(“KR1” or the “Company”)
Update on Polkadot Ecosystem Projects: Plasm, ChainX, Edgeware and Phala
Plasm (“Plasm“ or “PLM”) is a highly scalable decentralised application platform, launching on the Polkadot blockchain, that allows developers to build secure and scalable applications on Plasm’s ‘Layer 2’ solution for fast and high capacity transactions.
The Company is pleased to announce its follow-on participation in the second Plasm token distribution event, termed a 'lockdrop'. KR1 time-locked a total of 1,000 Ether ("ETH") via a smart contract with a duration of 1,000 days. In return for locking up the ETH, the Company will receive an additional 248,000,000.00 PLM tokens. KR1 previously participated in Plasm’s first ‘lockdrop’ and, across both token distribution events, the Company now holds a total of 314,285,652.28 PLM.
KR1 is planning to use the acquired PLM tokens in staking activities in the future and expects to regain access to the time-locked ETH in three separate tranches: 500 ETH unlocking in Q1 2021 (from the first lockdrop), 232 ETH unlocking in Q4 2022 (from the first lockdrop) and 1,000 ETH unlocking in Q2 2023 (from this, i.e. the second lockdrop).
ChainX (“PCX”) is a blockchain that provides the technical infrastructure for multiple digital assets, such as Bitcoin (“BTC”) or Ethereum (“ETH”), to be migrated into the Polkadot ecosystem.
The ChainX network launched in
At the date of this announcement, KR1’s total holding of ChainX tokens is 30,072.02 PCX, which are being actively staked.
Edgeware (“EDG”) is a high-performance smart-contract platform implemented on the Polkadot network as a parachain. Edgeware aims to allow participants to vote, delegate and fund each other to upgrade the network.
The Edgeware blockchain launched as a decentralised ‘Proof-of-Stake’ network in
As at the date of this announcement, KR1’s total holding of Edgeware tokens is 4,254,318.32 EDG, which are being actively staked.
Phala Network (“Phala” or “PHA”) is a confidential data exchange protocol built on Polkadot that guarantees reliable execution and keeps smart contract data secret.
The Company is pleased to announce that KR1 has participated in Phala’s token distribution event, termed a 'stakedrop', and has generated a total of 1,231,291.00 PHA tokens at zero cost in line with the Company’s staking activities on the Kusama network.
The Company is also pleased to announce that it has realised the accrued earnings from the ‘stakedrop’, realising 1,231,291.00 PHA at an average price of US
“The new decentralised revolution was started by Bitcoin and Ethereum and is now being pushed forward by Polkadot. The Polkadot ecosystem has an incredible amount of nascent, high-quality projects building infrastructure including Plasm, ChainX, Edgeware and Phala, to name a few. These projects are often using the lessons of Ethereum to create even better decentralised applications and experiences for users.
What is compelling about these projects is that we have generated all the assets mentioned above directly from assets that were already held on the Company’s balance sheet. As KR1’s investment portfolio scales in size, so does our ability to utilize assets strategically, maximising long-term shareholder value while limiting downside risk.”
The Directors of
For further information please contact:
+44 (0)16 2467 6716
|(AQSE Corporate Adviser)
+44 (0)20 7469 0930
KR1 is a leading digital asset investment company supporting early-stage decentralised and open-source blockchain and
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a