Kraken Launches Kusama Parachain Auction Platform,Driving it Surging by 19.07%

Annie Li  Jun 09, 2021 18:00  UTC 10:00

2 Min Read

Cryptocurrency exchange Kraken official announced launching the Kusama Parachain Auction platform. Kraken will support users of the exchange to bid on the Karura and Shiden projects.

Karura is the Kusama network's decentralised trading centre and pledged stablecoin platform. While Shiden, as the smart contract layer of the Kusama network, allows developers to design and build new DApps on it.

This latest development in the Kraken exchange fueled Kusama's KSM token price and regained the momentum that has risen by 19.07% in the past 24 hours during intraday trading. KSM was trading at $431.67, according to Coinmarketcap.

However, the Parachain auction platform is not yet open to customers in the United States, Canada, Australia, and Japan.

According to Kraken's official Twitter post, the new platform will support qualified users to vote on Kusama-related projects through Kusama's KSM tokens. The rewards for contributors who support winning bids vary and may include referral bonuses, and Early participants will get some incentive rewards.

Kraken will adopt Parachain slot auctions (or “Parachain auctions” for short) to ensure the fairness of the blockchains using the Kusama or Polkadot relay chain and its distributed computing power per the official Kraken announcement.

Currently, only 100 Parachain slots are available, but it reveals a flexible and subject to change by governance vote over time.

Kraken’s chief product officer Jeremy Welch said in a press statement:

“Parachain auctions open up a whole new vista for cryptocurrency holders, so they can back projects that will likely make substantive changes to various aspects of our lives.” 

Last week, the Kusama network became the first fully decentralised and secure heterogeneous sharded sidechain using Polkadot technology, often referred to as Polkadot's "Canary Network".

On May 17, Polkadot announced that Kusama was finally ready to launch Parachains.

Gavin Wood, the creator of Polkadot and Kusama, announced in the official blog today that on June 15, there will be the first Kusama Parachain slot auction. The auction begins with an initial bidding period of two days and an end period of five days.

Image source: Shutterstock

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