FAQ

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What is Parallel Heiko?

Parallel Heiko is Parallel’s Kusama platform. It will be the first platform by Parallel, and it will exist in the test environment of Kusama. While Kusama is its own blockchain, it inherits and beta tests all of the characteristics of Polkadot. This “canary” network allows Polkadot to be highly secure, but it also needs its own infrastructure, so that KSM holders have ways to use their tokens.

Join our Discord (discord.gg/parallelfinance) and Telegram (https://t.me/parallelfi_community).

What are the participation requirements for the Parallel Heiko crowdloan?

1. Install the Polkadot.JS extension on your Chrome or Firefox browser. You will need to be on your desktop.

2. If you have staked KSM, you will need to unlock the KSM. Follow the instructions here to unstake on Polkadot{.JS}. Note that this process will take ~7 days before the KSM is available and transferable for the crowdloan.

3. KSM. You need KSM stored in a non-custodial address. There is no limit to the amount of KSM that you want to contribute.

How do I contribute to the crowdloan?

You will need Kusama ($KSM) stored in a non-custodial address. You can contribute any amount of KSM to the crowdloan. Check out our written guide here showing the step by step instructions.

Note that the crowdloan contribution is soft capped at 150K KSM (with a hard cap at 200K KSM). After the maximum cap is reached, the remaining amount of HKO tokens will be used as a reserve for future crowdloans.

What is the timing of the crowdloan?

For the crowdloan, the community can start contributing now - Check out our written guide here showing the step by step instructions. Early bidders are highly encouraged, so contribute early in the first 2-3 days at the start of each auction slot.

The Kusama parachain auction start date is September 1, 2021 and Parallel Heiko will be participating in the five auctions (6-10) until we secure a slot.

What is the lease duration?

If the crowdloan campaign is successful, the tokens will be locked until the end of the parachain slot lease period of up to 48 weeks. After the duration of the lease, the KSM will be fully returned to the contributors. If Parallel Heiko does not win an auction slot, your KSM will be automatically returned to your account by the runtime after the end of the crowdloan.

What is the $HKO token?

Heiko ($HKO) is the native platform token for Parallel Heiko. It is required to execute the functionalities and security of our protocol. There will be a total supply of 1 billion; allocations will be distributed across the community, the team, and investors, see below. The HKO token is not yet in circulation; final distribution mechanisms, plans, and timelines are in progress and to be determined. Note that the numbers here may be subject to change.

What are the HKO reward distributions?

If Parallel Heiko wins a parachain slot, contributors will receive a weighted distribution of up to 5% of the HKO total supply. We will provide more detailed information after the crowdloan. Currently, we show our users an estimate of 1 KSM = 200 HKO, this is an estimate based on the amount that we expect to raise in order to win a parachain slot.

If we win an auction, the HKO token conversion rate will be determined by this formula after the crowdloan:

Reward Rate = total HKO rewards / total KSM contribution

Is there a HKO bonus reward?

Yes - We really appreciate our community's support. To contributors who participated in the Parallel-Heiko Crowdloan, the first 1,000 contributions of 10 KSM or more (>10KSM) will be reserved a whitelist in $HKO‘s public sale.

You can also early a 5% bonus for referring someone else that contributes through out referral program. On the auction page, click 'copy link' and share that out to your friends and the community. Both referral and referee will get 5% bonus each based on the KSM contribution amount. An example of the referral link looks like this: https://app.parallel.fi/#/auction?referral=0x11e3ef937802c6310cc38ff6fe513398ad4100fe92fb31ab79be1367d30a9eaa

What is the vesting period on HKO tokens?

The tokens rewarded will be unvested linearly across a one year time frame, after we win a slot and launch our network. This means that every block, a proportion of HKO rewards will be unlocked, and the user can claim them at any time. There is no cliff in the crowdloan vesting, so the distribution will occur evenly, every day and month. Note that this begins after we secure a slot and complete the necessary developments to enable vesting and claim functionality for launching.

How do I claim my HKO rewards?

Instructions will be provided on our official website to show users how to claim their HKO rewards. This will be distributed if we win a parachain slot auction. Note that the claim process begins after we secure a slot and complete the necessary developments to enable vesting and claim functionality for launching our network. This may take a couple of weeks after winning a slot.