Crypto Asset Kusama Dramatically Outperforms Market, Gets Big Boost From Kraken

Cryptocurrency exchange Kraken says it will support the competitive process of awarding slots to projects on the Kusama (KSM) network.

Kraken says the parachain auctions, which could begin as soon as next week, will open a whole new vista for global cryptocurrency holders over the next couple of days, except to residents of Australia, Canada, Japan and the United States.



“Kraken clients, excluding those in select jurisdictions, will be able to participate in Parachain Auctions in the next few days. They can contribute Kusama to a project’s parachain slot auction from today.”

On Kusama and its closely-related platform Polkadot (DOT), parachains are a form of custom blockchain that are application-specific and which communicate with the main network known as the relay chain.

The rapidly approaching auctions have triggered a rally for Kusama, which is up 55% in the past two weeks, according to CoinGecko, while the rest of the crypto markets have witnessed a major correction.

According to Kraken, the slots awarded to the successful projects during Kusama’s parachain auction will last for a maximum of 336 days.

“In a parachain auction, KSM holders effectively vote for the project they want to succeed by locking their KSM on the Kusama network. The projects with the most KSM locked on their behalf will generally win a Parachain slot for up to 48 weeks. Once the lockup period is over, holders also get their contributed KSM back.”

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Kraken Launches Kusama Parachain Auction Platform,Driving it Surging by 19.07%

Cryptocurrency exchange Kraken official announced launching the Kusama Parachain Auction platform. Kraken will support users of the exchange to bid on the Karura and Shiden projects.

Karura is the Kusama network’s decentralised trading centre and pledged stablecoin platform. While Shiden, as the smart contract layer of the Kusama network, allows developers to design and build new DApps on it.

This latest development in the Kraken exchange fueled Kusama’s KSM token price and regained the momentum that has risen by 19.07% in the past 24 hours during intraday trading. KSM was trading at $431.67, according to Coinmarketcap.

However, the Parachain auction platform is not yet open to customers in the United States, Canada, Australia, and Japan.

According to Kraken’s official Twitter post, the new platform will support qualified users to vote on Kusama-related projects through Kusama’s KSM tokens. The rewards for contributors who support winning bids vary and may include referral bonuses, and Early participants will get some incentive rewards.

Kraken will adopt Parachain slot auctions (or “Parachain auctions” for short) to ensure the fairness of the blockchains using the Kusama or Polkadot relay chain and its distributed computing power per the official Kraken announcement.

Currently, only 100 Parachain slots are available, but it reveals a flexible and subject to change by governance vote over time.

Kraken’s chief product officer Jeremy Welch said in a press statement:

“Parachain auctions open up a whole new vista for cryptocurrency holders, so they can back projects that will likely make substantive changes to various aspects of our lives.” 

Last week, the Kusama network became the first fully decentralised and secure heterogeneous sharded sidechain using Polkadot technology, often referred to as Polkadot’s “Canary Network”.

On May 17, Polkadot announced that Kusama was finally ready to launch Parachains.

Gavin Wood, the creator of Polkadot and Kusama, announced in the official blog today that on June 15, there will be the first Kusama Parachain slot auction. The auction begins with an initial bidding period of two days and an end period of five days.

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Kraken launches Kusama Parachain Auction platform as KSM defies downtrend

U.S. cryptocurrency exchange Kraken has announced a “first-of-its-kind” Parachain Auction Platform enabling clients to participate directly from the exchange.

In a blog post on June 8, Kraken revealed the new platform will enable users that qualify to pledge support for Kusama projects vying for a Parachain slot by staking Kusama’s KSM tokens.

The rewards for contributors who support a winning bid vary and can include referral bonuses, early participation bonuses, and airdrops.

Polkadot’s multi-chain ecosystem will use sharded sidechains to process transactions in parallel. These Parachains are acquired in the auction process whereby projects try to outbid each other for the right to use the slot for 48 weeks with KSM tokens. Kusama is the testing and development network often dubbed Polkadot’s “Canary network.”

Only 100 Parachain slots are expected to be available, but this may change through protocol governance votes over time.The post stated:

“For Kusama auctions, the project with the most KSM bonded to support its bid, at the time the auction snapshot is taken, will generally be able to claim the auctioned parachain slot.”

The platform is not available to residents of the US, Canada, Japan, and Australia.

In its first Parachain auction, Kraken will allow clients to support the bids of at least two projects, starting with Karura and Shiden.

Karura is a DeFi hub and stablecoin platform for the Kusama network offering a crypto-collateralized stablecoin, a decentralized exchange, access to liquid staking, and an EVM (Ethereum Virtual Machine) compatible blockchain.

Shiden is a smart contract layer for the Kusama network upon which developers can design and build new DApps. It will be a cross-chain platform that also supports Ethereum and layer two protocols.

As reported by Cointelegraph, Polkadot creator Gavin Wood has proposed June 15 for first the Kusama Parachain auction. Following the first five weekly auctions, Wood recommended a pause to evaluate the performance of the network before commencing another batch of auctions.

In late March Acala Network was the first project to secure a Parachain slot on Polkadot’s Rococo testnet. On May 17, Polkadot announced that Kusama was finally ready to host Parachains.

The impending auction launches have given a boost to Kusama’s KSM token which has defied the market slump and surged 28% over the past fortnight. According to CoinGecko, KSM is up 12% over the past 24 hours, trading at $410 at the time of writing.


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Gavin Wood Proposes Tentative Date for Kusama’s First Parachain Auctions

The first Kusama Parachain auctions will tentatively begin in the next seven days, a process that would help determine the parachains that will be part of the Kusama relay-chain.

First Batch of Auctions Tentatively Begin on June 15

In a blog post by Gavin Wood, founder of Polkadot and Kusama, on Tuesday (June 8, 2021), the Kusama parachain slot auctions is scheduled to commence on June 15, 2021. The announcement is made one week prior to the proposed slot actions, to enable the community to have time to unstake their KSM tokens to fund auction bids.

According to Gavin Wood, the tentative date for the slot auctions is June 15, to end five days later on June 22. Few hours after the slot bidding auction ends, a winner will be selected. Furthermore, an hour after a winner is picked, the second parachain slot auction commences, with subsequent auctions conducted every week.

Wood stated that after the first batch of five weekly Kusama parachain slot auctions, there would be a break to evaluate the network’s overall performance. After the break, another batch of weekly auctions will commence following the same schedule.

Meanwhile, the kusama parachain auction will be subject to approval from the Kusama Council and other KSM stakeholders. The auctions will choose the parachains that will be added to the Kusama Relay-chain. Wood speaking about the importance of deploying Kusama on the Polkadot network, said:

“Kusama exists as the Polkadot canary network and therefore to help protect Polkadot from a serious issue by allowing functionality to exist “in the wild” for as long as possible. Since the amount of protection it gives is in some way proportional to the amount of time it is active prior to Polkadot, there is a clear reason for deploying this logic as soon as possible for the good of Polkadot.

As previously reported by BTCManager back in May, Gavin Wood announced that the community gave approval to allow Kusama to deploy the first parachain. Earlier in June, Kusama’s network governing council unanimously voted to upgrade Shell to Statemine. The upgrade will enable the parachain to support the minting of fungible and non-fungible tokens, along with other functions on the Kusama network.

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Polkadot creator Gavin Wood proposes June 15 for first Kusama parachain auction

Polkadot (DOT) and Kusama (KSM) creator Gavin Wood has published a tentative schedule for the much anticipated Kusama parachain slot auctions. 

According to a blog post posted on Tuesday, the first parachain auction slot will open on June 15 at noon Central European Summer Time.

The tentative schedule, subject to the approval of the Kusama Council and other KSM stakeholders will see the maiden parachain auction concluded by June 17 with the bidding period continuing until June 22.

If the Kusama Council approves the schedule, then the first-ever parachain slot auction winner could emerge by 11 a.m. on June 22. The second parachain slot auction will then commence an hour later with subsequent slot auctions slated at every one-week interval according to Wood’s post.

After the first five weekly auctions, Wood recommended a pause to evaluate the performance of the network before commencing another batch of five parachain slot auctions based on the aforementioned schedule.

Back in May, Cointelegraph reported that Kusama was finally ready to host parachains. According to Wood, Kusama developers are confident that there are no technical hurdles to holding slot auctions or deploying parachains.

These auctions will determine which parachains will be added to the Kusama relay-chain — a canary network for Polkadot. Detailing the need to get Kusama parachains up and running, Wood said, “Kusama exists as the Polkadot canary network and therefore to help protect Polkadot from a serious issue by allowing functionality to exist in the wild’ for as long as possible,” adding:

“Since the amount of protection it gives is in some way proportional to the amount of time it is active prior to Polkadot, there is a clear reason for deploying this logic as soon as possible for the good of Polkadot.”

The one-week headups given for the start of the process is reportedly to allow the community ample time to unstake their KSM to fund auction bids.