KR1 plc - Investment Update: Astar (formerly Plasm)
("KR1" or the "Company")
Investment Update: Astar (formerly Plasm)
Astar is a Polkadot-native, highly scalable decentralised application (“dApp”) platform that allows developers to build secure and scalable applications, supporting the Ethereum Virtual Machine and WebAssembly. A core feature of Astar includes ‘dApps staking’, an innovative and blockchain-specific ‘Build-to-Earn’ monetisation model for Web3 developers, aiming to attract talented teams and prominent DeFi, DAO and NFT projects.
The contributed DOT will be time-locked on the Polkadot blockchain for 96 weeks and will be returned to the Company following the completion of the respective Astar parachain lease. Following the successful Astar parachain auction bid, KR1 is going to receive a to-be-determined amount of Astar (“ASTR”) tokens over a time period of 96 weeks in return for supporting the Astar crowdloan campaign.
This method of token distribution involves no direct investment of capital, instead, it is an indirect investment with the opportunity costs being the inaccessibility of the locked DOT funds as well as foregoing any staking yields on the contributed DOT for the time period.
In addition, following Astar’s token redenomination, the Company will receive a total of 31,428,565.2 ASTR tokens in line with KR1 plc’s previous participations in Astar’s lockdrop token distribution events.
“Astar winning the third Polkadot parachain slot is a big achievement and speaks to the quality of the project and their continuous inclusion of the community since the first lockdrop campaign before Polkadot even launched. Astar joining the ranks of Acala and Moonbeam allows them to execute on their vision of a multi chain world for developers and users and we are excited to support Sota and his team with our contribution.”
For further information please contact:
KR1 PLC+44 (0)1624 630 630 George McDonaugh Keld van Schreven Peterhouse Capital Limited(AQSE Corporate Adviser) +44 (0)20 7469 0930 Mark Anwyl FTI Consulting LLP(PR Adviser) +44 (0)7711 387 085 Ed BerryKR1@fticonsulting.com Laura Ewart
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the