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Polkadot and his Kusama Canary Network have rallied ahead of the second round of parachain auctions, which will go live later today.
Polkadot Ecosystem Rallies
Many Layer 1 blockchains skyrocketed in August, and now Polkadot is stealing the show.
Polkadot and Kusama, the two cornerstones of the Polkadot ecosystem, made significant gains ahead of the second round of parachain betting. The DOT token recovered from recent lows of $ 23.90 last week, rallying over 25%. Kusama’s KSM token did even better, climbing 50% over the past week before settling down. They are two of the biggest winners in the crypto market over the past 24 hours, with increases of 16.4% and 28.4% respectively.
The tender for the first slot of the second parachain auction round will go live today at 11:00 UTC, allowing entrants to support their favorite project using KSM tokens.
Once awarded, tokens will be locked until one of the two outcomes is achieved. If the project wins the auction, the KSM tokens will be tied to the project until the end of the one-year parachain lease, with contributors receiving additional native tokens from the project. On the other hand, if the project does not win the auction, the KSM tokens will be returned to the contributors.
As KSM tokens are needed to support projects in auctions, demand has skyrocketed. Similar activity was seen in June, with Kusama surging 36% ahead of the first round of parachain auctions.
The Kilt Protocol has already gathered over 200,000 KSM tokens, near the contribution threshold of 220,000, and looks likely to win. The winner of the first auction will be announced on September 8.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
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