The good news keeps rolling in for the team at Polkadot, who’ve been working hard on Parachain auctions on its testnet. In addition to being secured by the central Relay Chain, Polkadot’s Parachains will share and benefit from the scalability, governance, interoperability, and security of Polkadot.
While Kusama has five Parachain auctions, Polkadot has rolled out the schedule for the next 5. Members of the Kusama community should expect the sixth Parachain slot auction to commence on 1st September. It should give enough time to members to unstake KSM for auction bids and participate in existing crowd loans.
How the First Five Auctions Went Down
was a week long. Projects had to bid in the native token of Kusama, KSM, during the auctions. Members placed bids for a Parachain slot, and the winning bidder needed at least 100,000 KSM ($20 million) to win.
Things looked as exciting as they could after the end of each auction, with some projects coming out on top. Here are the first five projects to go live:
- Karura: It won the first Parachain slot auction and got more than 501,000 KSM from its community. On-chain contributions numbered 14,164. Karura has since fallen in love with Kusama and has begun production of its first blocks. It is worth knowing that the team behind Karura worked on it for two years on technical development and a year on brand and community-building endeavors. This was all done before submitting the network for auction.
- Moonriver: Moonriver was the second entity or network to win the slot auction by receiving more than 200,000 KSM. one peculiar thing about Moonriver is that they are community-driven. They are a sister network to Moonbeam Foundation as well. It offers a permanently incentivized canary network. Here new code ship first before anywhere else.
- Shiden: Shiden came in first place at the third Parachain auction with more than 130,00 KSM and is also a sibling project of Astar Network. Astar Network is a well-known Polkado-native layer-2 decentralized application hub. Shiden’s identity is a smart contract platform available for Kusama dApps, and it gives multi-chain support to the EVM (Ethereum Virtual Machine) and contracts based on WebAssembly.
- Khala: Khala became the fourth winner at the auctions securing a Parachain slot for itself with a total KSM token of 132,280. Phala network created Khala as a Web3 cloud computing project with K-PHA as its native token. This token can be swapped with ERC20 PHA and the native token of Phala, PHA, at a ratio of 1:1.
- Bifrost: Bifrost is the fifth project to win a slot auction. It is a staking liquidity decentralized project on Polkadot. Bifrost won by raking in 136,817 KSM tokens in total. Being a DeFi protocol means Bifrost connects Polkadot and some other proof-of-stake blockchains and, in the process, provides staking derivatives.
So What Can We Expect from These Projects?
Well for starters, these projects will add significant functionality to Kusama. It should be able to do this by supplying the infrastructure for decentralized finance, confidential cloud computing, EVM compatible and native smart contracts, and liquidity solutions.
The crowdloan campaign is a big part of how the slot auctions got on. It is an excellent crowdfunding mechanism that participants in ecosystems can use to stake KSM for the preferred Parachain candidate. Users who crowdloan get rewards in utility tokens.
The Schedule for the Next Kusama Parachain Auctions
After the first five auctions, Polkadot has announced the schedule for the subsequent five Parachain auctions on Kusama. Here’s what the 6-10 Auction schedule is shaping up to look like:
- Sixth Kusama Parachain Slot auction runs from September 1st 12:00 GMT to September 8th 9:00 GMT. The winner will be announced on September 8th by 11:00 GMT.
- Seventh Kusama Parachain Slot auction starts September 8st 12:00 GMT and ends on September 15th 9:00 GMT. The winner will be announced on September 15th by 11:00 GMT.
- Eighth Kusama Parachain Slot auction commences September 15st 12:00 GMT and ends on September 22nd 9:00 GMT. The winner will be announced on September 22nd by 11:00 GMT.
- Ninth Kusama Parachain Slot auction will be held between September 22nd 12:00 GMT and September 29th 9:00 GMT. The winner will be announced on September 29th by 11:00 GMT.
- Tenth Kusama Parachain Slot auction commences runs from September 29th 12:00 GMT to October 6th 9:00 GMT. The winner will be announced on October 6th by 11:00 GMT.
Conclusion
So there we have it, the auction schedule for the following five Parachain auctions on Kusama! While it may seem slightly different from the first in some ways, auctions still begin back to back with a two-day initial bidding period. It is followed by a five-day ending period, just like in the first five auctions. Which networks are you most excited to see, and which will you be rooting for?
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