Update the latest information on the topic Kusama first batch of parachains auctions has ended
Polkadot Network is about to launch its long-awaited parachain functionality as it completed the first round of parachain position auctions for its sister network Kusama.
Kusama (KSM) is known as a “canary network” for Polkadot and its major targets.
This means that Kusama is the testing ground for all the technologies that Polkadot will deploy on the mainnet.
The fifth and final parachain slot auction, from Kusama’s first batch of five parachains, ended on July 20 with Bifrost Finance as the winner.
The launch of parachain in Kusama is the culmination of a multi-stage process. It started with the launch of Kusama Chain Candidate 1 (CC1) in August 2019. In preparation for the first parachain placement auction in Kusama, several teams deployed parachain for testing and optimization. in testnet Ro cocó and Westend.
Polkadot and Kusama Network support a limited number of parachain slots estimated at around 100. For this reason, interested projects are competing to win a parachain slot auction, using the token. announce DOT or KSM, to occupy a parachain position on the Kusama platform.
These positions will be leased to projects for a limited period: 48 weeks for Kusama and 2 years for Polkadot main chain.
The auctions are conducted through a collective loan, in which workaholics agree to block KSM on their parachain listings in exchange for governance tokens.
Public auctions for Kusama’s parachain collection begin June 15.
Karura wins first parachain auction in Kusama
DeFi platform Karura is the winner of the first parachain auction in Kusama. On June 22, Kusama announced on his Twitter account that Karura was the first winner.
The first auction ran for seven days and Karura won with the winning bid of KSM 501,137.66, funded through a crowdfunded collective loan (Karura crowdfunded its me).
Karura’s network is scalable and EVM-compliant, while its DeFi platform allows users to trade, earn, lend, borrow and more with micro gas fees that can be paid in any currency which electronic. Karura’s product suite includes a decentralized automated market maker (AMM) exchange called Karura DEX, a derivative of trustless staking called Liquid KSM (LKSM), and stablecoins. Multifaceted kUSD backed by cross-chain assets.
Second Auction: Moonriver Joins Karura on Kusama Streaming Series
Moonriver Network became the second real parachain in Polkadot’s Canaria network, Kusama, by winning the second parachain auction.
On June 29, Kusama announced on his Twitter account that Moonriver was the second winner.
Around 6,000 network participants locked up KSM tokens to support Moonriver’s bid to win the second round of the auction.
Like Karura, Moonriver is one of the most active projects in the Rococó testnet.
Shiden becomes the third project to win a parachain position in Kusama
Shiden is the sister project of Polkadot’s flagship native Layer 2 decentralized application center, Astar Network (formerly Plasm). After Karura and Moonriver, Shiden won the third parachain position in Kusama.
On July 6, Kusama announced on his Twitter account that Shiden was the third winner.
Canarian Network Khala de Phala Wins Fourth Kusama Auction
Phala Network won the fourth Kusama parachain slot auction with 132,280 Kusama (KSM) contributed by 2,759 addresses. In this way, he became Kusama’s fifth parachain.
Over 2,700 network stakeholders blocked KSM to support the actual addition of Khala to their network.
The news was posted on the Kusama Twitter account on July 13.
Bifrost wins the fifth Kusama slot auction
Raising more than 139 thousand KSM coins from more than 5 thousand unique addresses, the project that allows liquidity staking on the Polkadot platform, won the fifth and final Kusama Parachain auction spot.
The news was posted on the Kusama Network Twitter account on July 20.
With the incorporation of Bifrost, the first batch of Kusama parachains has peaked. Before the second auction begins, a pause is expected to assess the overall performance of the network.