community. To make 2022 the year of Dotsama, we must all together increase our efforts to make using Dotsama and joining the ecosystem easier: wallets, explorers, documentation, getting started videos, developer toolkits.
We, for our part, will allocate funding and as much team effort as we can without neglecting our own parachain, starting with ETHDenver where we will be doing a substrate working session. Everyone can and must help if we want to succeed. It’s as simple as that. 



* **Anything you would like to share?**

>I want to share some thoughts on the current state of Kusama. 
>
>Unfortunately, we did not see the level of activity on Kusama that we all hoped for. There are a few reasons for this. 
>* On one hand, the Kusama auctions were a bit early in terms of tech readiness: parachain teams spent a lot of time fixing bugs and updating substrate versions - many updates were added ahead of the Polkadot launch which, at least in our case, caused a lot of additional development work. 
>
> * The high pressure of the KSM and DOT auctions themselves also drew away some focus from the core dev work. 
> 
> * And finally, Kusama is and will remain a test network for many parachain teams - it will see more action in the future as new features are developed, but after 2 years of waiting for Polkadot I can somewhat understand that teams want to launch there as soon as possible, considering the significantly higher liquidity and broader community. Think of it this way: R&D happens at the start of a project, and then again once the product has matured. Many teams did R&D for 2 years on their own testnets, so for them there is now high pressure to bring the product to as many users as possible.
>
>Ultimately, Moonriver is currently the only parachain to deliver close to 100% of their product and we are in awe of what their team delivered, also behind the scenes. Karura is closely behind, but being an explicit testbed for Acala it is seeing a bit less attention as the team focuses their grand coup: the highly anticipated launch of Acala. 
>
>We must admit that Kintsugi has also been delayed on launching kBTC, but we are committed to finalize in February and have good liquidity and activity before Interlay goes live. What we pride ourselves with is that Kintsugi launched 100% decentralized from day 1: there is no admin access, no pre-selected council, no way for the team or investors to interfere. This decision brings additional complexity with it in the short term (it is much easier to skip all the governance UX) but allows us to stay true to our vision and will pay off soon, latest when Interlay is launched with all features ready. 


*I want to thank Alexei and ArtemCrypto for doing this interview on such short notice and giving me some great and insightful answers..*

**Tip**

I aim to bring you an objective and unbiased coverage of the current projects going for a Parachain slot. Unlike others, I am not trying to sell you a project if I don’t think it is offering a good investment just so that you go on my ref link and contribute. Each article takes approximately 6–8 hours of research. If I created value for you it would be very much appreciated if you could consider a tip so my effort is not in vain. Thanks a lot!

Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz 

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk 

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93







bafyreibnmrl7hon5pqg5zt6dtwycwllvdhcvpgvitiyqp2xcxl4yxksniy

Interlay - a possible solution to an unflexible token

## **Introduction**

Picasso / Composable Finance released a very thorough article about the roadmap for the upcoming months. In this article they presented a 4-phase plan on how they are going to launch Picasso and its pallets. In the following 2-part series I will explain what you can do during each phase and how you should position yourself to be prepared for the much-anticipated launch of Picasso.

![](https://i.imgur.com/CNU5nkT.png)
 
## **Phase 0 — Liquidate Your Crap and Get Ready for Something Big**

You should think about what and how much you want to invest. The goal here should be to find liquidity where it’s possible. If you hold NFTs which you don’t want to hold long term, then start to sell them now to get liquidity for the Picasso ecosystem launch. For highly liquid stuff like tokens, you need to think about in what direction the market will go and act accordingly. Your mindset should be which investment will give you the better return on your capital. Even if you are down 50% on an investment, but you think you found a better opportunity, selling and investing into the new opportunity is the way to go. 

If you want to invest into the Picasso ecosystem before the official launch you have two opportunities to do right now. The first one is Instrumental Finance. Instrumental Finance is a Picasso Ecosystem project which is already trading via Sushiswap. It’s trading at valuation of ~3 million USD. So, if you can stomach the high gas fees trading on the ETH main net will bring. This is a great opportunity to front run people before they get aware of Instrumental Finance with the launch of Picasso.
Another opportunity is Bribe which just finished it’s LBP. After the LBP is done you’ll have the opportunity to buy in via a DEX, which is not known yet. 

## **Phase 1 — The Big Bang of the Picaverse**
 
![](https://i.imgur.com/9fGhAMB.png)

The Picasso launch will start with the TGE, where everyone gets their tokens in their wallets and the “wen TGE”-crowd will transform into the “wen CEX listing”-crowd. Besides preparing for the following action there is not much to do in this phase. The Dashboard will be live, where you will be able track all of your Picasso Ecosystem tokens moving forward. Additionally, Picasso will onboard a long list of pallets:

* Apollo 
* Cubic 
* Vesting 
* Crowdloan 
* Multisig 
* Governance / Registry 
* Democracy
* Bonding 
* XCMP

After all these pallets are onboarded and everything is running smoothly Phase 2 will start.

## **Phase 2 — First Steps into the Chain Agnostic Universe** 

For better clarity Picasso divided Phase 2 into four sub phases.

### **Phase 2a — Let’s Build Bridges, Not Walls**
 
![](https://i.imgur.com/Ws2iBIK.png)

Phase 2a will start with the on-boarding of the Mosaic Pallet. With Mosaic successfully running a lot of ERC-20 bridging pairs, it will be enabled to bridge your tokens to the Picasso ecosystem for use in the upcoming LBP of $PICA. The following tokens will be ready to get bridged at the beginning of Phase 2a:

* USDC
* DAI
* USDT
* MIM
* FRAX
* gOHM
* MOVR

At the same time as the Mosaic bridging pairs go live, the $KSM/$PICA channel will get opened as well. These two events will provide the necessary liquidity for everyone to ape into the $PICA LBP.

### **Phase 2b — First a Little Spark, then a Big Explosion**
 
![](https://i.imgur.com/3vQY1US.png)

With Phase 2b $PICA will get acquirable for people who did not participate in the crowdloan or want even more $PICA. This will mark the start of the great distribution of $PICA throughout multiple blockchains.

### **Phase 2c — The Dump from the Ignorant, or How I Learned to Stop Worrying and Love the Dump**
 
 
![](https://i.imgur.com/0mVFDpR.png)

In this phase Pablo, Picasso’s own DEX, will get launched. $PICA will become a tradeable asset and the ignorant will most certainly dump, at least a part of, their unlocked $PICA. In the first week there will be a liquidity rush for $PICA where you can provide LPs for $PICA and earn mind-blowing yields. After one week the liquidity rush for $PICA ends and $PBLO, Pablo’s own token, will get a four-week long liquidity rush. Before that $PBLO will officially start trading. 

### **Phase 2d — Bonded: Until Death Do Us Part**
 
![](https://i.imgur.com/EUGlZlQ.png)

In the last sub phase of Phase 2, bonds for $PBLO will get introduced. This will provide a way to generate income for the Picasso ecosystem and will also help increase the protocol-owned liquidity immensely. The bonds that get introduced are LP tokens of:

*	$PICA / $KSM
*	$PBLO / $KSM
* $PICA / $PBLO

The LP tokens you collected during the liquidity rush can be put to work or rather traded in for $PBLO tokens, which will give you a share of the profit generated by the DEX. 


## **Phase 3 — You Must Have Chaos within You to Give Birth to a Dancing Star**

As already seen in Phase 2, Phase 3 is divided into sub phases as well.

### **Phase 3a — The Holy Trifecta**
 
![](https://i.imgur.com/ch4Ty7c.png)

After the successful launch of $PICA and $PBLO and everything is running smoothly, a third token will get introduced. $CHAOS will be brought upon us. This will happen through a 3-day long LBP in a $PICA/$CHAOS pool. The only way to participate in this LBP is if you are exposed to $PICA, so make sure to have a nice fat stack of $PICA already accumulated to get yourself some $CHAOS. Exposure to $CHAOS will allow to position yourself in the middle of the Picaverse like a black hole sucking in fees and revenue from the entire ecosystem. 

### **Phase 3b — You Get Liquidity, You Get Liquidity and You Get Liquidity, EVERYONE GETS LIQUIDITY**
 
![](https://i.imgur.com/bcBWRil.png)

After a successful LBP event, part of the funds raised will be used to seed the liquidity pool and to commence initial trading.

### **Phase 3c — The Name’s Bond, Chaos Bond**
 
![](https://i.imgur.com/63MFtVN.png)

Phase 3c will introduce $CHAOS bonds. This is a long-term solution to substantially increase protocol-owned liquidity for Picasso. In the beginning there will be two bonds available:

*	$PICA / $KSM
* $PICA

The goal Picasso is trying to accomplish is that the $CHAOS treasury will be the biggest holder of $PICA and with that have the control over the governance of Picasso. 
At this point, it should be clear that the Picasso chain is trying to establish strong liquidity within its own DEX, while simultaneously building a massive treasury. This is all done via incentivized events like liquidity rushes or favorable bonds. The goal is for PICA to bootstrap its own growth and TVL from day one onward. This is a different approach than most projects are doing who launch on a CEX and need to provide the CEX with liquidity and give up a big chunk of its tokens for that. In a closed loop system like the Picasso chain is building, this never happens and no Picasso will leave the ecosystem to a third party for profiting on the ecosystem. All revenue will stay in the hands of the ecosystem and with that in the hands of the people.

## **Phase 4 — New Stars Will Be Born**
 
![]( https://i.imgur.com/H5LfWP6.png)

Phase 4 of the launch will be the last phase of the roadmap. In this phase Picasso will launch a lot of its ecosystem projects. The beginning will feature Angular and Bribe. Picasso will also be starting to direct liquidity into its pallets to jumpstart them without the need of external liquidity providers.
With Angular the DeFi hub comes alive and lending & loaning will become available for user to really tickle their inner degen. With Bribe you can get exposure to the core of the upcoming DotSama (and beyond) Curve wars. Bribe will substantially influence the governance of chains and will give a clever spin on the Curve/Convex wars which are happening right now. 
 
![](https://i.imgur.com/CNU5nkT.png)

This was Part 1 of my 2 Part series about the upcoming Picasso launch. 

If you want more good digestible informations about Picasso Alpha Explorer has two great Twitter megathreads [one](https://twitter.com/web3alphabuzz/status/1475341869571661828) and [two](https://twitter.com/web3alphabuzz/status/1484298724427767809)

**Tip**

I aim to bring you an objective and unbiased coverage of the current projects going for a Parachain slot. Unlike others, I am not trying to sell you a project if I don’t think it is offering a good investment just so that you go on my ref link and contribute. Each article takes approximately 8-10 hours of research. If I created value for you it would be very much appreciated if you could consider a tip so my effort is not in vain. Thanks a lot!

Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93






bafyreih5ydsjsqpi477vpxfdxja3wz47sutugzxtlx7posvhvr6mqaic34

Navigating the Picasso launch

# Mangata X
### Introduction

With crypto heading in the direction of cross- and multichain availability, trading your tokens on CEXs—with the exception of on-boarding FIAT—is looking more and more like riding a carriage instead of the taking the car. It will still get you where you want to go, but it’s old, slow and expensive. That’s why it is increasingly important to have a multitude of solid reliable DEXs to trade tokens across multiple blockchains. While there are existing massive DEXs like Uniswap and Sushiswap, these DEXs are older with a lot of downsides such as unbearable gas fees, front running bots or MEV.

### What is Mangata X?

Mangata X is a Decentralized Exchange Parachain that optimizes for capital efficiency, while being 80% community owned. 
It will have advanced trading tools to cater to the needs of experienced traders. Besides the common tokens it will list a number of experimental tokens which are hard to come by on other exchanges. 

A common occurrence on DEXs are bots that front-run trades so that they can book the spread for themselves. Additionally, that trader often times pay high gas fees when trading — looking at you Ethereum — yet with the features Mangata X will introduce, this problem will be relegated to the past. Trading at Mangata X will cost no gas fees and only a small amount of general fees of around 0,3% of the trade. 

![](https://i.imgur.com/FXQuqQu.png)

Besides that, Mangata X will introduce the [Themis protocol](https://blog.mangata.finance/blog/2021-10-10-themis-protocol/), a mechanism to stop bots from frontrunning your trade and make the platform way more cost efficient to trade compared to other platforms. The Themis protocol will also prevent [Miner Extractable Value (MEV)](https://ethereum.org/en/developers/docs/mev/) on the consensus layer. 

![](https://i.imgur.com/GQRq1Be.png)



Besides the aforementioned transaction cost users face when trading on a DEX, another significant problem for DEXs are liquidity problems. A DEX is only as valuable as the liquidity it has for its pairs. Currently with Proof of Stake as the main block generation mechanism for DEXs, native tokens will get locked and can’t be used for providing liquidity via LP tokens. Mangata X will improve this existing structure with the introduction of Proof of Liquidity. This means that users are not staking the native tokens of the protocol, but instead stake their LP tokens which will give the normal benefits of staking native tokens but in this case the protocol can use it to provide liquidity. With a functionality like this, Proof of Liquidity has a decisive advantage over Proof of Stake: the more people stake, the more liquid the protocol becomes, instead of becoming increasingly illiquid.


![](https://i.imgur.com/sggynnE.png)

 
The introduction of Proof of Liquidity will introduce a very appealing mechanic. Instead of deciding between Staking rewards or LP rewards investors will earn both at the same time. They will increase their token count through the natural staking mechanism while actually earning rewards for providing liquidity on the exchange. Before the introduction of Proof of Liquidity for stakeable tokens, investors needed to evaluate what the right decision was and if potential inflation will eat into their LP provision rewards. 

![](https://i.imgur.com/QvYTszz.png)
 
To counter the risk of liquidity leaving the pool, Mangata X will offer time incentivized liquidity mining where participants get a greater yield if they lock their tokens for a longer time period. This will have a positive effect on the token price. Additionally, Mangata X will introduce DEX-owned liquidity, which will help with keeping liquidity pools stable.

A problem a lot of DEXs are facing is heavy dilution, which occurs because of bad tokenomic design combined with a high emission schedule without any mechanism to counter this. What results out of this is high inflation and a steadily declining token price, without any way to recoup the degradation of the token price for investors. Mangata X tries to fix that problem by setting a hard cap on token supply. While a hard cap may be a good measurement against rampant inflation it will introduce the unpleasant effect of diminishing incentives for liquidity provision to the DEX. If not managed right, liquidity will leave the protocol in search for better opportunities. Mangata X will try to prevent this problem with algorithmic buys, which then gets burned to continuously add some deflationary pressure. 

This is an interesting approach, because the protocol will decrease its own earnings for the greater good of the protocol. This could turn out to be a healthy long-term approach for the protocol to have good yield for LP providers while controlling the emissions. 

### Tokenomics & Crowdloan Rating

Let me introduce this segment by saying that the crowdloan rewards for Mangata X from a token ownership perspective are nothing short of amazing. The rewards per KSM even dwarf community favored projects like Picasso. This reward structure combined with a huge allocation to liquidity mining / provision / staking catapults Mangata X to the top of the crowdloan rating.

![](https://i.imgur.com/V5DpqOW.png)
 
Mangata X is offering a total of 140.000.000 $MGX for investors who lock their Kusama in favor of Mangata X . Mangata X will limit the crowdloan with a hardcap of 14000 $KSM. With this hardcap in place the rewards come down to a mathemathical minimum reward of 6250 $MGX per contributed $KSM plus bonuses. In reality you probably can expect 8000 $MGX when using the referal bonus. These are the best rewards from a “project token ownership per $KSM contributed” perspective when compared to any crowdloan offered so far.

To get such great crowdloan rewards, Mangata X has taken advantage of the declining costs per KSM for Parachain slots. Mangata X set a rather low hardcap of 14000 KSM for their crowdloan, which stops any reward dilution if this hardcap is hit. 

[You can increase these already massive rewards by an extra 5% if you use this referral code.](https://crowdloan.mangata.finance/?referral=EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz)

*When you contribute via my referral code you are supporting this blog and help me to create more deep dive articles for free to help you to make the most informed decision possible while investing in crypto.*

![](https://i.imgur.com/WMuLuqh.png)
 
*This is the overall token Distribution after 5 years when Mangata will reach its hardcap. For my analysis I am looking at the tokenomics of each project after 1 year.*

The tokenomics of Mangata look really splendid as well. With a score of 61,41 in the tokenomics rating, it scores the 4th place overall after taking first by a mile in the crowdloan rating. As you can see in the graphic below this is way above the median rating which sits at a sad -7,17. It seems that beneficial tokenomics are a scarce good.
 
 ![](https://i.imgur.com/GrEXZYx.png)
 
 ![](https://i.imgur.com/7VRV3ZL.png)

I want to put emphasis on the 40% allocation after one year for liquidity provision and staking once more. This already big allocation grows to 67,5% after 4 years. This will give investors  a fruitful opportunity to grow or earn from their already existing Mangata X stack. Additionally, it will decrease the sell pressure, because tokens will get locked to be put to work. This extra yield can have an alluring effect on people from the outside who will want to buy in if the yield is attractive enough. This obviously increases buy pressure from people joining the project. 

![](https://i.imgur.com/BegARxp.png)

![](https://i.imgur.com/HSQwWTf.png)

 
### Numbers, Speculation & Moonmath
  
Let’s talk numbers. What does this mean if someone invests into the crowdloan while [using the 5% referal code I provided earlier](https://crowdloan.mangata.finance/?referral=EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz)?

Right now, with the market turning sour, the average crowdloan performance sits at a rough estimation of around $100m USD. If Mangata would reach that average performance it will return a whooping **8,4x** on the initial investment. 

*Note: With the vesting schedule all projects are going for this is not fully available immediately.*

Let’s have a look at some moon math. The average crowdloan performance at its ATH sits at around $550m USD. If Mangata would reach that it will **return 39x** on the invested amount.

Because of these great rewards, investors will get the value of their locked KSM at around $8m–$9m back. This should be quite an easy target to reach.

Another thing to keep in mind is the huge allocation to validation and LP rewards. You immediately can put your MGX to work with the Proof of Liquidity concept and grow your stack. 

### Thoughts & Summary

Mangata X looks like the inevitable evolution of a DEX, without notoriously high gas fees,  front running bots and MEV. What is shown so far is an ambitious team with a solid idea. The rewards and tokenomics from Mangata are nothing short of amazing. It stands to see if Mangata X will get enough market share to become relevant, but if they do traders can rejoice. 

I think it’s safe to say that the risk/reward ratio is heavily imbalanced in favor of reward for this crowdloan. In my view it would be foolish to not have at least a small allocation into the Mangata X crowdloan. When the market turns green again, the Mangata X crowdloan will likely yield big rewards for its participants.

### Support

I aim to bring you an objective and unbiased coverage of the current projects going for a Parachain slot. Unlike others, I am not trying to sell you a project if I don’t think it is offering a good investment just so that you go on my ref link and contribute. Each article takes approximately 10-15 hours of research and work. If I created value for you it would be very much appreciated if you could consider [using referal link](https://crowdloan.mangata.finance/?referral=EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz) so my effort is not in vain. Thanks a lot!




bafyreibfigw2ocn6w7cqr2jot7z6rw7dk54msbdxbkytlj6q4r3oetdmye

Mangata X - A DEX for the people

### Hi, who are you and what is your background? Please tell us a bit about yourself.

>Hi, I’m Peter and I’m the co-founder of Mangata. My journey in crypto starts from the very early Bitcoin days. It was very exciting times, we were all driven by the vision of personal freedom and autonomy and I see it is becoming more and more reality. When Ethereum came, it was an instant enlightening moment: that we can give this autonomy not only to people, but computer programs as well. And these programs then serve as a public infrastructure that connects the world.
>
>Before Mangata, I was running the European dev studio Block Unison where we developed plenty of smart contracts on Ethereum for clients. Over time, we’ve seen many problems like MEV and the centralization of trading players. We asked ourselves a question: How we can prevent these issues? We could reform Ethereum, but that’s not possible. It’s already too big and conservative. It is hitting its limits of scaling and innovation. We needed to rethink and rebuild blockchain from scratch, so that has led us to follow Gavin and start building a Polkadot parachain.

### What is your long-term vision for Mangata?

>Mangata is the most capital efficient and fair DEX in the world. It is the best place to trade any token.

### How will Mangata get an advantage against other already existing DEXs and how will that advantage be enough to become one of the dominant DEXs of DotSama?

>Let’s start with a fact that most people are not aware of: Ethereum has a structural problem. It’s called MEV.
>
>MEV is when nodes start selling out their own users to steal from them while they are trading. Malicious bots and miners taking up more and more block space. Other chains are being affected by the same phenomenon. Ethereum is already being eaten up by it with an estimated 1 billion dollars being stolen 2021 alone. If we do not fix this, it will cripple our ecosystem.
>
>At the same time, most DEXes only build small improvements upon existing ones to get an advantage. If you put this into perspective with the systemic MEV problem, most DEXes clearly lack a long-term perspective. They seem to care more about quick money.
>
>DeFi is broken and we need to fix it together!
>
>We are doing this by building a chain from the ground up that is optimized for capital efficiency and fairness. We identify the big issues of DeFi and build solutions right into the chain (e.g. our Themis architecture). Substrate is the big enabler for this. It allows to change the rules of the game. Our Chain - Our Rules.
>
>The result will be the realization of our vision: Mangata X as the fairest and most capital efficient DEX.
>
>How will this advantage show for the average user? At the end of the day, traders want to get the best prices! Mangata X achieves this by a range of mechanisms that maximize capital efficiency: a No Gas Economy, preventing front-running and MEV that would steal your slippage and attracting calmer and more loyal liquidity with Proof-of-Liquidity and time-incentivization.
>
>We aim to launch a bridge from Ethereum to Kusama very soon after the Mangata X launch. Mangata X will maybe be the first DEX to offer a native KSM-ETH pair. This will the floodgates between the ecosystems and fuel Kusama with new capital. Mangata X will allow permissionless creation of new liquidity pools between ERC-20 (Ethereum) and xTokens (Dotsama) and add a new layer of trading that wasn’t possible before.

### With the launch of Picasso and its own DEX Pablo there comes a risk that the DEX market will be too saturated, especially when ambitious projects like Picasso are bringing their own liquidity layers. What would you tell people who think that Mangata will not reach the market share it needs to have to sustain its goals?

>Short answer: Our tech and tokenomics will attract liquidity like light attracts moths.
>
DeFi needs bigger visions and it’s great that Composable/Picasso is bringing all the ideas together. What we share is that we both leverage Substrate technology, which is needed to deliver the next generation of DeFi products. Ultimately, we offer complementary solutions: The Composable Vision is to offer a cross-consensus liquidity layer to direct capital where it is best put to use. The Mangata Vision is to offer the best place to trade that capital.
>
>You can see in TradFi there is a lof of space for different exchanges with different focuses and the same will be even more true for DeFi. The Pablo DEX will be an in-house DEX for the Picasso Parachain and likely be optimized for that purpose. Mangata X is playing a different game. Mangata X is not constrained to serve the business requirements of other products on the same chain.
>
>Mangata X is optimized to be an open trading platform for everyone and every parachain in the Kusama ecosystem. It is a truly permissionless DEX where the market can decide what happens with tokens and liquidity. This freedom is what we believe will kickstart a lot of network effects.
>
>Mangata is not going wider, but deeper. We are hyper-optimizing the tech around the single most important primitive in DeFi: Trading.
In the end, we can observe one phenomenon to be true: With great capital efficiency comes great volume. We are building our tech with a long-term perspective in mind and are excited to see how our playbook will play out.

### The APY of LPs correlates directly with the associated fees for a trade. With the low-cost approach Mangata is using, competitive APYs compared to other DEXs need to be generated via increased volume. What mechanism has Mangata planned to ensure that LP providers will get competitive APYs on their provided service?

>That seems to be a misunderstanding. Our competitiveness on Mangata X stems from our No Gas Economy. Traders on Mangata X save money because they do not pay gas.
>
>Liquidity Providers on Mangata X get rewarded with LP fees and liquidity mining incentives (which make up 30% of the final supply tokenomics). But not only that! We even have a third reward option for people who stake their liquidity in Proof-of-Liquidity (earning another 37.5% of the tokenomics chart).
>
>Our Tokenomics are oriented around long-term growth of the ecosystem. Rewarding those that support the growth can be seen in the Tokenomics, which reward stakers and liquidity providers the most.

### Besides a hard cap after 5 years, could you elaborate a bit more on how the token burn will be enough to limit the emissions Mangata will release so that the token price will not suffer from the same problems as for example Solarbeam (Price declined by 96%) who has buyback and burns mechanisms as well?

>The issue that most DEX tokens have is that their only actual use is to serve as exit liquidity in a pool at the remote end of the network of tokens connected via liquidity pools. And maybe speculation on future utility.
>
>We have thought about this a lot and made a few fundamental decisions that intend to create a favorable price dynamic for MGX. Our value formula to price a token is:
>
>Token Price = Fundamental Value + Hype
>
>Fundamental value is determined by the utility, which in the case of MGX is
>* use in proof-of-liquidity and the resulting liquidity base layer
>* algorithmic buy and burn
>* govern 
>	* treasury of reserves and DEX-owned liquidity
	* whitelist proof-of-liquidity pairs
	* liquidity mining incentives
>
>MGX’s main task is to make the whole system more liquid. The best way to do this is to be very central and allow a lot of smaller tokens to be paired against MGX to avoid fragmentation and allow the deepest possible liquidity. The result will be that a lot of trade routes go through MGX make it actually useful for the whole system.
>
>Next, algorithmic buy and burn: we say algorithmic, because the buy and burn happens with every transaction: a fraction of the exchange commission is used to buy & burn MGX. This acts as a token sink to remove MGX from the system and allow us to mint new rewards for nodes securing our network and liquidity providers, while still being hard-capped.
>
>Lastly, our inflation model compared to other DEXes is rather moderate. We aim to have as many from the 1b MGX from the TGE as possible liquid initially to reduce price sensivity. The hard cap of 4b MGX is reached the earliest after 5 years. Price should easily be able to keep pace with network growth over that time period.

### Anything you would like to share? (funfact, wisdom, statement, opinion, basically anything is fine)

>May the Airwhale bless you with infinite rewards.

![](https://i.imgur.com/hLQBAxE.png)


### Support

I aim to bring you an objective and unbiased coverage of the current projects going for a Parachain slot. Unlike others, I am not trying to sell you a project if I don’t think it is offering a good investment just so that you go on my ref link and contribute. Each article takes approximately 8-15 hours of research. If I created value for you it would be very much appreciated if you could consider a tip so my effort is not in vain. Thanks a lot!

Kusama: EzVt5Z3pddR55HnS637AEqTutcxPDMKux2JzjK7pDG85Nmz

Polkadot: 13RBN6UF43sxkxUrd2H4QSJccvLNGr6HY4v3mN2WtW59WaNk

Metamask: 0xD7Da6c065fB6Ada5a9F2e8B2F88e84F4A63D0d93


bafyreiaxq4rvrqay55hgknpv2ozmup756d4c7uasqnegap2lyf5jmvmulm

Crowdloan Mangata X - Interview with co-founder Peter Kris 

bafyreifztvomxandjquk5dv3l3obx6n7z247xlyj7pul5chntljy6gzelu

The Polkadot Ecology - Infographic

## **Intro**

In the next week, Tinkernet is having its token launch via a Liquidity Bootstrapping Pool hosted on Basilisk. The token launch is highly anticipated after the community-focused crowdloan InvArch’s Tinkernet had. Since finishing the crowdloan, InvArch’s Tinkernet is shaping up to be at the forefront of innovation in the Polkadot and Kusama ecosystem. This momentum is not surprising when you look at who the leaders of InvArch are. Dakota Barnett and Gabriel Facco de Arruda seem to be relentlessly bringing progress and cutting-edge technology to the ecosphere while being active members of the Polkadot and Kusama communities.

While Parachain launches on centralized or decentralized exchanges in the past bull market have oftentimes been a major bot-ridden disappointment, Tinkernet has its token launch in a much different circumstance. The fair price discovery a LBP brings with it in a bear market, can shape up to be a good way to find reasonable evaluation for a token. The following price action will then be shaped by how the protocol is leveraging its technology.

## **A Look into the Protocol**

Tinkernet is InvArch’s canary network in the original meaning of what Kusama is to Polkadot. A fast-paced sometimes chaotic people’s version of its VC-oriented chain. Tinkernet aims for a “first to market” – approach.

Tinkernet’s technology portfolio is tightly packed with innovations like:

* the DAOist CDK, which will revolutionize the control of DAOs and elevate it to its original meaning;
* the INV4-GIT which is a censor-free Web3 developer destination for Git file management and version control;
* the XC-Authentication kit, which will be on the forefront of authenticating assets cross chain;
* the INV4 Protocol, which features IP Sets, IP files, IP Licenses, and IP Tokens, which is a revolutionary new way to think about intellectual property and startup funding in a trustless Web3 way;
* and the INV4 NFT primitives which will serve as a framework, layer 2 applications can build onto.

What is the Snek LBP on Basilisk:

> Snek LBP allows crypto projects to launch AMM pools for bootstrapping liquidity which are limited in time (typically 3-5 days). A defining feature of LBPs is the mechanism of time-dependent weights which continuously exerts a downward pressure on the price. If no orders are placed, the price will fall with every block. Buy orders push the price back up in accordance with the size of the order.

> The shifting weights mechanism of Snek LBP has several important implications. Firstly, it offers a capital-efficient way for projects to bootstrap liquidity. There is no need to provide 50:50 liquidity to kickstart an LBP (which is the case for XYK) - the weights mechanism allows projects to offer as little as 1% of the asset used to bootstrap liquidity. Furthermore, our fee repay mechanism - a unique Basilisk feature, helps the project quickly repay the costs associated with organizing an LBP by placing an additional fee on top of early trades.

> Running an LBP is not only capital-efficient but also a fair way to navigate price discovery, distribute tokens and grow your community. Since buy orders push the price up, front-running by bots which snipe large amounts of the available supply is no longer viable. Actors willing to acquire bigger amounts of tokens would need to split their orders over time to achieve a reasonable price. This interaction between programmatic sell pressure and buy orders makes Snek LBP an excellent tool for achieving fair price discovery and a wider distribution of tokens across the community.  
> Source: Basilisk Substack

## **Financial Analysis**

As all markets did a downturn in the last months, the crypto market seems to have stabilized in the last weeks. Additionally, there are hints of decoupling from traditional markets, which could give relief to a lot of crypto investors. The last cycles showed that investing into projects which show strong signs of building in the bear market, can pay out greatly when the bull market arrives.

InvArch and in that regard Tinkernet is one of these bear market winners launching innovative and successful projects like the YoudleDAO, which has an incredible bear market volume of over 2200 KSM on Singular.

But technology and progress are not everything one should look for in a project. Tokenomics and the token use case play a vital role in the evaluation of the question “to ape or not to ape?”.

The tokenomics of $TNKR consists of the following categories:

![](https://ipfs.subsocial.network/ipfs/QmXahoHLeJdAfFscF4J2zHKUKVNfRwugwDqEWEs8MH3KGY)

Comparing the token allocations to other Parachains gives great results for the Tinkernet protocol, as shown in the table below. It scores a fantastic 97,86 on the opportunity scale, which it achieves through the big allocation to treasury and crowdloan. With a score of 45,79 on the risk rating, Tinkernet scores one of the lowest risk ratings of all projects.

![](https://ipfs.subsocial.network/ipfs/QmZZDVy6PjogW3yWyzSJPSk8wrQbpfWRBVX1DKbGRdDzrm)![](https://ipfs.subsocial.network/ipfs/QmUCUCwNKXf35hkFP5BpY9UjBhkWTodNcmRR2wMJ7DS35T)

As you can see Tinkernet sits nicely in the lower right corner which equals a low risk rating while having a high opportunity rating. It is close to crowd favorites like Moonriver and Basilisk. But this comes with no surprise when looking at the tokenomics.

Tinkernet allocates 55% of its tokens to subcategories that fall under the main category of Treasury. These tokens will get used to help solidify the ambitious goals of the project through different channels. My two personal favorite categories are OCIF-SIPA staking at 10% of all tokens, which utilizes the revolutionizing new mechanism of IP staking & farming Tinkernet will introduce, and VCs with a 5% allocation. This is just a placeholder though, and no VCs are in Tinkernet. You read that right, no VCs are to be found in the Tinkernet tokenomics. If the 5% allocation will not get sold to VCS it will get added to the treasury, further boosting the tokenomics.

Besides having favorable tokenomics, the token must have solid use cases to create pull factors for new users to enter the protocol. The $TNKR token has multiple use cases.  
The first use case of the $TNKR token is for the payment of transaction(tx) fees. $TNKR will create, via hosting, other projects with their NFT primitive infrastructure as an L1\. As Ethereum is the enabling L1-chain for a multitude of different L2-chains, Tinkernet will provide their toolkit primitives and infrastructure to pave the way for easy L2 adoption onto their framework. This could bring substantial price appreciation and use of $TNKR to support and ensure the smooth progress of hosted L2s in the medium to long term.

The other core pillar of $TNKR is the use in IP staking, IP farming, and IP donations. This is where it gets really interesting. These new mechanisms add a whole new layer to the well-known process of yield farming. Investors supporting and earning from their favorite IP will be a huge TVL draw for the Tinkernet protocol. I want to emphasize this once more. This combination of philanthropy and getting yield on investments is the perfect mix for investors to pull their liquidity from elsewhere and enter an IP staking deal. Instead of doing bland yield farming in a liquidity pool with the risk of impermanent loss, investors can support their favorite project/idea getting them their needed financing while earning real yield with it. This industry disrupting technology will be an adequate opponent to “traditional” staking options on the market.  
Later on, IP farming will get introduced as well. With IP farming investors can earn IP tokens from the projects they stake their tokens for and who receive funding in exchange for that. This mechanism introduces a high-risk, very high reward opportunity for more risk tolerant people.

Additionally to L2 tx fees, tx fees will also be needed to use XCA to authenticate assets cross-chain. $TNKR tokens will be needed to participate in the governance process as well.

The last use case is the use of $TNKR as a currency for DAO treasuries who use the DaoistCDK. When adoption of the DaoistCDK becomes widespread as the new gold standard for DAOs to elevate them from mere Discord servers to the proper DAOs they always wanted to be, this will become a big pull factor for new liquidity entering the protocol.

Other use cases, such as collateral for stablecoins or payment tokens for storage options, could possibly be added in the future.

The LBP will be a good opportunity to get an early allocation of $TNKR in your wallet. These tokens can immediately be put to use with the IP staking Tinkernet has planned. Investors can expect a very high 3-digit APR in the first weeks until the APR normalizes to sustainable levels when token unlocks and general widespread distribution create a larger pool of available tokens. At this point, IP staking will still play an important role in the Tinkernet ecosystem, but tx fees, stemming from general adoption and L2s built on Tinkernet’s infrastructure, will be a second pillar on which users can get yield from.

Buying into a project during the bear market is shaping up to be a different experience compared to the dump fest most Parachain token launches were during the bull market. Tokens launched in a bear market will more likely undergo fair price discovery. Investors have the chance to enter the protocol at a relatively low evaluation and stick with it through its adoption and growth to the broader market without the sell pressure over inflated bull market releases bring with them. This endurance can be heavily rewarded when the new bull market arrives.

The ambition the InvArch team shows, with their industry interrupting new technologies, should not be underestimated. With the introduction of YoudleDAO, InvArch showed that it is able to produce a great amount of hype for their products in a very brief time, during a bear market.  
[*Read more about InvArchs OCIF*](https://invarch.medium.com/invarch-eduseries-5-supercharging-developers-empowering-innovation-with-ocif-f4321673b4ce)

## **Summary**

Tinkernet and its main protocol InvArch have been hot contenders for crowd and developer favorites in the last months. Even Polkadot heavyweights like Gavin Wood himself and co-founder Rob Habermeier have taken notice of the protocol founder Duo Dakota Barnett and Gabriel Facco de Arruda. The duo is extremely active in the ecosystem and keep delivering their technologies on a tight schedule. Gabriel, who just recently got voted into the Polkadot Fellowship, even contributed a substantial part on realizing the GMorDie chain and their first KICRA proposal.

Tinkernet seems to follow the approach to reward participants in their chain generously to turn mercenaries into evangelists. In the case of Moonriver this strategy turned out to be a heavy success story, which created entire echo chambers of Movr evangelists. We will see if this approach will work out in the long term for Tinkernet.

From a technical and a financial perspective, there are basically only good things to say about Tinkernet. Disrupting and cutting-edge technology combined with very promising tokenomics and an active community-engaging founder team is one of the most favorable combinations one could hope for a project to invest into in the bear market. This opportunity could shape up to be a very golden ticket in the next bull market.

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Financial Analysis of $TNKR

\## Intro Yield farming opportunities are a staple of all cryptocurrencies. Investors and everyone, in general, seek out different ways to grow the number of tokens in their portfolios. One of these ways is staking tokens on-chain, which is necessary for any Proof of Stake-based blockchain network. The first and the most dominant iteration so far is simply staking to secure the network. In recent years, more innovative complex staking versions of traditional staking, like liquid staking and Astar's dApp staking, have been created. InvArch’s IP staking adds another iteration to the list of staking methods. Until now, no project connected staking rewards with philanthropy in a way that stakers could profit from staking while also generating funding for their favorite projects. InvArch’s IP staking changes the bland mechanism of traditional staking into a philanthropic event for all participants. InvArch already announced that IP staking would be just the beginning, with IP Farming and IP Donations implemented later. Besides the official provided functions, this could be fruitful soil for unofficial dynamics and mechanisms to flourish. ## What is IP Staking? \\\\&gt;Intellectual property (IP) refers to creations of the mind, such as inventions; literary and &gt;artistic works; designs; and symbols, names and images used in commerce source: &lt;&lt;https://www.wipo.int/about-ip/en&gt;\\&gt; IP staking allows projects with unique ideas to generate funding without the significant hurdle of raising funds as an emerging project. With IP staking, projects are not forced to give up token allocations to supporters. because the rewards for IP stakers are paid by the InvArch network, instead of the projects. This might come in handy if giving up token allocations is unsuitable for a project requiring funding. Up until this point, as a yield farmer, you only needed to decide on a project or token farm and commit. The most relevant information for your decision making was the amount of sustainable yield you expected. This causeless way of staking gets a new twist with the introduction of IP staking. When you IP stake, you choose an idea in need of funding and stake your funds with them. With your commitment, you will share the OCIF-staking (On Chain Innovation funding) rewards in a 40/60 split. !\\\[\\\](&lt;https://ipfs.subsocial.network/ipfs/QmYa14g6wYvbAqPfCrYvFmP3esfeaPQ4Z8XpHDu2D4QTMN&gt;) Instead of a cause-less numbers staking game, you can support projects with amazing ideas to help create real IP value. IP Staking will be the first step in the IP funding trifecta of IP Staking, IP Farming, and IP Donations. InvArch already announced that IP staking will be just the beginning and later on IP Farming and IP Donations are being implemented. These three IP funding mechanisms will foster the InvArch network as the place to be for entrepreneurship in crypto. After a big landscape of flourishing IP sets is onboarded, IP farming will elevate the IP yield game to another level with the ability to reward IP-specific project tokens instead of network tokens. \\\*\\\\\\\[\\\*\\\[\\\*Read more about IP sets\\\*\\\](\[https://invarch.medium.com/invarch-eduseries-2-blockchains-bright-light-a-shining-future-for-ip-rights-164b7a4eaba5)\\\\\\\*\\\\\\\\\\\\\\\]\\\\\](https://invarch.medium.com/invarch-eduseries-2-blockchains-bright-light-a-shining-future-for-ip-rights-164b7a4eaba5%29%5C%2A%5C%5C%5C%5D%5C)\\\* If we combine this with the idea of staking, it becomes clear how InvArch can become the innovation hub of not just Polkadot and Kusama but maybe the whole crypto sphere. ## How valuable can IP Staking be for investors? First and foremost, IP staking rewards and in turn token dilution are locked to 10% Inflation per year of the total supply. This guarantees that token holder dilution is kept in check while providing a great opportunity for early investors to gain significantly on their stack. The staking rewards will offset the 10% token inflation by a good margin. This can be seen as a prime opportunity to get exposure to the InvArch network in the midst of a bear market. Current price action does not accurately reflect the potential and innovation InvArch has accrued through developing new models such as IP staking. As one of the first projects to do so, InvArch will introduce on-chain staking for unvested tokens with auto-compounding. Comparatively, this is a great change for token holders and an advantage over idling unvested tokens from other projects. The advantages of staking unvested tokens are obvious; A higher staked number of tokens will increase the security of the chain, which is an immensely important thing considering the recent takeovers on various other blockchains and DAOs throughout all crypto ecosystems. Another advantage is that unvested tokens will not be subject to inflation, as they will grow faster than the 10% yearly inflation the total $TNKR supply is subject to. In the early months after launch, IP staking will be a valuable tool for investors. The following graphs show the expected yield for a theoretical one-year APR and APY, as well as a more realistic 3 months APY for different timeframes. !\\\[\\\](&lt;https://ipfs.subsocial.network/ipfs/QmfGcwdytsyVnSxq4wW7VPwkVdSMRMJeyBsZz1CuMEVfhA&gt;) As shown in the graph, early investors can expect to add another 25% - 45% in the first 3 months of staking, when the staking rates stay in range with other comparable Parachain projects. The early potential is evident when looking closely at the numbers of comparable Parachains. Currently, 9,62% of Turing’s circulating supply is staked on-chain. Another big bunch is yield farming in the MGX-TUR LP Farm, which works in favor of on-chain stakers, as they gain a higher APY due to this situation. If 9,62% of $TNKR owners stake their tokens on-chain it would result in a massive APY of 328%. In the 3 months interval, the graph covers this would result in a 43% increase for tokens staked on-chain, which is a fantastic opportunity in the current situation of the crypto market. !\\\[\\\](&lt;https://ipfs.subsocial.network/ipfs/QmRKYeUJ9eLuujaVGoapmEdCmiE48PgyKhLBbF2XzhsRHS&gt;) Zeitgeist staked supply is over 50% higher than Turing’s. This could stem from the fact that no LP farms were available for Zeitgeist at the time of writing this article. But even with such a significant amount of supply staked, the APY for on-chain stakers is still at a fantastic 145%. For the 3 months interval covered, this would mean an increase of 25% of the staked tokens. Even at staking rates of 25% and 35%, staking $TNKR would return a very solid yield of 75% APY and 49% APR, respectively. Remember that this is during the bear market phase, where accumulation is key. The risk for on-chain staking is minimized compared to LP farming, as you are not subject to impermanent loss and the token risk is reduced to one token. If you intend to hold the token, the risk can be considered nonexistent. !\\\[\\\](&lt;https://ipfs.subsocial.network/ipfs/QmZ2WMbWA7xTJqHVbsGrffUbtidV6DC8JRtTGrVWjP2r2m&gt;) In four to six months, when the circulating supply grows and staking rewards come down, the expected APY per year can reach realistically low triple-digits, depending on the number of tokens staked. Interestingly, the staking benchmarks do not change a lot downwards, as all unvested tokens are available for staking from the beginning anyway. !\\\[\\\](&lt;https://ipfs.subsocial.network/ipfs/QmNnPxTQRe8N4Q4rLqhSRyjUQNmrs74gEvSU6N543AzRuf&gt;) In months seven to twelve, the projected APY is nothing to scoff at, as shown in the graphs below. A projected APY in the high double digits a year after inception is fantastic. At this point, other ways to create yield for stakers, like Tx fees from protocols building on the InvArch blockchain with the help of the NFT primitives InvArch will provide, could be implemented. !\\\[\\\](\[https://ipfs.subsocial.network/ipfs/QmdtW2ziXj2MnjiNLdDFzBAcqQxYMnUHwers46XsyYUMt4)!\\\\\\\[\\\\\\\]\](https://ipfs.subsocial.network/ipfs/QmdtW2ziXj2MnjiNLdDFzBAcqQxYMnUHwers46XsyYUMt4%29!%5C%5B%5C%5D%28https://ipfs.subsocial.network/ipfs/QmWTByw1oVov3KbxiYKdbE3Tk6uQFoCrCHvjbmFccxHSTM%29) \[(https://ipfs.subsocial.network/ipfs/QmWTByw1oVov3KbxiYKdbE3Tk6uQFoCrCHvjbmFccxHSTM)\](https://ipfs.subsocial.network/ipfs/QmdtW2ziXj2MnjiNLdDFzBAcqQxYMnUHwers46XsyYUMt4%29!%5C%5B%5C%5D%28https://ipfs.subsocial.network/ipfs/QmWTByw1oVov3KbxiYKdbE3Tk6uQFoCrCHvjbmFccxHSTM%29) ## Summary InvArch’s IP staking is an interesting new take on an old essential mechanism for Proof of Stake blockchains. With IP Staking, investors can decide which IP Set they want to support while making no compromises to their yield. As IP staking is the introduction to an even more exciting mechanism like IP Farming, which will become available at a later point. As little information is available right now, one can only imagine the opportunities which may arise with these solutions, but for now, investors already have the chance to get a feel for the philanthropic IP staking mechanism. From an investor perspective, the forecasted APR/APY/APR3M look fantastic, even at high staking rates, that seem to be unattainable for other projects so far. Especially the near to medium future could be a great opportunity for investors. Besides having favorable staking parameters, Tinkernet’s price seems to have stabilized after the highly successful LBP and the following unlock of the initial crowdloan allocation. With this in mind, accumulating $TNKR tokens during a market phase, where many investors take their money out of the market, can be extra profitable when the correct time horizon is set. Recent token price behavior has shown that many don’t have this foresight and choose short-term gratification instead. which could lead to frustration later on.

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An Introduction to InvArch’s IP Staking for Investors 

Still holding your tokens on an exchange instead of in your own custody? Then this article is for you. Read further for a guideline of what you should do and what your options are.

With the recent meltdown of FTX and the general turmoil in the industry we need to take a good hard look at the ways you can manage your tokens.

Having your tokens on a Centralized Exchange switched really fast from a pretty safe option to being reckless with your hard-earned funds.

Except two, no CEX has shown auditable merkle tree proof of reserves for their actual treasury, which brings an immense risk that these exchanges actually don’t carry all the funds they owe their customers.

This gets to an even more extreme level when these Centralized Exchanges actually trade leveraged products with your tokens. What happens if this goes wrong can be seen live in the ecosystem right now.

In the aftermath of the FTX fall out, it came to light that FTX lost over $8 Billion of user funds and a large amount of VC money.

After the fall of 3AC, this is another breakdown of a big institution which sent heavy shock waves through all cryptocurrencies, where we haven’t witnessed the end yet.

So what can you do to help bring crypto to a more stable place? Get. Your. Tokens. Off. The. Central. Exchanges. Use a wallet. Trade on DEXs. Only use CEXs as a way to on- and off-ramp.

Our Polkadot ecosystem has multiple great solutions to take control over your tokens and get them away from CEXs. Additionally, we are blessed with tons of DEXs as well.

Here are some Polkadot native non-custodial wallet options you should check out.

Desktop: Talisman is a web3 browser wallet built for Polkadot and Ethereum. Multi-chain by default, Talisman works with 100+ networks and 130+ tokens by default and features the best portfolio management in Polkadot. It's non-custodial, audited and supports Ledger devices.

Mobile: Nova Wallet​ is a secure & open-source iOS/Android application for the Polkadot & Kusama Network ecosystem which provides the ultimate self-custodial mobile wallet experience!

Nova supports over 65 networks, NFTs, extensive DApp support (for Substrate & EVM), crowdloans, governance support, staking functionality, and over 200 cross-chain transfers possibilities

If you choose to take care of your tokens yourself you have the possibility of putting your tokens to use in our staking-based ecosystem. Many chains offer staking options for interested users to secure the network and gain tokens through their commitment.

Another option is providing liquidity in the multitude of DEXs the Polkadot ecosystem has. This can yield higher rewards, but will bring higher risks as well.

So don’t wait too long and risk losing your funds on the next FTX. Get back in charge of your money and transfer your tokens into your own custody.

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Not Your Keys - Not Your Crypto

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ChaosDAO

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Crane's Blog

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Crane

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Analysis of the DotSama space. Created my own rating system for crowdloans. Love to theorycraft. Three things I would bring to a lonely island: Techno, Tea and Excel.

Hi, who are you and what is your background? Please tell us a bit about yourself.

Hi, I’m Peter and I’m the co-founder of Mangata. My journey in crypto starts from the very early Bitcoin days. It was very exciting times, we were all driven by the vision of personal freedom and autonomy and I see...

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The staking and bonding mechanisms in RomeDAO are both giving different Return on Investments (ROI). Because of the different moving variables and actions, without doing calculations it is hard to see what you should do to get the best yield for your investment. In the following...

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With crypto heading in the direction of cross- and multichain availability, trading your tokens on CEXs—with the exception of on-boarding FIAT—is looking more and more like riding a carriage instead of the taking the car. It will still get you where you want to go, but...

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Interoperability is a growing topic these days in the Cryptosphere. Younger projects are building their blockchains and token with this feature in mind. The problem, however, is that some legacy coins aren’t as flexible as new projects. This creates a task for developers to tackle...

Intro

In the next week, Tinkernet is having its token launch via a Liquidity Bootstrapping Pool hosted on Basilisk. The token launch is highly anticipated after the community-focused crowdloan InvArch’s Tinkernet had. Since finishing the crowdloan, InvArch’s Tinkernet is shaping up to be at the...

Crust shadow just won a parachain slot and is going to be onboarded in two weeks time. Crust shadow is the Kusama token from Crust which is a decentralized storage system via the IPFS. Right now all the NFTs from RMRK are saved via the Crust Network.

Crust shadow is live trading as an obscure...

Analysis of the DotSama space. Created my own rating system for crowdloans. Love to theorycraft.

Three things I would bring to a lonely island:  Techno, Tea and Excel.

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\## Intro Yield farming opportunities are a staple of all cryptocurrencies. Investors and everyone, in general, seek out different ways to grow the number of tokens in their portfolios. One of these ways is staking tokens on-chain, which is necessary for any Proof of Stake-based blockchain...

Still holding your tokens on an exchange instead of in your own custody? Then this article is for you. Read further for a guideline of what you should do and what your options are.

With the recent meltdown of FTX and the general turmoil in the industry we need to take a good hard look at the...

In this new series I am going to have a look at the upcoming Parachain Auctions and the projects who are fighting for a slot on the Kusama Blockchain.

First let's start with an overview metric of the past Parachain winners and participants. Projects will receive three ratings (Crowdloan...

Introduction

Testnets of testnets of testnets. The occurence of this phenomenon may seem strange to some people, but the bigger the main project, the less leeway there is for mistakes and problems. That's why big projects in general move so slowly. A delayed or a long testing period will always...

This is a quick guide on how to use Crust Files and get their premium service. Crust Files is a decentralized storage provider like many Web2.0 filehoster, but Web3.0.

First navigate to https://crustfiles.io/. Uploading Files is pretty straight foward via My Files -> public -> upload -> files.

...

Introduction

Picasso / Composable Finance released a very thorough article about the roadmap for the upcoming months. In this article they presented a 4-phase plan on how they are going to launch Picasso and its pallets. In the following 2-part series I will explain what you can do during each...

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