Phala Crowdloan

Crowdloan

According to Polkadot crowdloan mechanism, Parachains connect to Polkadot by leasing a slot on the Relay Chain for up to 96 weeks at a time, with the option to renew. Parachain slots are assigned by an on-chain auction, with auction winners locking up a bond in DOT for the duration of the lease. Auctions and crowdloans raise the barrier of entry of blockchain projects, incentivizing them to demonstrate their technologies better and gain community support before launch.

Phala Network won the 13th Polkadot Slot Auction with the support of 1,685 contributors and officially became one of the Polkadot parachains (ID: 2035) in April 2022.

Reward Distribution

Phala crowdloan reward pool consists of three parts: the basic reward, old gangster bonus, and time-limited reward. Each user’s account balance equals to 15% + unlock days/96*7*85%. The total budget is over a 14.6 million PHA.

In mid-July 2022, as previously agreed: 15% PHA in the reward pool was available immediately; about six weeks of rewards have been distributed. Furthermore, 1,661 Phala/Khala addresses got the PhalaWorld whitelist, which is the time-limited rewards.

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