KR1 PLC contributes Polkadot coins to Astar crowdloan and auction

KR1 PLC (AQSE:KR1), the digital asset investment company, has announced it will participate in the Astar (ASTR) crowdloan and Polkadot (DOT) parachain auction.

Crowdloans are a way for projects to fundraise for a parachain slot on the Polkadot network, according to moonbeam.

Parachains are custom, project-specific blockchains that are integrated within the DOT and Kusama networks.

The company contributed a total of 350,000 DOT coins to the Astar crowdloan campaign, which secured the third parachain slot in the ongoing round of Polkadot parachain auctions.

“Astar winning the third Polkadot parachain slot is a big achievement and speaks to the quality of the project and their continued inclusion of the community since the first lockdrop campaign before Polkadot even launched,” said KR1 managing director and co-founder Keld van Schreven.

The contributed DOT will be time-locked on the Polkadot blockchain for 96 weeks and it will receive a to-be-determined amount of ASTR tokens throughout that period in return for supporting the ASTR crowdloan campaign.

It will receive over 31.4mln ASTR tokens in line with its prior participation in ASTR’s lockdrop token distribution events.

ASTR is a Polkadot-native, highly scalable decentralised application (dApp) platform that allows developers to build secure apps that support the Ethereum Virtual Machine and WebAssembly.

A main component of ASTR is ‘dApps staking,’ an innovative and blockchain-specific ‘build-to-earn’ monetisation model for Web3 developers, which aims to attract decentralised finance (DeFi) and non-fungible token (NFT) projects.