Polkadot Network is closer to launch the long-awaited parachain functionality as it has finalized the first round of parachain slot auctions for its sister network Kusama. In this article, we talk about kusama parachain auctions.
Kusama (KSM) is known as a “canary network” for Polkadot and its big goals.
This means that Kusama is the testing ground for all the technologies that Polkadot will implement on the mainnet.
The fifth and final parachain slot auction, from Kusama’s first batch of five parachain, ended on July 20 with Bifrost Finance as the winner.
The launch of parachain in Kusama is the culmination of a multi-stage process. It started with the launch of Kusama Chain Candidate 1 (CC1) in August 2019. In order to prepare for the first parachain slot auction in Kusama, several teams have already implemented parachain for testing and optimization in the Ro cocó and Westend testnets.
Polkadot and Kusama Network support a limited number of parachain slots estimated at around 100. For this reason, interested projects are competing to win a parachain slot auction, using DOT or KSM tokens, to occupy a parachain slot on the Kusama platform.
These slots will be leased to projects for a limited period of time: 48 weeks for Kusama and 2 years for Polkadot’s main chain.
The auctions are conducted through a collective loan, where the work fanatics agree to block KSM on their parachain list in exchange for governance tokens.
Public auctions for Kusama’s parachain collections began on June 15.
Karura wins the first auction of parachain in Kusama
The DeFi Karura platform was the winner of the first parachain auction in Kusama. On June 22, Kusama announced on his Twitter account that Karura won first place.
The first auction took place over seven days, and Karura emerged victorious with a winning bid of KSM 501,137.66. It got its financing through a community-backed collective loan (Karura crowdfunded her winning bid).
Karura’s Network is scalable and EVM compliant. Its DeFi platform enables users to trade, earn, lend, borrow, and much more with micro gas fees that can be paid with any cryptocurrency. Karura’s suite of products includes a decentralized automated market-making (AMM) exchange called Karura DEX. This is a derivative of trustless staking called Liquid KSM (LKSM). The multi-sided kUSD stablecoin got backing by cross-chain assets.
Second Auction: Moonriver Joins Karura On Kusama Streaming Chain
Moonriver Network became the second real parachain in Polkadot’s Canarian network, Kusama, by winning the second parachain auction.
On June 29, Kusama tweeted on his Twitter account that Moonriver became a second winner.
Around 6,000 network participants locked KSM tokens to support Moonriver’s bid to win the second round of auctions.
Like Karura, Moonriver has been one of the most active projects in the Rococó testnet.
Shiden became the third project to win a parachain position in Kusama
Shiden is the sister project of Polkadot’s leading native layer 2 decentralized application hub, Astar Network (previously Plasm). After Karura and Moonriver, Shiden won the third parachain position in Kusama.
On July 6, Kusama announced on his Twitter account that Shiden won third prize.
Shiden protected the slot with a total of 137,020 linked KSM tokens, worth nearly $29 million at current costs.
The Canarian network Khala de Phala wins the fourth Kusama auction
Phala Network won the fourth Kusama parachain slot auction with 132,280 Kusama (KSM) contributed by 2,759 addresses. In this way, he became Kusama’s fifth parachain.
Over 2,700 network stakeholders have blocked KSM to support Khala’s actual addition to their network.
The news appeared on the Kusama Twitter account on July 13.
Bifrost wins the fifth Kusama slot auction
Raising over 139k KSM coins from over 5k unique addresses, the project, which allows liquidity staking on the Polkadot substrate, won the fifth and final Kusama Parachain auction slot.
The news appeared on the Kusama Network Twitter account on July 20.
With the incorporation of Bifrost, the first batch of Kusama parachains culminates. Before the second batch of five auctions begins, a pause should assess the overall performance of the network.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Polkadot Auction – Acala Secures The First Parachain Slot
- Is Polkadot Dead? Strong competition in the Crypto Scene! Buy DOT?
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Everything you need to know about KUSAMA Crypto
- What is Efinity Token? Will it really be listed on Binance soon?
- Upland: Trump Tower up for Auction on Election Day!
- Polkadot, What’s Polkadot? A Brief Introduction
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- Top 3 Cryptocurrencies That Can Make You a Millionaire in 2022
- Microsponsors Launch Crypto NFT Market, Users Can Monetize Their Time
- Why isn’t Polkadot BOOMING yet? 3 Polkadot Cons
- Ripple Price Prediction – How High will XRP Reach in 2025?
- This Coin Made 40% in Seven Days…Is It a Good Investment?
- Maker Votes USDC Usage As Collateral In Corrective Move
- SEC vs. XRP: What Investors Need to Know
- Community Reactions: Tron CEO pays $4.7 million for lunch with Warren Buffett
- What is Moonbeam? What Does The Future Hold For GLMR Crypto?
- Top 5 Performing Cryptocurrencies of the Week -(Week 6)
You might also like
More from Polkadot
Polkadot is BACK in the Top 10 Biggest Cryptos – Buy DOT?
In this Polkadot price prediction article, we take a fundamental look at the Polkadot project and analyze DOT technically.
Polkadot Price Prediction: Can DOT Price Reach 20$ Again?
The Parachain auctions in December had played a vital role in the price gains for the DOT token at that …
Is Polkadot Dead? Strong competition in the Crypto Scene! Buy DOT?
Polkadot in 2021 gave hope to enhance the connection of different blockchains with each other. Is Polkadot crypto still worth …