Subsocial Network, an open platform designed to support the creation of decentralized social networks and marketplaces, announced on November 11th that it will be participating in the upcoming Kusama parachain slot auction. As per the announcement, Subsocial will bid for one of the competitive Kusama parachain slots to scale its ecosystem within the Dot and Kusama community. The project has since invited Kusama (KSM) token holders to participate in its crowdloan, where a total of 16.5 million (16.5% of the total supply) SUB tokens will be allocated as rewards. Launched in June 2021, the Kusama parachain slot auction has been an enormous success, with Karura (a Polkadot-based DEX) winning the first auction. A total of eleven projects have since been awarded parachain slots through this initiative. Subsocial is looking to join this growing list, setting itself apart as the primary social network-building platform on Polkadot and Kusama. At the core, Subsocial leverages Web 3.0 to introduce a decentralized social media and NFT marketplace. The platform’s infrastructure is built on Polkadot’s substrate blockchain framework and IPFS tech stacks to support decentralized file storage. As such, users can create decentralized and censorship-resistant social media platforms. Following the parachain slot bid, Subsocial’s native token SUB stands to gain significantly if the project wins a slot. For starters, it is likely to be listed on p...
