en
Back to the list

A Multi-Chain Network Community Has Approved Polkadot's Parachain Auctions


www.altcoinbuzz.io 19 October 2021 13:00, UTC
Reading time: ~2 m

The Kusama governance community has voted on a proposal to approve 48 parachain auctions over the coming year.

According to Kusama’s forum, Polkadot has planned the first two rounds of parachain auctions, and Kusama has recently completed the second round. As a result, the future of Kusama’s parachain slots and auctions is now unknown.

Therefore, Kusama Network proposes that there will be an auction every week for the next 48 weeks.

The proposal aims to schedule 1 auction per week for the next 7 leases, which means 1 auction per week for the next 48 weeks. The Council will be able to pause the schedule if any issues arise.

All information can be found on Polkassembly: https://t.co/QDpNLDpTLl

— kusama (@kusamanetwork) October 18, 2021

In addition, unlike previous auctions, winning Parachains won’t be onboarded immediately. They will go live at the beginning of the following lease period, and the schedule can be paused “if any issues arise.”

More Kusama Parachains to Come

Kusama’s primary goal is to test and develop projects for Polkadot’s blockchain. Therefore, the parachain auction’s winners can implement Polkadot products before applying for a slot on the Polkadot mainnet.

The proposer, called ‘JAM,’ said that Kusama needs to lead and achieve its targets before Polkadot does.  Here is part of his participation in the forum:

Source: Kusama Polkassembly

More may be on the cards since the network can support 100 Parachains, the proposer added: “If we want to more properly accomplish the purpose of being a Canary for Polkadot, I’d probably even suggest shorter auctions happening more often so that we remain ahead of Polkadot and pushing the limits of the tech.”

The last and eleventh auction, which ran from October 6th to 13th, was Kintsugi BTC. This protocol brings Bitcoin liquidity to the Kusama environment.

$DOT and $KSM Price Update

Kusama’s native token, $KSM, has made a 4.9% gain on the day to reach a USD 3.3 billion marketcap. $KSM, used to stake in the Parachain auctions, currently has a 24-hour trading volume of USD 159,536,013 and a circulating supply of 8.9 million tokens.

On the other hand, Polkadot’s native token, $DOT, is trading at USD 41.18 after declining 3.5% on the day. The token has a USD 42,910,203,402 marketcap and a 24-hour trading volume of USD 1,485,197,795.


   Source
Back to the list

Similar news
Suggest news