Announcement of Launch of the Geminis Network and Polkadot Parachain Auction Crowdloan
The First Parachain Supported by the ParaState Advanced Technical Stack
The Geminis Network is the first Polkadot parachain supported by the advanced technical stack of ParaState, a multi-chain smart contract platform bridging the application and developer ecosystem between Substrate-based blockchains like Polkadot, and Ethereum.
Parachains are Layer-1 blockchains that run in parallel on Polkadot, connected to the Polkadot Relay Chain to share in the security, scalability, interoperability and governance of Polkadot. Geminis takes Ethereum compatible Dapps support to the next level on Substrate chains through WasmEdge. Developers can develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM & EWASM) and interoperability in Solidity, Vyper, and next-level programming languages like Rust, C++, and Golang.
The Geminis Network Crowdloan
We are delighted to announce that Geminis Network will take part in its first Polkadot Slot Auction number #11 from March 3 to 10, 2022. Geminis Network is using Polkadot’s crowdloan mechanism to back its bid for a parachain slot lease. Participants are required to lock up a portion of DOT for the duration of the slot lease, and in exchange will earn rewards in the Geminis native token GEM.
In this tokenomics article, we explain the utility of the GEM token, the crowdloan slot auction rewards, and how GEM will contribute to the ParaState DAO treasury.
The GEM Token
The Geminis Network plans to become a parachain on Polkadot, supported by ParaState technical stacks. To carry out this function, Geminis will award the Polkadot parachain crownloan supporters with its native token, and also collect a portion of gas fees as a license fee payable to the ParaState DAO treasury. ParaState is a decentralized autonomous organization (DAO) funded by license fees (as a percentage of gas fees) generated by transactions on other networks using ParaState technology.
The Geminis Network parachain will launch its native token GEM with a total supply of 210 million tokens. GEM has been designed with an annual inflation rate of 2 percent, with 50 percent of transaction fees burned to control the token supply. Following is the allocation for the network gas fees:
Geminis Network Transaction Fee Mechanics
- Basic gas fee 0.00001 GEM
- 50% burned
- 45% to ParaState DAO treasury
- 5% to Long-term Development Reserve
The GEM token will be used for the following purposes:
- Reward to Polkadot parachain auction crowd loan supporters
- Payment of technology license fees to the ParaState DAO treasury
- Reward to collator node operators
- Reward to Dapp deployment hosting (for top by TVL and transaction fees)
- Boostrapping Geminis network ecosystem
The ParaState DAO is governanced by all STATE token holders.
Polkadot Parachain Slot Auction Rewards
Crowdloan supporters of the parachain auction will earn 10 GEMs for each DOT. Additionally, if Geminis wins the auction, additional GEM rewards will be allocated as follows:
Reward Cap
15% of GEM token total supply = 31,500,000
Rewards
If the Geminis Network wins, every DOT that supports Geminis Network in the Parachain slot auction will earn a minimum of 10 GEM tokens.
Reward Distribution
20% unlocks when the slot is won and Geminis parachain launches
80% distributed weekly over 96 weeks
How to Support Geminis Network in the Polkadot Parachain Auction Through the Following Crowdloan Platforms
Support Geminis Network via Polkadot.js
31.5 million GEM Basic Rewards
Extra 20% bonus for the first 48 hours of the #11 parachain auction crowdloan
Parallel
Support Geminis Network via Parallel
Extra PARA/DOT & Liquidity cDOT: Each DOT contributed to Geminis Network gets a bonus of 4 PARA tokens and 1 liquidity cDOT token issued by Parallel.
31.5 million GEM Basic Rewards
Extra 20% bonus for the first 48 hours of the #11 parachain auction crowdloan
Bifrost
Support Geminis Network via Bifrost
Extra Liquidity vsDOT: Contribute DOT to get liquidity derivatives issued by Bifrost and pricing at the market price of DOT, plus a 0.04 BNC/DOT bonus
31.5 million GEM Basic Rewards
Extra 20% bonus for the first 48 hours of the #11 parachain auction crowdloan
Tokenomics
Token Symbol: GEM
Maximum Supply: 210,000,000
Inflation Rate: 2%
Small unit, Wei (10¹⁸ Wei = 1 GEM)
Geminis Network Token Release Schedule
About Geminis Network
Geminis Network is the first parachain in fair launch and supported by the ParaState advanced technical stack. Geminis takes Ethereum chain support to the next level through WasmEdge. Develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM and EWASM) and interoperability in Solidity, Vyper, and next-level programming languages like Rust, C ++, and Golang.
About ParaState
Known as Ethereum on steroids, ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Polkadot, Substrate and Ethereum, as well as other chains wanting to provide Ethereum compatibility. While supporting the EVM pallet to provide seamless compatibility with all existing Ethereum applications, ParaState also provides developers with a next-gen smart contract implementation environment, Ethereum-flavored WebAssembly. These two infrastructures are ensured to talk to each other and share the same account system on ParaState.
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