Among the returns generated was US$123,637 from tokens in the Phala Network, a confidential exchange protocol that guarantees reliable execution and keeps smart contract data secret
() said it has participated in, generated staking revenue and realised profit from several key projects in the Polkadot blockchain ecosystem.
In an update, the blockchain and cryptocurrency investment firm said that it has participated in a second token distribution event on the Plasm Network, a scalable decentralised application platform on the Polkadot blockchain for fast and high capacity transactions, and has time-locked 1,000 Ether via a smart contract for 1,000 days, receiving 248mln PLM tokens in return, taking its total PLM holdings to around 314.3mln tokens.
READ: KR1 begins generating revenues from Kusama staking yields
The company said it is planning to use the PLM tokens in staking activities in the future and expects to regain access to the time-locked Ether in three tranches between 2021 and 2023.
Staking is the act of locking away cryptocurrency funds in a digital wallet to support a blockchain network in return for a fee.
Meanwhile, KR1 said its staking activities on the ChainX blockchain, which provides technical infrastructure for multiple digital assets such as Bitcoin or Ethereum, have been generating revenue through the ChainX native PCX digital asset, of which it has generated 30,072 to date.
The company said these PCX assets are being “compounded” to strengthen its staking activities going forward.
KR1 also said its staking activities on the Edgeware smart contract platform, which allows participants to vote, delegate and fund each other to upgrade the Polkadot network, have generated, to date, 439,431 EDG, Edgeware’s digital asset. The company holds 4.25mln EDG tokens in total, all of which are being actively staked.
Finally, KR1 said it has participated in the first token distribution event for the Phala Network, a confidential exchange protocol that guarantees reliable execution and keeps smart contract data secret, which has generated 1.23mln PHA tokens at zero cost in line with KR1’s staking activities on the Kusama network.
The company said it has realised a total of US$123,637 in accrued earnings from the generated PHA tokens, securing a price of US$0.10 per token.
“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”, KR1 managing director and co-founder Keld van Schreven said in a statement.
“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”, he added.
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