Blockchain

DeFi Center Karura becomes the first Kusama Parachain slot auction winner

[ad_1]

Karura Network has become the winner of the first Kusama Parachain Slot auction.

According to one announcement In the news released on Tuesday, Karura cancelled the support of more than 15,000 entities holding Kusama (KSM) tokens and supported the addition of a decentralized financial center as the first Kusama parachain.

According to the market price of Kusama as of this writing, Karura has locked up a total of more than 500,000 KSMs, which are currently valued at US$90 million. In early June, the U.S. crypto trading platform Kraken launches parachain auction platform For users to support Karura bids.

As Cointelegraph previously reported, The Kusama Committee approved the first Parachain Slot Auction A week ago.The approval is based on Tentative timetable Created by the creators of Polkadot and Kusama Gavin Wood Published two weeks ago.

Karura is the Polkadot implementation of the Acala protocol-a decentralized financial center that aims to become the de facto DeFi ecosystem of the Polkadot chain.

Karura and other projects such as Moonriver, Shiden, and Kilt have been active on the Rococo testnet, and the community has participated in these agreements.

With Karura winning the first parachain slot auction, the DeFi Center is now ready to join the Kusama relay chain.

related: Another first for Polkadot, because the Kusama committee approved the first parachain slot auction

According to Wood’s schedule, another four Parachain slot machine auctions will be held in the next four weeks. The weekly auction will include an initial bidding period of two days and another five days to complete the process, and a winner will appear at the end of the 7-day period.

After the first five auctions, an audit will be conducted to check the performance of the network during the process, and then another five-week auction will be launched.

These slot machine auctions will determine the first group Parachain that will be added to the Kusama relay chain It is a sister network of Polkadot.