Kusama is an important part of the Polkadot Ecosystem , we need to make it shine! Basilisk is the first step to return attention and VALUE FLOW!

7mos ago

8 Comments

Content
AI Summary

**We have an idea on how to make the Kusama network and its parachains great again. **

The first step in this plan is to list all parachain tokens on Basilisk, the DEX created by HydraDX for the Kusama protocol.

We would like to request funding from the Kusama and Basilisk Treasuries for opening XCM channels between Basilisk and other parachains, start trading and engage the community. This funding would cover liquidity mining incentives and some operational expenses, with the ultimate goal of launching liquidity mining campaigns on Basilisk. We are going to operate both – TECHNICAL and COMMUNITY sides. Curio and Quartz have approved and are ready to provide liquidity, while six others are currently in negotiations. Our ultimate aim is to connect all parachains with tradable tokens in this initiative.

TECHNICAL SIDE
There are some developers who are willing to do this work for a reasonable amount of money. Parachains will not need to spend any money or work hours from their employees to connect their project to Basilisk, as we will help with all the necessary steps. The devs will also prepare the XCM on Basilisk's end. The only thing the parachain needs to provide is liquidity on Basilisk, as a second asset in pools or/and KSM pair.

COMMUNITY WORK
We will work with parachains to convince them of the importance of this proposal and the importance of token accessibility. We will informally cover the campaign surrounding Basilisk and Kusama parachains' activities using our robust and active community, which has over 60k subscribers.

QUESTION
We'd like to know the thoughts of the Basilisk council and community. We hope it will be partially funded by the Kusama treasury and Basilisk, making it an affordable proposal. As fans of both Kusama and Basilisk, we aim for their long-term success.

We're open to discussing grants or bounties on Basilisk with council members and curator candidates as well as discuss all processes and estimate a reasonable amount of resources needed, keen to involve more Basilisk/HydraDX community members in this initiative.

Edited

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Comments

bXjQ...bz7V

I like this idea and I really think that Basilisk needs to take the initiative and become the center of liquidity on Kusama. The bridge KSM<>DOT is on the way. Soon the Hydra will merge with the SnekDex as originally planned.
Stablecoins will come to Kusama.
Snek needs to increase the number of assets, the depth of liquidity, and trading vol.
I fully support the initiative and would like to hear the team's opinion on the fate of the Snek and plans for the future. And from the author of the proposal, I would like to receive a specific list of assets that should be added and more specific figures with a breakdown of what part is required for the technical side, bullposting, incentives for yield farms.

The time for research is coming to an end, it's time to exploit what we managed to create during the cold snap.
As Master Matti said, it's time to step away from the drawing board!

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bXkr...o3ki

It would be great if most of the Basilisk councilors and activists could share their thoughts on this initiative. We want to get real support for our cause and will be going to Kusama to discuss it. So we can say - the Basilisk community fully supports this initiative, and we hope to receive their support as well.

Up 1

bXmz...ngcm

I totally agree with adding more projects to basilisk, and then being able to use bsx as a router for ksm and dot assets, if possible

As Greta says, any list of what exactly is required?

as much as the team asked for
the technical thing that will be done
and of course the list of projects that are intended to be integrated into basilisk

Up 1

bXkr...o3ki

Thank you for the comments!

@Jose Crypto
@Hydra Greta

Regarding the specific list of assets that should be added, as well as more specific figures with a breakdown of the required parts for the technical side and bullposting incentives for yield farms

We have AYE from the Quartz and Curio teams, and in negotiations with six teams. All the Kusama Parachains who have native tokens will be involved in negotiations.
We require some authorization from the Basilisk community in order to make negotiations and agreements.
Therefore, it will take some time to figure out the outsourcing workflow.

I have a question for @Lolmcshizz: Do you need support from the Basilisk side to open XCM channels with other Parachais? If so, we will need a developer in our team and plan a budget for this. If you prefer to handle it yourself, we will not include the expenses for the devs. Because most of the Parachains we talked already saying they dont need support to open XCM channel on their side.

We can only focus on:

Negotiations with Parachain teams
Information support for new pairs
Content and "Kusama + Basilisk Liquidity Campaign"
Attraction of liquidity and traders from Polkadot and other ecosystems, contacts with activists and opinion leaders regarding the activities on Basilisk. Its good to start the referral program similar to HydraDX.

Regarding the budget , I suggest to discuss the budget for :

Liquidity for ParachainTokens/BSX Pairs: Every project must provide at least $5K in initial liquidity for the native token (ParachainToken) and $2-3K in KSM liquidity (for KSM pair).
Basilisk will provide the same amount of BSX liquidity as ParachainToken.
Rewards for Farming: 10% of the native token + 10% in BSX, provided by both parties. Maybe we can include KSM rewards to KSM pairs if we can get Kusama Treasury support.
Bounties for Workflow Process for individuals and teams involved : Additional incentives for people involved in the process, reward with reference to amount of new pairs and % of Basilisk TVL increased thanks to this new pairs.
We are going to apply for a Kusama treasury to get the funds to intensify the liquidity providers similar to Polkadot/HydraDX for Basilisk and our efforts to add as many pairs as possible and increase the total value locked (TVL) as much as possible.
The main metrics we propose to use will be the number of pairs and the TVL of these pairs.

Edited

bXkr...o3ki

Updates Regarding this Discussion:

We have initiated the integration of Basilisk x Curio and Basilisk x Quartz.
These two projects will be tested to ensure all processes are in place and a showcase has been created for other Kusama ecosystem projects.
A DeFi Development concept for Kusama will be created.

bXk8...CeLU

Oh gosh...

bXn8...1aji

Any update on this? I don't think we need to pay more to open XCM channels.. the problemm is what good tokens are there to list?