Kylin claiming their crowdloan and auction are a "test"
Hello, This is my first polkassembly topic and it was done in haste. Please forgive :) Background: Kylin Network is a parachain hopeful that wants to deploy something akin to Chainlink on DOT. They opened JS crowdloan last week (week of 07/24/22 -> 07/30/22). On their website it states that 15% of total supply is reserved for PLO rewards and that for their first lease they will be offering a 1% total supply reward for the first 15,000 polkadot (10% of contributors) that contribute. They were able to build up to 50,000 polkadot during this week and into the subsequent week. On August 04 2022, a CM and "Marketing Expert" in their discord Bhavin Gala (Bhavin Gala#8712) stated the following: https://imgur.com/a/jktJMf1 On August 05 2022 the same CM made the following statement: https://imgur.com/a/2DaT9kB Reality: Kylin collected a bunch of DOT from a crowdloan they opened based on their website marketing material. They are currently using these crowdloan funds to bid for parachain slot #24 while simultaneously claiming this auction and crowdloan are a "test" and that they have no intention to reward anyone for their participation. This was a bait and switch and they're defrauding the polkadot community. Solution: I do not believe that anyone in the Polkadot community wants this sort of fraud and deception to become synonymous with Polkadot. I believe that the Kylin PLO lease (if won) should be revoked, crowdloan be refunded and their application never allowed to see the light of day on Polkadot. Updates: 08/05: The mod has now posted stating "funds will be returned in 1-2 days". I'm not sure how that will be possible when the crowdloan will be locked in parachain #24. https://imgur.com/a/ajXAhMB 08/05: Kylin has removed their logo from the crowdloan and auction. 08/05: Kylin has readded their logo to the crowdloan and auction. 08/07: Kylin has modified their website. They have altered the total supply of tokens destined for the PLO crowd loans from 15% to 13.5%. They did this while the crowd loan was on-going. 08/07: Kylin has made this press release: https://kylin.substack.com/p/kylin-network-crowdloan-press-release
Comments (8)
Comments (8)
Thank you for sharing this. Maybe they don't know that the crowdloan campaign is not the same as "bidding" for the auction? I mean you can run the crowdloan and postpone the bidding (exactly what they need it seems? I'm referring to the 2nd screenshot. They want to bid on the 28th of August, and their crowdloan will be available for 42 days, so plenty of time). Also, why is it a test one if they already did one on Kusama (Pichiu) and should be familiar with the process? 🤔 I would say that solution is a bit harsh (banning them from participating in parachain auctions), but it would be really great to hear more details from their team.
Hm, just noticied that they doing both things which are contradicting:
- Claiming that it's a "test crowdloan"
- Using the funds from "test crowdloan" to bid for the parachain slot now (so they are not waiting 28th of August)
Definitely need to hear from their side what's going on
Thank you for sharing this. Maybe they don't know that the crowdloan campaign is not the same as "bidding" for the auction? I mean you can run the crowdloan and postpone the bidding (exactly what they need it seems? I'm referring to the 2nd screenshot. They want to bid on the 28th of August, and their crowdloan will be available for 42 days, so plenty of time). Also, why is it a test one if they already did one on Kusama (Pichiu) and should be familiar with the process? 🤔 I would say that solution is a bit harsh (banning them from participating in parachain auctions), but it would be really great to hear more details from their team.
Hm, just noticied that they doing both things which are contradicting:
Definitely need to hear from their side what's going on