KSM Starter Development Highlight: December 2021
Since the launch of KSM Starter in October 2021, the development team has been at work to resolve every challenge presented, along with implementing user and community feedback. In this update, KSM Starter provides deeper insight into what has been resolved, and what is being tackled by the development team at the moment.
KYC Implementation
Unlike many other launchpads, KSM Starter requires KYC for all participating users as advised by our legal counsel. The development team has integrated API provided by our KYC partner, allowing for real-time check on the KYC status of the participant.
The KYC email did take case sensitivity into consideration in the beginning. However, this has been flagged as an unnecessary feature and has been deleted.
Currently, all users must have passed their KYC through Synaps in order to participate in the IDOs.
Multichain Integration
Since the beginning, KSM Starter has integrated ETH and Moonriver. However, due to popular community demand, the development team has added features that empower KSM Starter to offer IDOs on not only ETH and Moonriver, but also on BSC, Polygon, Avalanche, and native Substrate.
The process has not been easy, with each implementation requiring careful tweaks. However, now KSM Starter users can enjoy a multichain IDO experience.
Single Pool Read, Multi-Pool Deploy
Part of the difficulties that come from allowing for multi-chain IDO participation is that in most cases, users would have to join the staking pool that is specific for that chain. For example, if a user would wish to participate in BSC IDOs, the user would have had to bridge KST to BSC, then stake KST on BSC to secure their tiers. However, this is incredibly inefficient.
This is why the development team at KSM Starter has developed a single-pool-read-multi-pool-deploy solution. Users can remain with their already staked KST on ETH, while their tiers are forwarded across all chains. Thanks to this technology, users can continue to stake in a single pool while their tiers are reflected across many different chains.
APY-Earning Staking Pool
Due to popular demand, KSM Starter is now fully prepared to launch an APY-Earning staking pool for all members. This means that the more and the longer a user stakes, he or she will receive more $KST and few other partner tokens as yield. The staking pool will also be reflected in deciding tiers, which means that KSM Starter is looking to become the first ever evolutionary launchpad, where a user can grow to become a higher tier over time. This feature is planned to go live in Q1 2022.
Staking Fees and Deflationary Model
Over the past few months, we have noticed that many people choose to stake and unstake as they go. While this trend is to be expected, such a large fluctuation can bring in long-term uncertainty in deciding allocation size. For this reason, KSM Starter is looking to introduce fees to those who unstake quickly after staking. The fee will gradually be reduced as users choose to stake for a longer period, with 12 weeks being the point of fee-free unstaking. The collected fees will be burnt, allowing $KST to become a deflationary token.
KST Auto Invest
The Auto-Invest feature has been in full development. The easy way would be to allow those who participate in Auto-Invest to be subscribed to all IDOs. However, the KSM Starter team is working to introduce criteria, so that the Auto Invest user can at least choose which “type” of project he or she wishes to invest in. This is rather similar to the ETF model, where the user chooses a type of basket composed of some of the best projects within that industry. We expect KST Auto-Invest to begin its rollout in Q1 2022, with a full deployment in Q2 2022.
NFTs and DAO
KSM Starter is determined to operate itself in a DAO model in the near future. This is why KSM Starter has been developing various NFTs that would serve as a membership card of the KST DAO. The membership card NFT will be used to grant membership of the user to the KST DAO VC, where users may get allocation in seed sale or private sale of some of the most promising projects. It will also be used to facilitate governance votes. Holding KST DAO NFT would also allow the holder to receive a portion of the generated revenue on a quarterly basis.
About KSM Starter
KSM Starter, the primary launchpad on Kusama, is built to provide early-stage support and public funding for projects building on Substrate. KSM Starter’s incubator modeled launchpad is driven by the community and shared values of fairness, transparency, and decentralized organization. Unique to the KST ecosystem, community members are incentivized to participate in the pre IDO selection process through higher allocation rewards. Also unique to KSM Starter, collaboration is fostered among launched projects by incentivizing community members to support previous launches by awarding them with improved lottery odds. This along with the KST Ecosystem Council generates a synergistic network effect that empowers all projects to succeed and leave a lasting impact on Kusama.
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