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U.S. cryptocurrency exchange Kraken announced a “first-in-class” parachain auction platform that enables customers to participate directly from the exchange.
in a Blog post On June 8, Kraken revealed that the new platform will enable eligible users to pledge Kusama’s KSM tokens to ensure support for the Kusama project competing for parachain slots.
Rewards for contributors who support winning bids vary and may include referral bonuses, early participation bonuses, and airdrops.
Polkadot’s multi-chain ecosystem will use sharded side chains to process transactions in parallel. These parachains were obtained during the auction process. During the auction process, the project tried to use KSM tokens to bid for the right to use the slot within 48 weeks. Kusama is a testing and development network, often referred to as Polkadot’s “Canary Network”.
It is expected that only 100 parachain slots will be available, but over time this may change through protocol governance voting. The post stated:
“For Kusama auctions, the projects that have the most KSM support for their bids, when you take an auction snapshot, you can usually get the auction parachain slot.
The platform is not available for residents of the United States, Canada, Japan, and Australia.
In its first parachain auction, Kraken will allow customers to support bids for at least two projects, starting with Karura and Shiden.
Karura is the DeFi center and stablecoin platform of the Kusama network, providing crypto-collateralized stablecoins, decentralized exchanges, access to liquid pledges, and a blockchain compatible with EVM (Ethereum Virtual Machine).
Shiden is the smart contract layer of the Kusama network on which developers can design and build new DApps. It will be a cross-chain platform that also supports Ethereum and the second layer protocol.
According to Cointelegraph, the creator of Polkadot, Gavin Wood, has The first proposal to hold the Kusama Parachain auction on June 15After the first five weekly auctions, Wood suggested to pause before starting another auction to evaluate the performance of the network.
Late March Acala Network is the first project to ensure the safety of Parachain slots On Polkadot’s Rococo testnet. On May 17, Polkadot announced that Kusama is finally ready to host Parachains.
The upcoming auction event has boosted Kusama’s KSM token, which has ignored the market downturn and soared 28% in the past two weeks.according to Coin Tiger, KSM has risen by 12% in the past 24 hours and is trading at $410 at the time of writing.
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