Following the success of its first six parachain auctions, Kusama – Polkadot’s Canary network, goes ahead and announces the dates and details for the next 5 auctions.
Kusama Goes Ahead With 6 More Parachain Auctions
According to materials shared with CryptoPotato, Kusama will schedule the next five parachain auctions on its network.
The dates for them, as per the current recommendations, are as follows:
- 2021/09/01, 12:00 GMT: Sixth Kusama Parachain Slot auction commences. Bids may be placed.
- 2021/09/03, 09:00 GMT: Sixth Kusama Parachain Slot auction ending period begins. Only bids made before this point will certainly be considered in the final result. Bids made following this point have a linearly reducing chance of being considered.
- 2021/09/08, 09:00 GMT: Sixth Kusama Parachain Slot auction bidding ends. No bids may be made on this auction following this point.
- 2021/09/08, 11:00 GMT: Sixth Kusama Parachain Slot auction winner selected. The auction winner is determined as the highest bidder at some randomly selected point over the past five days.
- 2021/09/08, 12:00 GMT: Seventh Kusama Parachain Slot auction commences.
- – 2021/09/15, 12:00 GMT: Eighth Kusama Parachain Slot auction commences.
- – 2021/09/22 12:00 GMT: Ninth Kusama Parachain Slot auction commences.
- 2021/09/29, 12:00 GMT: Tenth Kusama Parachain Slot auction commences.
The idea of the schedule is to enough members of the Kusama community enough time to: first unstake KSM for their auction bids and second – to participate in the crowd loans.
The auctions will commence back-to-back with a two-day period of the initial bidding, which will be followed by a five-day ending period – this is how the first auctions were done.
Brief Overview of the First Five Auctions
The first five auctions on Kusama were held in the period between 15/06/2021 and 20/07/2021.
According to an economic overview of the first five auctions, there was massive competition between the participants. A whopping 80% of the surveyed teams intend to be live on both Kusama and, further down the road – on Polkadot.
The auctions saw 18 registered crowd loans to participate and received funding from 19017 unique accounts.
The types of interested projects covered a broader part of the industry, including DeFi infrastructure, liquidity solutions, smart contracts (both native and EVM-compatible), confidential cloud computing, and so forth.
A total of 1,320,458 KSM was contributed, where 1,114,629 KSM is locked until May 13th, 2022. 47% of the tokens are locked in staking.
It’s also important to note that many of the parachain slots were overpaid for – this is considered good because it means more tokens get distributed, increasing the value of the project to the market.