- Polkassembly/
- #1205/
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:
On August 05 2022 the same CM made the following statement:
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.
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