Friday, June 18

Kusama (KSM) Outperforms the Market

Parachains are here

The native tokens of sister networks Polkadot (DOT) and Kusama (KSM) rallied after the Parachain Auction announcements.

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Cryptocurrency exchange Kraken said it will support the process of issuing slots to projects in the Kusama (KSM) network. With the start of the auctions and this news from Kraken, KSM experienced a serious rise.

Kraken said that Parachain Auctions, which could begin as soon as next week, will present a whole new landscape for global cryptocurrency holders in the next few days, excluding residents of Australia, Canada, Japan and the United States:

“Kraken customers, except in certain jurisdictions, will be able to participate in Parachain Auctions in the next few days. Starting today, they can contribute to a project’s parachain slot auction to Kusama.”

On Kusama and its closely related platform Polkadot (DOT), parachains are a special form of blockchain that is application-specific and communicates with the mainnet, known as the relay chain.

According to CoinGecko, the fast-approaching auctions have triggered a 55% rally for Kusama over the past two weeks, while the rest of the cryptocurrency market has witnessed a major correction. Kusama was trading at $501 at the time of writing. The cryptocurrency has also increased by 8393.7% in the last 1 year.

According to Kraken, slots awarded to successful projects in Kusama’s parachain auction will last a maximum of 336 days.

“In a parachain auction, KSM holders effectively vote on the project they want to succeed by locking their KSM on the Kusama network. Projects with the most KSM locked in their name will usually win a Parachain slot for up to 48 weeks. When the lockdown period expires, owners also get back their contributed KSM.”

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