Crowdloans FAQ's Print
Modified on: Mon, 16 Aug, 2021 at 4:22 AM
1. How do I participate in a crowdloan?
The short and simple step-by-step process is laid out for you here.
2. Do I have to do KYC in order to participate? (Can e.g. U.S. residents participate in crowdloans?)
3. Where can I get KSM tokens to participate in a crowdloan?
You can check this on public listing services. See more information on where to buy KSM here.
4. How do I create a KSM account so I can participate?
The account creation process on polkadot.js is laid out in this article.
Make sure you switch to the Kusama network before you follow the instructions. You can do this by clicking on the network on the top left and then selecting a Kusama network node from the list.
5. Can I participate in crowdloans with my Ledger?
Unfortunately, not. The extrinsic to contribute to a crowdloan is not supported currently by neither the Kusama, nor the Polkadot Ledger apps. Even if that extrinsic will be supported in the future, you should be extremely careful when participating with a Ledger account.
You need to make sure that the parachain candidate gives you the option to select a different address to receive your contribution reward tokens and use that option to direct the reward to a non-Ledger account. If the parachain candidate sends their tokens to the contributing account and that account is on Ledger, these tokens will be inaccessible.
6. Can I cancel a contribution once I have submitted it?
No, it is not possible to cancel your contribution once it's done. While you will receive your tokens back eventually, you will have wait until they will be released again.
7. When will I get my tokens back?
Your tokens will be released when one of these two events occurs:
- The auction is over without your parachain candidate winning a slot. In this case your tokens will become liquid again once the auction period is completed.
- Your parachain candidate successfully secured a slot. In this case your tokens will be released once the lease period of the parachain has come to an end.
7. Can I contribute more once I have submitted my contribution?
Yes, you can. Simply follow the exact same contribution process again, as you did the first time.
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