Cryptocurrency News

KSM Defying Downtrend Kraken Launches Kusama Parachain Auction Platform

US cryptocurrency exchange Kraken has announced a “first of its kind” Parachain auction platform that enables customers to participate directly from the exchange.

In blog post On June 8, Kraken revealed that the new platform will enable users who are eligible to stake Kusama’s KSM tokens for ParaChain slots to support Kusama projects.

Rewards for contributors who support a winning bid vary and may include referral bonuses, early participation bonuses and airdrops.

Polkadot’s multi-chain ecosystem will use the Sharp sidechain to process transactions in parallel. These parachains are acquired in an auction process, whereby the projects attempt to outbid each other for the right to use the slot for 48 weeks with the KSM token. Kusama is the testing and development network often referred to as Polkadot’s “canary network”.

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

“For Kusama Auctions, the highest KSM bonded project to support its bid will be able to claim the typically auctioned Parachain slot, at the time of taking the auction snapshot.”

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

In its first Parachain auction, Kraken will allow customers to support bids for 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 on 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 said 1st Kusma Parachain proposed for auction on June 15. After the first five weekly auctions, Wood recommended a pause to evaluate the network’s performance before starting the second batch of auctions.

at the end of march Acala Network was the first project to secure parachain slots On Polkadot’s Rococo testnet. On 17 May, Polkadot announced that Kusama was finally ready to host the Parachines.

The launch of the upcoming auction has given a boost to Kusama’s KSM token, which has faced a market downturn over the past fortnight and is up 28%. According to coingeco, KSM is up 12% in the last 24 hours, trading at $410 at the time of writing.

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