Kylin Network Community Update - January #17

Covering everything Kylin in January 2023

Feb 02, 2023

Happy New Year, Kylians, and welcome to the first Kylin Network monthly community of 2023. We’re excited to share the journey this year as we chart a course for a successful 2023 together.

Kylin Reviews Partner List.

Kylin Network started the year by announcing a reviewed list of its partners: Towards the second half of the last year, 2022, dark bearish clouds started emerging, engulfing the favorable market conditions enjoyed for over a year. These dark bearish clouds only grew darker as the year progressed toward the later stages. Several unfortunate events along the way created unprecedented FUD in the web3 space. One that OGs claim has never happened in the entire existence of the space.

This turn of events saw several projects carry out massive layoffs, reducing the operation cost. While other projects went into maintenance mode to save cost while hoping the market would recover. The last category is the projects that closed shop by simply sunsetting the project and halting its activities completely.

In line with the current market reality, the Kylin team had to review the list of its partners as it prepared for its MVP launch. We’re pleased to remain partners of some of the leading projects in the Dotsama ecosystem and beyond as we strive to add more partners to the list. We’re open to mutually beneficial partnerships; feel free to contact Kylin’s Operations/Marketing lead via Telegram or mail.

Update on The Kylin Oracle MVP

Sometime in November 2022, the Kylin technical team completed developing what will be the first version of a substrate-based decentralized truth machine. The codes were submitted to the Substrate Builders Program for review on 5th December 2022; we received a comment review from Daniel Bigos from the SBP program, which you can find here.

Tristan, one of Kylin’s developers, successfully fixed the commits made by the program. When asked by the Kylin team about the status of the MVP review, Substrate responded that the review is still ongoing. We will continue to monitor the situation as we plan for the eventual launch of the MVP.

The goal is to wrap up the review, feedback, and code fixes from Substrate Builders Program on or before the end of the first quarter of 2023.

Kylin Commenced the First Traunch of PCHU Lock Drop Distribution.

The PCHU token lock drop distribution commenced in January. Kylin community members who took part in the first wallet handshake exercise; successfully matching their Erc-20 wallet, where their KYL holdings are held, to a substrate wallet, where they hope to receive their PCHU. The members who initially received the first airdrop were further rewarded with more PCHU based on their KYL holdings. For every KYL held, community members received 0.02213 PCHU.

Pichiu Network, Kylin’s canary network on Kusama, secured its parachain status in April 2022. As a reward to the community for its continued support, the team behind Kylin and Pichiu allocated 11% of Pichiu’s 100 Million total supply to the community in various incentive programs. 6% Holders reward, and 5% Lock drop rewards. For community members that missed the wallet handshake window, the dev team is considering possible options to onboard community members that missed out in the last exercise ahead of the next lock drop. Stay tuned.

Lock Drop Distribution Stats

Distribution Date: January 22nd, 2023
Distribute Amount: 1.5% of the 100 Million Pichiu = 1,500,000 PCHU
ERC-20: 67758085.32 KYL
ERC-20 Address Amount: 559
PCHU Reward: 1,500,000/67758085.32 = 0.02213/KYL

Executed Distribution:

PCHU Successfully Distributed: 1,466,733
Number of Successful Transactions (KYL Holders): 522
Failed Transactions (Incorrect Substrate addresses): 21

Kylin Plans for February and beyond

It’s been a slow start to the year at Kylin for January; February holds some exciting promises with initiatives in the pipeline. Some of them are the project’s accomplishment board/roadmap for 2023, which will be shared in the coming week. Also, several partnerships with ambitious projects within and outside the Dotsama ecosystem are being considered.

Kylin Around the Web

Multiple mentions from our Parent chain:

Kylin getting mentioned in an original post by Subwallet as one highlighted project to be integrated into the Subwallet platform. Find here.
Also, Kylin’s post about the review of its partnership list made it to the Polkadot weekly roundup. Find here.

About Kylin Network

Kylin Network strives to be a composable and configurable multi-level oracle infrastructure built as a Polkadot parachain, for the democratization and delivery of accurate data on time, at a reliably low cost. Kylin hopes to offer a way for chain-agnostic APIs to serve data according to service level agreements (SLA) that the consumers of this data will be aware of.

Data source compatibility beyond price feeds will bootstrap a free data market. This will allow market demand to determine the direction of the innovation of a feed, its price, and supply. With dynamic NFTs & SFTs, Kylin’s ongoing development will innovatively tokenize data streams that democratically will be accepted on the Kylin Network.

Kylin Network