The first Kusama parachain Slot auction is about to go live much faster than most investors expected. The good news has been made official on the Kusama blogpost. According to the reports, a new motion #310 was filed on the Kusama Council on 15 June 2021. The motion called for the possibility of consensus on the matter of hosting a parachain auction. The motion has now been closed as all 19 council members have cast their votes.
The good news for the stakeholders is that it the favorable motion won by a 2/3 majority. 13 out of 19 members cast their votes to go ahead with the parachain auction. The bidding is set to take place in the ongoing week. According to the blogpost, the bidders would be provided with 2700 minutes or 45 hours to make their moves. After this period, the winner of the bidding would be selected and announced.
Kusama Stakeholders are Eagerly Waiting for the Emergence of the New Parachain Slot Owner
Gavin Wood is the man and mind behind blockchain projects Polkadot and Kusama. The main purpose of these slot auctions is to determine which parachain links would be added to the relay chain of Kusama. Wood commented that the Kusama network is serving as a canary network for the Polkadot project. This allows Polkadot to remain in the wilderness atmosphere for as long as necessary.
By June 22, 202, a winning bid would be selected. In line with the tentative schedule prepared by Wood, the bidding time spans over five days. It should be noted that the first two days of the bidding would be dedicated to the preliminary bidding participants. Following the same pattern, about a set of five parachain slot auctions would take place during the next five weeks. After that, the network would go into a temporary pause before resuming the slot auctions.
Kraken is Allowing Investors to Submit their Bidding for Kasuma Slot Auction Directly from the Exchange Platform
Kraken exchange has also announced a parachain link auction on its native platform. The clients of Kraken would be able to participate in the process directly from the exchange site. The support bids would be viable for Karura, a DeFi hub for Kasuma. Investors would also be able to use smart contracts alternative Shiden to do the same.
The notion has become a good sign for the native token of Kasuma or KSM. The altcoin has appreciated about 2% in 24 hours. On the other hand, Polkadot native token, DOT, also went up by 15% at the same time. The great news for DOT is that it has been adopted by the Coinbase Pro. Starting from tomorrow, it would be able to available for trading to the global network of Coinbase Pro except for Singapore.