BTC $44223.39 (0.78%)
ETH $3072.00 (-1.2%)
USDT $1.00 (-0.0%)
BCH $541.53 (-0.0%)
BSV $147.48 (0.89%)
LTC $160.35 (0.23%)
BNB $373.58 (-1.1%)
ADA $2.27 (1.13%)
DOGE $0.22 (-1.3%)
BTC $44223.39 (0.78%)
ETH $3072.00 (-1.2%)
USDT $1.00 (-0.0%)
BCH $541.53 (-0.0%)
BSV $147.48 (0.89%)
LTC $160.35 (0.23%)
BNB $373.58 (-1.1%)
ADA $2.27 (1.13%)
DOGE $0.22 (-1.3%)

Polkadot Announces Official Parachain Auction on Kusama

Polkadot Announces Official Parachain Auction on Kusama
  • Polkadot creator Gavin Wood announces its para chain auction details on KSM.
  • The tentative schedule will commence its first slot auction on June 15.
  • The winner of the first slot auction will be selected on June 22, 11:00 am GMT.

On Tuesday, Polkadot (DOT) creator Gavin Wood announces its parachain auction details on Kusama (KSM). It can be recalled, Kusama network made headlines last week after hitting a milestone for being the first live and fully functioning parachain on KSM.

Notably, as Gavin Wood discussed in this announcement, Kusama exists as the Polkadot canary network and helps protect DOT from serious issues by allowing functionality to exist “in the wild” for as long as possible.

He further added,

Since the amount of protection it gives is in some way proportional to the amount of time it is active prior to Polkadot, there is a clear reason for deploying this logic as soon as possible for the good of Polkadot.

Of note, the first functional parachain was known as Statemine. It began processing the permissionless activities after an on-chain upgrade from Shell to Statemine last week.

Seemingly, after some smooth running this weekend, the auction date has been proposed. Other details of the announcement can be found on their official statement. As of now, the schedule is subject to the approval of the Kusama Council and other KSM stakeholders.

Consequently, the first parachain slot auction begins seven days from now as per the announcement. The tentative schedule will commence its first slot auction on June 15 where bids may be placed. With this, the KSM staking community will have enough time to unstake KSM for their auction bids.

Nevertheless, the first-ever para chain slot auction winner will be announced at 11:00 AM GMT on June 22 if everything goes as planned. Subsequently, the second slot chain will proceed after an hour with the rest of the third to the fifth auction on a weekly interval.

Recommended News

Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.