Cryptocurrency News

Another First Time Parachain Slots Auction Approved for Polkadot as Kusama Council

Kusma Council has passed Motion 310 confirming the start of the first slot auction on the Kusma Network.

according to description share On Polkadot governance platform Polkasembli, 13 of the 19 “seats” of Kusama Council voted in favor of starting the slot auction process.

Source: Polkasembly

As previously reported by Cointelegraph, Polkadot and Kusama co-founder Gavin Wood published A tentative schedule for Kusama slot auctions Back on June 8th.

This slot auction will decide the parachains that will be added to the Kusama relay chain. Kusama acts as a canary network for Polkadot, which, according to Wood, helps to secure the latter “by allowing functionality for as long as possible in the wild.”

Following Wood’s preliminary schedule, the auction of the first slot will proceed over five days and initial bidding will be allowed in the first two days.

Thus, a winner should emerge on June 22 at 11:00 AM GMT, with a second slot auction an hour later. Overall, Wood proposed the first set of five consecutive slot auctions over five weeks before a temporary pause to evaluate network performance and proceed to a second round of auctions conducted using the same schedule.

Earlier in June, crypto trading platforms Kraken Announces Parachain Auction Platform To enable customers to participate in the process from the exchange itself. As announced by Kraken, customers will be able to support bids for the Kusama decentralized finance center Karura and the smart contract protocol Shiden.

related: Polkadot creator Gavin Wood proposes June 15 for first Kusama Parachain auction

On the price side, the start of the slot auction has not resulted in any major price rally for Kusama yet (KSM) KSM has only increased by 2% in the last 24 hours trading period. Meanwhile, Polkadot has seen a lot of price rally within the same period, with DOT gaining 15% at the time of writing.

On Monday, Coinbase Pro announced In addition to Polkadot (Telecom Deptt) in its altcoin listing catalog. According to the announcement, DOT trading will begin on Wednesday, June 16 in all Coinbase-backed jurisdictions except Singapore.