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BTC $47876.08 (0.64%)
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USDT $1.00 (0.01%)
BCH $641.60 (-0.0%)
BSV $157.58 (2.35%)
LTC $191.88 (4.83%)
BNB $425.78 (0.03%)
ADA $2.46 (2.92%)
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Kusama and Polkadot Rise Following Parachain News

Kusama and Polkadot Rise Following Parachain News
  • There has been high excitement surrounding Polkadot and Kusama.
  • Reasons include its parachain upgrade and its upcoming parachain slot auctions.
  • Both KSM and DOT grew by 12% and 6.8% respectively.

Recently, there has been a lot excitement surrounding both Kusama and Polkadot. As of Thursday, 10 June 2021, their values touched highs of $505.03 and $23.88 respectively.

Why are Kusama and Polkadot going up?

Let’s follow their recent updates to get an idea.

Just this week, Kusama announced that that it has successfully passed a vote to upgrade its parachain from Shell to Statemine. This is the first live and fully functional parachain of Kusama, so it was bound to stir up some excitement.

Before that, Kusama made history by becoming the first completely decentralized and secure heterogeneously-sharded blockchain. To achieve this, it leveraged technology developed for Polkadot. Notably, Kusama is Polkadot’s canary network, a permissionless platform enabling developers to experiment dApps and blockchains before deploying them on Polkadot.

With the announcement of the parachain upgrade, also came an increase in interest in the scalable blockchain network’s upcoming parachain slot auctions, scheduled from June 15 to July 13.

In the announcement about the auctions shared by Polkadot creator Gavin Wood on its official website, he notes that even though Statemine’s use as a solitary chain is substantial, its utility is increased “exponentially” as a resource of a community of chains, thus introducing the parachain slot auctions.

These are a market-efficient way of selecting which parachains will be added to the Kusama Relay-chain and become part of the Kusama network.

As a result of these new updates, there is no surprise that both networks’ native currencies are climbing higher in value.

Now lets look at the charts.

This week, Kusama (KSM) has risen in value by major 11.5%. Just today, it rose by 12%. Users’ positive anticipation of the event is well reflected in these numbers.

Not just this, but even Polkadot increased by almost 6.8% today, at the time of writing.

As we can see in the graphs above, feels like the market bulls are calling for KSM and DOT.

Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.