Meet Sakura: Clover’s Sister Network on Kusama | Upcoming Crowdloan & Auction
Sakura is the foundational layer for cross-chain DeFi, built to serve Kusama.
Kusama & Sakura
Sakura is a substrate-based parachain candidate specifically built for the cross-chain DeFi ecosystem on Kusama. Building on the success of the Rococo testnet, the stage for Kusama has been set as the first “mainnet” to utilize the power of Substrate. Kusama is regarded as a layer zero protocol and as the CanaryNet of Polkadot. The Clover Finance team envisions Sakura to live on as the innovative sister network of Clover, with both Clover and Sakura continuing to serve their communities simultaneously. The unique on-chain governance parameters of Kusama enables DeFi applications built on top of the Sakura network to have higher performance and scalability right away. This will lower the barrier to entry for the development community to deploy their dApps on Sakura without having to meet the stricter guidelines of Polkadot.
Sakura will utilize all of the core underlying technology stack that Clover has created and is continuously innovating. The Clover extension wallet will natively support Sakura dApps on EVM, polkadot.js based injections, and a native-built SKU<->ETH and SKU<->BSC bridge. The trustless cross-chain bridge for Ethereum and Bitcoin will be utilized on both Sakura and Clover. Sakura will ultimately aim to be a parachain Operating System with a storage layer, smart contract layer, DeFi protocol layer and eApp layer built on top of Kusama.
Many users and creators are looking for a dApp platform that is able to scale usable applications for both institutional and retail adoption. Sakura will harness the power of Kusama to quickly deploy a platform that will give users applications that will be scalable, have minimal gas fees, fast transaction finality, and are custom built to serve a multi-chain communication ecosystem with support for other layer 1 and layer 2 platforms including Ethereum, Binance Smart Chain, Fantom, Avalanche, Polygon, Near protocol, and other parachain candidates building on top of Substrate.
Sakura will make use of the original Clover feeconomics design, allowing users to enjoy gasless transactions — where relayers will act on behalf of the sender to cover gas fees in any token within their wallet. This means a user will not be required to have SKU in their wallet to transact on the Sakura network. Sakura is also working on a Dynamic Fee Schedule, to be proposed through on-chain governance, where the gas-fee will be proportional to the amount of usage a wallet has on the Sakura network. For developers and creators, Sakura will utilize the gas fee re-distribution model which will allow the dApp builders to receive a part of the transaction fee. Kusama will serve as the innovation zone for these proposals before being adopted by the Polkadot’s Clover network.
Sakura & Clover will communicate as sister networks to present a complete foundational layer for cross-chain DeFi on substrate — on Kusama and Polkadot.
SKU Crowdloan & Auction
With the recently passed upgrade to the Kusama network, there will now be ability for Kusama to have code for parachains, auctions and crowdloans.
The next step for the Sakura platform to launch will be to participate in the upcoming Parachain crowdloans and auctions for Kusama, along with many other parachain candidates. There is a limited number of parachain slots that will be available on the Kusama network for lease, so we will need the help of the Clover & Sakura community to be amongst one of the first parachain candidates to secure a slot in the candle auction!
Here are the steps:
- Prepare for Crowdloan
The first step is for the community to help bootstrap KSM to use these funds to bid in the upcoming Kusama parachain auctions.
Every contributor will stake their unbounded KSM in through one of the methods available. The next immediate step for KSM holders is to unbound the amount of KSM you plan to commit to the crowdloan.
- Participate in the Crowdloan
After Kusama officially enables the crowdloan module, the community will be able to participate either through an exchange that will support the SKU crowdloan, or through Polkadot supported wallets (Clover, Polkadot.js, and Polkawallet). Follow this guide in order to participate in the KSM crowdloan through the Clover wallet and Bounce.
- Parachain Auctions
During this step, Sakura will bid with the temporarily locked KSM to participate in the parachain auctions along with the other parachain candidates.
- Sakura Distribution
If Sakura secures a parachain slot after bidding in the parachain auction, participants in the crowdloan will receive at least 200 SKU for every 1 KSM staked. Sakura will initially participate in a 1 year (specifically 48 week) auction lease. This means the Kusama crowdloan smart contract will lock the contributed KSM for a period of 48 weeks after launch. Upon completion of the lease period, all KSM contributed will be returned to the crowdloan participants.
- SKU Unlock
Upon launch, 28% of the SKU will be unlocked for the crowdloan participants to utilize right away with the Sakura platform. The remaining 72% of the supply will be unlocked linearly for 12 months.
There will be a total supply of 1 billion SKU pre-minted at the beginning of the Sakura mainnet. 20% of the supply will be set aside for community crowdloan participants who will help Sakura secure a parachain slot. Including the amount set aside for the parachain offering, 80% of the total supply is reserved for the Sakura community!
Clover will release full details of how to participate in the Parachain auctions in a further instructional post. Please feel free to join our Telegram and Discord communities for any more questions in regards to Sakura’s crowdloan and auctions.