Astar, Kabocha Lead in Polkadot and Kusama Auctions

Bill Laboon, the Head of Education and Grants at Web3 Foundation, has provided critical updates on the ongoing parachain lease auctions for Polkadot ($DOT) and Kusama ($KSM) networks. In a Twitter thread dated August 31, 2023, Laboon shed light on the leading projects and upcoming changes within these ecosystems.

Astar’s Dominance in Polkadot Auctions

With just half a day left in the current Polkadot parachain lease auction, Astar has been in the lead for the majority of the Ending Period. Laboon’s tweet, which has garnered 8,934 views, 12 reposts, and 61 likes, confirms Astar’s strong position.

Astar is Japan’s top smart contract platform and supports EVM and WebAssembly environments, enabling interoperability through a Cross-Virtual Machine. It’s user-friendly, utilizing familiar tools and languages, and part of the Polkadot network, contributing to blockchain ecosystem and driving web3 technology adoption.

Kabocha’s Unwavering Lead in Kusama Auctions

On the Kusama network, Kabocha has maintained its lead throughout the entire Ending Period of the current parachain lease auction. With three and a half days remaining, the project has already attracted significant attention.

The Growing Importance of “Blockspace”

Laboon also touched upon the increasing discussions around “blockspace” within the Polkadot ecosystem. He directed followers to an article by Rob Habermeier, titled “Blockspace over Blockchains,” for an in-depth understanding of the subject.

Educational Opportunities and Grant Programs

For developers interested in the Polkadot and Substrate platforms, Laboon highlighted a free on-demand course offered by the Blockchain Training Alliance. Additionally, the Web3 Foundation’s Grants Program aims to encourage innovation within the Polkadot ecosystem.

Implications and Future Developments

The parachain lease auctions are a pivotal element for both Polkadot and Kusama networks, as they allow projects to secure a slot on the respective blockchains for a specific duration. The strong performance by Astar and Kabocha indicates robust community interest and investment.

The early leads by these projects could set the stage for their increased influence within their respective ecosystems. Moreover, the ongoing discussions about “blockspace” suggest that Polkadot is actively working to optimize its infrastructure, which could have broader implications for the crypto community.

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Tether Discontinues Support for Kusama, Bitcoin Cash SLP, and Omni Layer

Tether, the renowned stablecoin issuer, has unveiled a pivotal change in its approach to blockchain support. In a bid to resonate with the evolving demands of the crypto community and uphold a fortified blockchain ecosystem, Tether will cease support for its tokens on the Kusama, Bitcoin Cash SLP, and notably, the Omni Layer platforms.

Historically, the Omni Layer, constructed atop the Bitcoin blockchain, was instrumental for Tether. It marked the company’s initial foray into transport layers in 2014. “The Omni Layer, built on top of Bitcoin, played a crucial role in Tether’s early journey, and we acknowledge the contributions and innovations the team has made to the crypto landscape,” the company stated in its announcement.

However, the Omni Layer encountered hurdles over time, primarily due to the lack of widespread tokens and the surge of USDT availability on alternative blockchains. This trend led to a shift among exchanges, favoring other transport layers and resulting in diminished USDT activity on the Omni Layer.

Despite these challenges, Tether remains optimistic about the Omni Layer’s potential, especially its capabilities in decentralized exchanges and token issuance, encompassing NFTs. The company hinted that a renewed interest in the Omni Layer might prompt them to revisit the idea of issuing USDT on Bitcoin via this layer.

Tether’s commitment to the Bitcoin ecosystem remains unwavering. They are at the forefront of RGB’s development, a state and smart contracts system validated on the client-side, designed for Bitcoin’s Layer 2 and 3. “Upon the activation of USDT on RGB, the global community will experience USDT on an advanced and scalable Bitcoin layer,” Tether’s announcement elaborated.

Starting from the 17th of August 2023, Tether will halt the minting of USDT-Omni, USDT-Kusama, and USDT–BCHSLP. However, they will continue to honor redemptions for these tokens for a minimum of the next 12 months. Additionally, users have the option to exchange these tokens for other chains on compatible platforms.

The crypto realm in 2023 is witnessing a surge in stablecoin competition, with new entrants vying for a share of Tether’s market dominance. Recent launches include PayPal’s stablecoin and First Digital USD. In Q2 2023, Tether reported impressive financial results, earning over $1 billion.

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Moonriver Surpasses 8 Million Transactions as Polkadot Parachain Auction Progresses

Moonriver, a canary-test network for the Moonbeam protocol, reached a milestone this week by hitting eight million transactions on its network, becoming the leading parachain in Kusama.

  • The platform announced on Twitter that it had reached the multi-million transaction count on Nov. 10, making it the largest adopted parachain on the Kusama Network.
  • Moonriver is one of the many successful parachains on Kusama, and it has secured a parachain slot for 2022 with over 60+ live integrations, 173,000+ wallets, and 2,000+ ERC-20 tokens supported.
  • Kusama is the sister network of Polkadot, which soared 15% to a new ATH following the anticipation for parachain auctions, allowing developers to register their parachains and seek crowd loan funding.
  • Moonriver is a canary-test network of Moonbeam, meaning it’s a small version of the original Moonbeam code used to test and carry out new features for a subset of voluntary users. 
  • At the time of this writing, Moonbeam sits at the number two spot of Top Five Crowd Loans on Polkadot’s first parachain auction and has raised upwards of $1 billion through its crowd loan.


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Here’s What Could Be Next for Litecoin, Chainlink and Two Additional Altcoins, According to Top Crypto Analyst

A closely followed trader is predicting what could be next for Chainlink, Litecoin and two more altcoins as the crypto markets turn green.

The pseudonymous analyst known as Altcoin Sherpa tells his 145,000 Twitter followers that Litecoin is facing a resistance level that if broken, could lead LTC to a further 25% rally.

“LTC: If we clear this area I would not be surprised to see mid-$300s after.”

Source: Altcoin Sherpa/Twitter

Based on the analyst’s chart, he sees $369 as the next major level to breach if the $290 mark holds.

Next up is decentralized oracle network Chainlink (LINK). The analyst draws a chart depicting LINK potentially breaking through a resistance that previously failed three times. His next price level for LINK after the $34 mark is $42, which would be a potential rally of roughly 23%.

“LINK: This time it’s different?”

Source: Altcoin Sherpa/Twitter

The next altcoin the trader is looking at is DYDX, the governance token of the dYdX decentralized exchange (DEX). According to Altcoin Sherpa, the hype surrounding DYDX is less than usual, which could be a sign that it’s ready for an under-the-radar move.

“DYDX: Still a good project. When people don’t care about it and it’s accumulating, it’s probably time to buy. Not an active trade but a fine one to just buy and hold for a few weeks. Depends on your overall timeline.”

Source: Altcoin Sherpa/Twitter

Lastly, the crypto analyst has Polkadot canary network Kusama (KSM) on his radar. While he doesn’t think KSM will outperform Bitcoin in the near future, he still says it will reach new all-time highs after BTC puts in more rallies.

“KSM: Expecting this to grind up but don’t think it will outperform BTC. USD [US dollar] pair likely all-time highs when BTC moves.”

Source: Altcoin Sherpa/Twitter

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Is Polkadot eyeing $100 next? DOT price jumps 25% triggering classic bullish chart pattern

Polkadot (DOT) looks poised to rally toward $100 in the coming sessions as it triggers a classic bullish reversal setup.

Dubbed Inverse Head and Shoulders (IH&S), the technical structure appears when an instrument forms three troughs in a row, with the middle one, called the Head, being the lowest, and the other two — known as the right and left shoulders — of almost equal heights. 

Meanwhile, the level at which all the troughs top out represents the “neckline.”

So it appears DOT has been forming an IH&S ever since its price correction from the $43-$49 price range (neckline), as shown in the chart below. On Nov. 1, the Polkadot token broke above the area and continued rallying the next day to bring its month-to-date returns to almost 25% while bumping its record high to $53.35.

DOT/USDT daily price chart featuring IH&S pattern. Source: TradingView

The price jump accompanied an increase in trade volumes, showing that traders supported the move above the IH&S neckline. As a result, DOT’s prospects of rising by as much as the maximum distance between its IH&S’s head and neckline (~$39) improved.

As a result, Polkadot’s profit target out of its IH&S setup comes out to be near $90, with possibilities of extended rallies toward $100, a psychological resistance level.

Parachain auction FOMO

Polkadot’s latest price rally came as traders’ focus shifted on its highly anticipated parachain auctions on or around Nov. 11.

The Polkadot team announced Monday that their council had passed the motion that enables parachain registrations and crowdloan beginning Nov. 4, adding that the proposal now awaits a go-ahead via a public referendum.

In detail, crowdloans enable rivaling projects to raise capital via DOT to bootstrap their parachain auctions.

Therefore, those who support the projects lock their DOT into a sponsored account for a predefined period. In return, they receive rewards in the form of air-dropped tokens from the project competing for the parachain slot.

Kusama fractal

In June, Polkadot’s test-net chain, dubbed Kusama (KSM), conducted a similar parachain slot auction in June. The protocol ended up proving the effectiveness of the crowdloan mechanism as users contributed more than 1.11 million KSM across the five parachain auctions.

KSM supply dedicated to its first five crowdloans as of Aug. 6. Source: Subscan, Messari

That represented over 10% of the total KSM supply locked.

Related: Kusama network set to launch its next five parachain auctions

The KSM price rallied in the days leading up to the auction in June. It peaked out on May 16 at around $645 and then dropped over 78% to $138.50 two months later. The selloff also surfaced amid an overall crypto market decline, led by China’s full-fledged ban on crypto activities.

KSM/USDT daily price chart. Source: TradingView

Hence, it appears DOT has also been undergoing the so-called “buy-the-rumor” price rally as traders bet higher on the parachain auction event. But in the absence of a China-like event, the cryptocurrency looks to be pursuing the IH&S setup mentioned above.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.