Technical and Community Update #18
Covering everything Kylin in February - March 2023
Dear Kylians,
It’s been a difficult couple of weeks, first with everything happening in and around the web3 space, from stablecoins de-pegging to SEC crackdown on staking to court cases, investigations, and arrest of builders in the space. Amid this chaos, on the 28th of March, Bitcoin hit a market cap of $ 540 billion; a decade prior, it hit $1Billion for the first time. This shows that despite the growth of the web3 space, we’re arguably still in the nascent stage.
Speaking of our layer-1 data infrastructure, Kylin Network, we’ve had our highs and lows in the last couple of weeks. All of which we’ll explore in more detail. This update will double down as both a technical and general community update.
Community Updates:
Delisting of KYL from Kucoin: This came as a complete shock to the Kylin Network team, as there has been prior communication between Kucoin and Kylin Network. Both teams have enjoyed a collaborative relationship since listing the $KYL on the Kucoin exchange. Since KYL, the ERC-20 native token of Kylin Network, was marked as Special Treatment Area ST based on liquidity and trading volume, the team behind Kylin worked towards rectifying this, and there was progress.
A target trading volume was later communicated to the Kylin team, which was met and maintained throughout the period from when the team was informed. A trading campaign and other marketing promotion activities were also planned between both teams to boost the trading volume; further, as we build our solution to sustain the interest in the token. This is why KuCoin’s delisting announcement publication took the team by surprise. However, as we’ve mentioned in our announcement, which was published right after the delisting publication, we encourage our community members that still have their KYL on Kucoin to move their assets to non-custodial wallets as the team works towards finding a new trading exchange for the token.
Next Steps: A plan is already in place by the core team, one that involves listing KYL on another leading exchange, but for this to happen, we need to see out the entire delisting process from Kucoin. We expect the delisting process to last for some weeks before KYL trading on Kucoin is completely halted on the 28th of September, 2023, at 10:00 UTC.
Part of the options being considered is moving liquidity back to Uniswap. But there exists the constraint of gas fees when trading, which many community members complained about. We are also speaking with team members behind some Dexes on the Dotsama ecosystem, which is another viable option.
Before long, the team will announce the next steps concerning making KYL tradable, so keep your eyes peeled for that.
Kylin Network 2023 Roadmap Announced
In a recent post, the Kylin team shared with the community its plans and aspirations for 2023 and its determination to achieve every item on the list. As weeks turn to months, the team is will work tirelessly to ensure that we gradually start striking out items off that list, and we commit ourselves to sharing periodic updates with the community as regards the development/implementation of items listed on the roadmap.
At the end of the year, an achievement board similar to this one that was shared towards the tail end of 2022 about our achievements in 2022 will be shared for the achievements of this year. We appreciate the continued support of the Kylin community in these trying times for the project and the entire crypto space.
Technical Updates:
Kylin Oracle MVP Improvement Updates:
The Kylin tech team recently carried out additional code fixes to improve the quality of the minimum viable product submitted to the Substrate Builders Program. Details of the fixes can be found below, as we all - team and community - earnestly await feedback from the Substrate Builders Program.
Pallet Fixes
kylin-democracy
fix Cargo.toml
remove unused pallet references
kylin-distribution
fix Cargo.toml
Kylin-feed
refactor APIs
kylin-reporter
add API permission
use bounded vec
kylin-oracle
add API permission
use bounded vec
Other Fixes
runtime fix
fix Barrier type
remove Copyright comments of Substrate and Parity
In the past weeks, we’ve received queries and complaints from the Kylin community about the progress of the builder's program as regards Kylin’s Oracle pallet becoming available for other parachains to utilize. We want to use this opportunity to say that communication with the Substrate Builders Program has not been the most productive. The Kylin team will not relent until the MVP goes live on testnet and eventually mainnet and becomes available for other parachains to access.
Parachain Lease on Kusama and Polkadot
The lease period of Pichiu, Kylin’s Canary Network on Kusama, is fast running out. At the time of writing, we had only 18 days left. In that time, we hope to accomplish several tasks before the lease expires.
Manage community member's assets on Pichiu Network (e.g., Lockdrop & vesting)
Distribute the ten months PCHU lockdrop reward as specified in this update.
The team initially hoped to utilize the Kusama parachain to serve as a test environment for the first iteration of the MVP. We will urge the builders program for some feedback, as we remain optimistic of our initial goal.
Kylin’s Polkadot lease still has 459 days left; we have already issued the KYL tokens on Polkadot, and the next step will be to get the MVP live on the network. Once this happens, the team will work towards getting other parachains to utilize our pallets which will serve as a data center for Polkadot, where our substrate native KYL will serve as several utilities.
PCHU Second Lock Drop Distributed
On the 1st of March, the Kylin tech team completed the second lock drop distribution of PCHU to our community members. As detailed in this post, this first distribution saw 1.5% of the total Pichiu supply of 100 Million distributed, at 0.0022 $PCHU per $KYL held.
A report of the Distribution can be found below:
Date: 1st March 2023
Distributed Amount: 0.5% of the 100 Million Pichiu = 500,000 PCHU
The total amount of KYL hand shook: 67758085.32 KYL
ERC-20 Address Amount: 559
PCHU Reward: 500,000/67758085.32 = 0.00737/KYL
PCHU Listing: Part of the conversation with exchanges regarding listing includes making Kylin’s canary network tokens PCHU tradeable for our community members.
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.
Website |Telegram | Twitter | Discord | Medium | Linkedin | YouTube | Substack