KR1 plc (KR1:AQSE), a digital asset investment company, has announced that the Company has participated in, generated staking revenue from, and realised profit from, key projects in the wider Polkadot blockchain ecosystem.
The Polkadot blockchain ecosystem connects private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created. Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain.
Polkadot makes it easier than ever to create and connect decentralized applications, services, and institutions. By empowering innovators to build better solutions, we seek to free society from its reliance on a broken web where its large institutions can’t violate our trust.
Plasm (“Plasm“ or “PLM”) is a highly scalable decentralised application platform, launching on the Polkadot blockchain, that allows developers to build secure and scalable applications on Plasm’s ‘Layer 2’ solution for fast and high capacity transactions.
The Company is pleased to announce its follow-on participation in the second Plasm token distribution event, termed a ‘lockdrop’. KR1 time-locked a total of 1,000 Ether (“ETH”) via a smart contract with a duration of 1,000 days. In return for locking up the ETH, the Company will receive an additional 248,000,000.00 PLM tokens. KR1 previously participated in Plasm’s first ‘lockdrop’ and, across both token distribution events, the Company now holds a total of 314,285,652.28 PLM.
KR1 is planning to use the acquired PLM tokens in staking activities in the future and expects to regain access to the time-locked ETH in three separate tranches: 500 ETH unlocking in Q1 2021 (from the first lockdrop), 232 ETH unlocking in Q4 2022 (from the first lockdrop) and 1,000 ETH unlocking in Q2 2023 (from this, i.e. the second lockdrop).
ChainX (“PCX”) is a blockchain that provides the technical infrastructure for multiple digital assets, such as Bitcoin (“BTC”) or Ethereum (“ETH”), to be migrated into the Polkadot ecosystem.
The ChainX network launched in July 2019 and, since then, the Company’s staking activities have been generating revenue on an ongoing basis in ChainX’s native PCX digital asset. To date, KR1 has generated a total of 30,072.02 PCX from staking activities, which thus far have not been realised into fiat currency but, instead, are being ‘compounded’ to strengthen the Company’s staking activities going forward.
At the date of this announcement, KR1’s total holding of ChainX tokens is 30,072.02 PCX, which are being actively staked.
Edgeware (“EDG”) is a high-performance smart-contract platform implemented on the Polkadot network as a parachain. Edgeware aims to allow participants to vote, delegate and fund each other to upgrade the network.
The Edgeware blockchain launched as a decentralised ‘Proof-of-Stake’ network in February 2020 and, since then, the Company’s staking activities have been generating revenue on an ongoing basis in Edgeware’s native EDG digital asset. To date, KR1 has generated a total of 439,431.72 EDG from staking activities, which thus far have not been realised into fiat currency but, instead, are being ‘compounded’ to strengthen the Company’s staking activities going forward.
As at the date of this announcement, KR1’s total holding of Edgeware tokens is 4,254,318.32 EDG, which are being actively staked.
Phala Network (“Phala” or “PHA”) is a confidential data exchange protocol built on Polkadot that guarantees reliable execution and keeps smart contract data secret.
The Company is pleased to announce that KR1 has participated in Phala’s token distribution event, termed a ‘stakedrop’, and has generated a total of 1,231,291.00 PHA tokens at zero cost in line with the Company’s staking activities on the Kusama network.
The Company is also pleased to announce that it has realised the accrued earnings from the ‘stakedrop’, realising 1,231,291.00 PHA at an average price of US $0.10 per PHA token for a total of US $123,637.90.
Keld van Schreven, Managing Director and Co-Founder of KR1, commented: “The new decentralised revolution was started by Bitcoin and Ethereum and is now being pushed forward by Polkadot. The Polkadot ecosystem has an incredible amount of nascent, high-quality projects building infrastructure including Plasm, ChainX, Edgeware and Phala, to name a few. These projects are often using the lessons of Ethereum to create even better decentralised applications and experiences for users.
“What is compelling about these projects is that we have generated all the assets mentioned above directly from assets that were already held on the Company’s balance sheet. As KR1’s investment portfolio scales in size, so does our ability to utilize assets strategically, maximising long-term shareholder value while limiting downside risk.”