Snek Swap: Launch is Imminent!
Trade BSX with aUSD and KSM, Future Plans for Snek
Just 3 weeks ago, the Basilisk community passed a referendum to enable transfers of BSX and to perform the launch of Basilisk using XYK pools.
Today, we are thrilled to announce that Snek will be released into the wild on Wednesday (27.07) at 14:00 CET. With the launch of the first two Snek Swap pools, everyone will be able to trade BSX for aUSD (Kusama’s multi-collateral, crypto-backed stablecoin by Karura), and KSM in a decentralized and permissionless manner.
Each of the two pools will be bootstrapped with 500M BSX (0.5% of the supply provided from the allocation for the LBP), and $11,111 worth of aUSD/KSM (provided by the team). The remaining 4B BSX which were initially earmarked for the LBP will be minted to the Basilisk Treasury.
To kickstart your Snek Swap experience, jump down the rabbit hole:
Future Plans for Snek
Now that Basilisk has launched, our next priority is to secure a second parachain slot for Snek. We are planning to do so using team-sourced funds. In other words, we will not be launching a crowdloan because we do not want to dilute existing BSX holders by issuing more rewards.
Once Basilisk has entered its second parachain slot, we have a list of hot products waiting to be released.
The first product in waiting is the Basilisk NFT Marketplace. Most of you may not know that our Runtime team has been working on a pallet which supports minting NFTs, putting them up for sale, receiving offers (for unlisted NFTs) and even setting royalty fees. The front-end for the NFT Marketplace has been developed by KodaDot as part of an amsterDOT bounty.
A first alpha testnet of the Basilisk NFT Marketplace has already been completed, and towards the end of August we are planning to kick off with the final beta testnet on Rococo. If you would like to give it a try and mint/flip some NFTs, please register using this link.
In addition, on July 28th, the KodaDot team will also be providing a workshop which will walk you through the Basilisk NFT Marketplace - register using this link.
In the months to follow, the Snek team will focus on delivering other products in the pipeline. Our Liquidity Mining (LM) pallet will allow the protocol to incentivize liquidity provisioning to selected Snek Swap pools, rewarding loyalty and long-term participation. After that, our unique implementation of a Liquidity Bootstrapping Pool (LBP) will follow, allowing any early-stage crypto project to autonomously bootstrap its initial liquidity while performing a fair distribution of tokens to their community.
See you on the Snek Swap!
– the Basilisk team