Did KUSAMA (KSM) Change the rules for Auctions without Voting?

By October 1, 2021Polkadot
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Kusama is a scalable multi-chain network for radical innovation and early-stage Polkadot deployments. Parachains are advanced, next-generation blockchains that work past the limitations of legacy blockchain networks. Parachains form the Kusama ecosystem, which is an interconnected network of specialized chains, which break down the walls of the centralized web.

Kusama is well known for its Parachain Crowd Loans. Crown Loan contributors hold KSM and they contribute their KSM for a lease. Parachain teams who need a loan can avail it from the contributors and they can choose to reward them back for their contribution to KSM in different ways. Contributors will get their KSM back at the end of the lease period.

The cost of running a para chain involves the opportunity cost of not being able to use the bonded KSM for several other activities like staking or transfers.

New Parachains need to have excellent technology. And, only excellent technology will get support from KSM holders. Only when there is sufficient funding to make the technology a reality, a para chain can be launched.

Every crowd loan campaign comes with terms and conditions to be fulfilled. Every para chain has a team that backs a project. It is important to do your research. Crowdloans are organized by independent teams. Those para chain teams who are willing to avail support from Crowdloans will be able to see that the bars are raised for the blockchain teams, thereby pushing them to demonstrate their technology to get support.

Kusama expressed: “A little birdie told me a motion will be opened next Wednesday, October 6th (at the end of auction 10) to immediately begin the 11th auction that same day. Turns out there’s enough buffer time for a potential 11th auction to take place before the current lease period ends.

After consulting with the development team, some of my council members have concluded that a new lease being locked for overall security is reason enough to open a new auction. As always, ₑₓₚₑcₜ cₕₐₒₛ and flexible governance.”

Community response: Big shame. Changed the rules for auctions without voting.

True.

For those who are new, three limited-edition NFTs were created to celebrate the launch of Kusama parachains. Representing three interpretations of the Kusama canary by Berlin street artists Awe, Vidam, Andreas Preis, the paintings were created on a section of the Berlin wall, which is now used as an open canvas for free artistic expression. The collection has been limited to 9,999 NFTs, which have already been claimed.

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