Kusama and Polkadot are two of the most successful Blockchain collaborations, judged by the work both teams have put in to achieve huge Blockchain adoption. Polkadot will begin the next part of the Parachain auction on Kusama following the success of the first.
The auction, which is open to everyone, provides another chance for new Blockchain businesses to establish a firmer footing and operating infrastructure in the sector. Let’s take a look at the auction calendar and what it implies for the cryptocurrency industry.
The most recent Parachain Auctions are for five Parachain spaces, ranging from the sixth to tenth Kusama Parachain slots. Each auction will last one week, making the total duration of the five auctions five weeks.
Each auction, however, is divided into two phases: the two-day starting bidding period and the five-day concluding bid period. Kusama will examine the winners after the auctions and make the next announcement.
Kusama will announce around ten days before the first auction to provide Kusama community members enough time to install their KSM before the bidding process begins.
Karura, Kusama’s DeFi network, won the first slot auction with an astounding bid of 501,138 KSM and over $100 million in crowd financing.
Moonriver, Moonbeam’s canary network, won the second auction a few weeks ago, with 205,935 KSM tokens and about $45 million in crowd financing.
Shiden Network won the third slot auction with 100,544 KSM, defeating Khala Network, which received only 27,474 KSM.
After the fourth auction finished, Khala, a Web3 cloud computing startup, earned the fourth position by obtaining a spot with 132,280 KSM tokens in total.
With 136,817 KSM tokens, Bifrost, a staking liquidity DeFi project on Polkadot, was the fifth to win an auction spot.