We at Zeitgeist Foundation Ltd. (“Zeitgeist”) are excited to announce the opening of our Kusama crowdloan campaign in preparation for deployment of the Zeitgeist Network as a live Kusama parachain.
This campaign document sets forth the structure of our Zeitgeist crowdloan program (“Zeitgeist Crowdloan”) and our planned rewards. Our primary goal in creating this Zeitgeist Crowdloan program is to balance the rewards that early adopters deserve within the community, with a structure that secures a long-term plan for the desired Kusama parachain slots. There is no doubt that our earliest supporters who stuck with us through the year-long development and testing phases and have held onto their Kusama tokens (“KSM”) to contribute to the Zeitgeist Crowdloan, deserve the highest level of rewards. We have allocated what we believe to be a sizable amount of Zeitgeist tokens (“ZTG”) for this first parachain slot with a reward distribution plan that allows early supporters to get value from their KSM bonded for Zeitgeist’s first parachain slot.
Contributing KSM for the Zeitgeist Parachain Lease Bid
For Zeitgeist to secure a leased slot as a live Kusama parachain, we are seeking a crowdloan where participants must lock up a portion of their KSM in exchange for the ZTG rewards specified in the section entitled “Rewards” below. These KSM tokens will be locked starting at the time of your participation in the Zeitgeist Crowdloan and ending at a specific time, depending on whether Zeitgeist is successful in winning its bid for a parachain slot or not. If Zeitgeist is successful in winning its bid, your contributed KSM will be locked for up to the forty-eight (48) weeks of the parachain slot lease. However, if Zeitgeist is unable to secure a parachain slot, KSM will be returned on the Zeitgeist Crowdloan end date which is currently set to be January 9th 2022.
- Genesis ZTG Supply: 100,000,000 ZTG
- Crowdloan Allocation: 12,500,000 ZTG (12.5%)
- Base Reward Allocation: 10,000,000 ZTG (10%)
- Early Bonus Pool: 1,500,000 ZTG (1.5%) collectively allocated to early bonuses, including, but may not be evenly distributed among the Early Signup Bonus eligible participants, Early Supporter Bonus eligible participants, and Early Bird Bonus eligible participants.
- Referral Bonus: 1,000,000 ZTG (1%)
Zeitgeist has a genesis supply of 100,000,000 ZTG (however, due to vesting and other items on the release schedule, the initial circulating supply will be much lower). Out of the total supply of ZTG, we have reserved up to 40,000,000 ZTG (40%) of the supply to incentivize Zeitgeist Crowdloans over the first few years of Zeitgeist’s existence.
Fig.1: An updated ZTG distribution chart showing the new allocation plan.
For this first Zeitgeist Crowdloan (the next will be after the first lease period) we have allocated up to 12,500,000 ZTG (12.5%) of the genesis supply for those who bond KSM specific for the Zeitgeist parachain bid. Our Zeitgeist Crowdloan will be capped at 125,000 KSM in contributions. As indicated in the token release schedule chart below, the initial 12.5% of ZTG will be the lion’s share of the circulating supply of ZTG by the end of the first year. Out of this 12,500,000 ZTG, 10,000,000 ZTG are the base rewards, with the remaining 2,500,000 split between four bonus reward pools. Rewards will be paid in ZTG as a percentage of a participant’s respective contribution of KSM as part of the Zeitgeist Crowdloan.
In order to provide incentives for participants to contribute in the Zeitgeist Crowdloan, and to ensure that early supporters of Zeitgeist receive value for their early and continuous support, we have created four bonus rewards to further increase the percentage of what a participant may receive in rewards (based on their respective contribution of KSM to the Zeitgeist Crowdloan). The four bonus rewards are:
- Early Signup Bonus - Those that have signed up for our early email waitlist have received a one-use code to use when they contribute. This one-use code will give the contribution a 5% reward bonus in ZTG from the Early Bonus Pool.
- Early Supporter Bonus - Accounts that have participated in either the Kusama Derby or the Beta campaign will get an additional 5% bonus in ZTG on their contribution reward from the Early Bonus Pool.
- Early Bird Bonus - The first 1000 accounts that contribute to the Zeitgeist Crowdloan will get an additional 5% bonus in ZTG on their contribution reward from the Early Bonus Pool.
- Referral Bonus - When you use a referral code, you will get an additional 5% bonus on your ZTG reward, and your referrer will get a 5% bonus (based on your contribution amount) added to their reward.
This means that the minimum reward will be eighty (80) ZTG per KSM if we hit our cap of 125,000 KSM. Base rewards are capped at five hundred (500) ZTG per KSM in the event that total KSM contributed to the crowdloan is less than 25,000 KSM, or one-fifth of the contribution cap, when the slot auction is won.
Token rewards will be distributed immediately following our token transferability event (“TTE”). The TTE will take place some time after the genesis block of the network in accordance with our phased roll-out plan to be published by Zeitgeist at a future date. The TTE is expected in early 2022.
Rewards from the Zeitgeist Crowdloan will be transferred with 30% unlocked initially upon the launch of the Zeitgeist parachain (subject to the timing of the TTE), and the rest vested over the duration of the parachain slot lease (up to forty-eight (48) weeks). We have created a vesting schedule to release rewards in equal percentages for a respective Zeitgeist Crowdloan participant (on a per block basis) at a rate of every twelve seconds of the remaining parachain slot lease period following the TTE (i.e. the balance of the 70% distributed evenly every 12 seconds during the remaining portion of the parachain slot lease which may be up to a forty-eight (48) week period). Upon the end of the parachain lease, each Zeitgeist Crowdloan participant will have received throughout the duration of the parachain lease, 100% of the rewards attributable to such respective participant.
Fig. 2: An approximate release schedule for ZTG. Some elements of the above may change in reality due to utilization of additional marketing incentives or strategic deployment of ZTG by Zeitgeist.
How To Make Your Contribution
So how do you actually take part in the Zeitgeist Crowdloan? It’s quite simple…
- Make sure you have the polkadot.js.org extension in your Chrome, Firefox or Brave browser (it is available here) We created a tutorial for that here.
- Ensure you have the right amount of KSM loaded on that specific wallet, with enough left over for a transaction fee (at least KSM 0.002).
- Head over to https://crowdloan.zeitgeist.pm.
- Fill in all of the necessary details, including your KSM/substrate address (if you didn’t receive a unique “one-use code, simply leave the section asking for any such code blank).
- Once you’ve hit submit, you should receive a confirmation email.
- Wait for us to win our targeted Parachain Slot, and to announce our Transferability Event.
- After our Transferability Event, check your ZTG wallet via polkadot.js.org!
Still Have Questions?
We tried to keep the process simple; however, we have set up a discord channel to better communicate with our community. We recommend everyone interested in Zeitgeist joins our discord, as we will post important updates and information there. Additionally, our community members can provide helpful advice and tips, particularly to help those less familiar with the process. Please note, you should never share sensitive or personal information over discord (or any other public site), and Zeitgeist is not responsible for any information provided by any individual on a public site (including discord) that is not a member of the Zeitgeist corporate team. Our discord can be found at: https://discord.com/invite/xv8HuA4s8v.
Please note that the Zeitgeist Crowdloan will be live until we secure a parachain slot on Kusama. Your contribution will remain valid throughout. In the event we do not secure a slot on Kusama by the time our Zeitgeist Crowdloan period ends, your KSM will automatically be returned to you.
We are excited to embark on this next phase of our rollout plan by acquiring a Kusama parachain slot. We hope that our community will demonstrate its support once again by helping us achieve this. Each contributor is helping build the Zeitgeist Network with us, and we’re thrilled to share this plan with our community.