Polkadot staking liquidity DeFi project Bifrost wins 5th Kusama parachain auction

By July 21, 2021DeFi
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Bifrost, a staking liquidity decentralized finance project on Polkadot and Kusama has won the fifth Kusama parachain slot auction, with more than 5,000 contributors staking 136,817 Kusama (KSM).

Fast facts

  • Bifrost is a DeFi protocol designed to connect Polkadot and different proof-of-stake blockchains and provide staking derivatives.
  • Bifrost’s win marks end of the current round of Kusama parachain auctions, with Acala’s Narura Network, Moonbeam’s Moonriver Network, Astar’s (previously called Plasm) Shiden Network and Phala’s Khala Network winning the earlier auctions to be parachains on Polkadot’s canary network Kusama. A canary network is an experimental environment for developers to build and test their code.
  • Polkadot is a blockchain protocol that connects multiple specialized blockchains into a multi-chain network in which individual blockchains, or parachains, connect to and are secured by a relay chain. Given the limited number of parachains that can be supported on the main relay chain, slot auctions are being used to select the parachains to be added to it.
  • But Polkadot’s rollout may still be some time away, and it looks likely that the next five Kusama parachain auctions will be launched before the Polkadot auctions start. In a tweet today, Robert Habermeier, Polkadot’s co-founder said: “We’ll be watching consensus metrics and stability of the [Kusama] network and if things continue to go well, the next 5 auctions should launch soon!”

Author profile

Michelle is a journalist at Forkast. Prior to joining the team, she wrote for CNN and served with the Singapore Foreign Service. She holds a Master of Journalism from the University of Hong Kong and a Bachelor of Business Administration from the National University of Singapore.

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