Khala Network Wins 4th Parachain Auction on Kusama with Over 132,000 KSM

Substrate-based privacy-preserving cloud computing service in the Polkadot ecosystem, Phala Network’s Khala parachain has won the 4th parachain auction on Kusama.

Khala Bags the 4th Parachain Slot

With more than 130,000 KSM backing Khala’s slot bid, it was only a matter of time before the privacy-focused network bagged the 4th parachain slot on the Kusama network.

Specifically, Khala Network raised a total of 132,280 KSM from more than 2,700 contributors for its successful parachain bid.

Winning the 4th parachain auction is a major milestone for Khala Network as it prepares to go live on the parachain to enjoy all the added functionalities that come with leasing a parachain slot on the Kusama network.

For the uninitiated, Khala strengthened their parachain auction bid by offering contributors a lucrative 150 PHA for every KSM donated toward their crowdloan campaign. This put the effective APY for backing Phala’s crowndloan at an attractive 45%.

In addition, the project offered several NFTs as a thank you gesture to its community.

Kusama Parachain Auctions Continue to Heat Up

With just one more Kusama parachain auction to go, the race to secure the slot has never been more competitive. Currently, Bifrost seems to be leading the race with more than 88,000 KSM raised from contributors.

Trailing Bifrost is Basilik, Polkasmith, and Altair with 31,330 KSM, 17,794 KSM, and 10,872 KSM, respectively.

The 5th parachain auction winner will be declared, at the latest, by July 20.

This, however, won’t be the end of the road for unsuccessful parachain contributors – as there’s already talks of the next batch of parachains to go under auction within a few weeks or months after the 5th parachain is auctioned.

It is likely that KSM price could undergo a serious supply-side crisis with the onset of the next batch of parachains as the coin only has a maximum supply of 10 million KSM, according to data on CoinGecko.

It should be recalled that Karura – the DeFi hub of Kusama – won the first-ever parachain auction with a successful bid of more than 500,000 KSM. This was followed by Moonriver and Shiden Network securing the 2nd and 3rd parachains, respectively.

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Moonriver (MOVR) Completes Phase One of Its Launch Process

Moonriver (MOVR) has successfully moved into phase one of its launch process, making it the first live Kusama (KSM) parachain to have an open and permissionless collator set powered by a custom parachain staking pallet.

Moonriver (MOVR) Forging Ahead

Moonbeam, the Ethereum-compatible smart contract platform powered by Polkadot (DOT), has announced that Moonriver (MOVR), its sister network on Kusama (KSM), has reached another significant milestone in its five-phase launch process.

Moonriver won a parachain slot on Kusama earlier in June, to become the second parachain on the network. However, since that time, the Moonriver team has fast-tracked their work towards launching the network and Moonriver has now outpaced even Karura to become the first live Kusama parachain to put in place a transparent and permissionless collator set powered by a parachain staking pallet.

As reported by BTCManager on June 29, 2021, Moonriver started producing blocks on Kusama, as part of phase zero of its launch process. Fast forward to July 9, and the team, not resting on its oars, has now entered the first phase of the launch process. 

Notably, each phase is expected to reach completion between one to two weeks, and the entire rollout is expected to be done within six weeks.

Introducing Collators 

As stated in a blog post, phase 1 of the Moonriver launch process focuses on making the network more decentralized by bringing in community-run collators that will handle block production for the network.

For the uninitiated, collators function more or less like miners in a proof of work distributed ledger like bitcoin (BTC). In Kusama, collators ensure that parachains are running optimally by collecting parachain transactions from users, aggregate these transactions into parachain block candidates and produce state transition proofs for validators based on those blocks.

The team wrote:

“Moonriver is the first live parachain to have an open and permissionless collator set powered by a custom parachain staking pallet. In the coming weeks, community-run collators will take over block production for the network. This permissionless collator set is critical to ensuring censorship resistance and decentralization of the network.”

What’s more, the team says its major focus during phase one is to carefully monitor the decentralized collator set to ensure its working in a frictionless way with Moonriver, the Kusama Relay Chain, and its validators.

Once that is achieved, and the block production on the network remains stable, the team says phase two of the launch process will begin. During phase two, on-chain governance will be activated.

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Shiden (SDN) Becomes Winner of the Third Kusama (KSM) Parachain Auction

Smart contract protocol Shiden has won the third round of the ongoing Kusama parachain auction, leaving two more slots out of the first phase of the five slot auction rounds.

Shiden Wins Round 3 of the Kusama Parachain Slot Auctions

The Shiden team announced the win via Twitter on Tuesday (June 6, 2021). According to Kusama’s announcement, more than 4,600 network participants locked KSM tokens to support Shiden’s attempt to win the third Kusama parachain slot auction.

Shiden’s win was further boosted by support from major cryptocurrency exchange, Kraken. The exchange giant in a blog post recognizing Shiden’s win revealed that the platform won the third slot with a total of 137,020 KSM bonded.

The U.S. exchange behemoth launched a platform for users to participate in the Kusama parachain auctions to offer support for Karura and Shiden. As previously reported by BTCManager, Karura became the first project to win the first Kusama parachain slot auction, with over 15,000 stakeholders locking KSM tokens.

Moonriver became the second winner, with about 6,000 participants locking almost 206,000 KSM tokens. Indeed, with Moonriver clinching the win during the second round, Shiden emerged odds on favorite to win round three as stated in a previous BTCManager report.

The Shiden project has also been one of the more actively developed parachain candidates on the Rococo testnet. Speaking during Kraken’s parachain slot auction podcast, Sota Watanabe and Maarten Henskens of the Shiden Network expressed their excitement at being the latest winners of the parachain slot auctions while also stating that their major focus will not shift to deploying their protocol as a parachain on the Kusama relay network.

Two More Rounds to Go

Back in June, Polkadot and Kusama creator Gavin Wood published a tentative schedule for the parachain slot auctions that included five rounds followed by a temporary pause to examine the performance of the process.

The schedule which has since been approved by the council will include five weekly auctions with the first two days slated for the initial bidding process and the eventual winner emerging after the following five days.

With Karura, Moonriver, and Shiden confirmed as winners, only two slots remain in this maiden round of parachain auctions. These auctions will determine the parachains to be added to the Kusama relay chain that serves as a canary network for the Polkadot ecosystem.

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Shiden secures third parachain slot on Kusama

Shiden, the sister-project of leading Polkadot-native layer-two decentralized app hub, Astar Network (formerly Plasm Network), has won the third parachain auction for Polkadot’s experimental sister-network, Kusama.

Shiden secured the slot with a total of 137,020 KSM tokens bonded — worth nearly $29 million at current prices.

Shiden is a smart contract platform for Kusama-based DApps, offering multi-chain support for Ethereum Virtual Machine and WebAssembly-based contracts. The project also plans to deliver layer-two technology including Plasm and Optimistic rollups on Kusama.

Layer-twos have emerged as the dominant scaling solution for Ethereum, with co-founder Vitalik Buterin predicting rollups will scale the network by roughly 100 times and mitigate Ethereum’s scaling woes until sharding is introduced.

Parachain auctions allow projects to compete for one of Kusama’s 100 parachains, which are akin to sharded sidechains that interact with the network’s main “relay chain” to offer specialized execution and process transactions.

Auctions are conducted via a crowd loan, where projects’ followers agree to lock KSM toward their parachain bid in exchange for governance tokens.

Kusama’s parachains have so far gone to the canary networks of major Polkadot-based projects, with Acala Network’s Karura winning the first slot on June 22 with more than 500,000 KSM bonded — then valued at roughly $90 million. Moonriver won the second slot the following week with nearly 206,000 KSM bonded.

The coming parachain auction is expected to be closely contested, with Khala Network and Bifrost recently being separated by less than 3,000 KSM.

On June 29, Plasm rebranded to Astar Network, signifying the expansion of its focus from Polkadot-based layer-two technology to offer multi-chain support for EVM and WebAssembly.