Kusama
Polkadot Ready for Kusama Parachain Auctions
Polkadot creator Gavin Wood proposes June 15 for first Kusama parachain auction
The first Kusama parachain auction could happen by mid-June if the council votes in favor of a recently released tentative schedule.
Polkadot and Kusama creator Gavin Wood has published a tentative schedule for the much-anticipated Kusama parachain slot auctions.
According to a blog post posted on Tuesday, the first parachain auction slot will open on June 15 at 12:00 pm Central European Summer Time.
The tentative schedule, subject to the approval of the Kusama Council and other KSM stakeholders, will see the maiden parachain auction concluded by June 17, with the bidding period continuing until June 22.
If the Kusama Council approves the schedule, then the first-ever parachain slot auction winner could emerge by 11:00 am on June 22. The second parachain slot auction will then commence an hour later, with subsequent slot auctions slated at one-week intervals according to Wood’s post.
After the first five weekly auctions, Wood recommended a pause to evaluate the performance of the network before commencing another batch of five parachain slot auctions based on the aforementioned schedule.
Back in May, Cointelegraph reported that Kusama was finally ready to host parachains. According to Wood, Kusama developers are confident that there are no technical hurdles to holding slot auctions or deploying parachains.
These auctions will determine which parachains will be added to the Kusama relay chain — a canary network for Polkadot. Detailing the need to get Kusama parachains up and running, Wood said, “Kusama exists as the Polkadot canary network and therefore to help protect Polkadot from a serious issue by allowing functionality to exist in the wild for as long as possible,” adding:
“Since the amount of protection it gives is in some way proportional to the amount of time it is active prior to Polkadot, there is a clear reason for deploying this logic as soon as possible for the good of Polkadot.”
The one-week headups given for the start of the process is reported to allow the community ample time to unstake their Kusama (KSM) to fund auction bids.
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Polkadot and Kusama prices rose as Master Ventures announced a $30 million Polkadot ecosystem fund.
Polkadot (DOT) and Kusama (KSM) rose in tandem on June 3 as traders assessed a venture capital firm's major investment into their blockchain ecosystems.
Dubbed as Master Ventures, an Asian blockchain incubator and venture capitalist announced that it had launched a $30 million venture capital fund called Master Ventures Polkadot VC Fund. In a press release published Wednesday, the firm said that its fund would "support and finance the Parachain bids" of tier-1 blockchain projects that want to win a Parachain slot on the Polkadot Relay Chain.
Master Ventures also noted that its proceeds would also assist early-stage projects in launching atop the Polkadot and Kusama ecosystems.
Traders took the announcement as their cue to raise their bids on DOT and KSM pairs. Their sudden interest allowed the DOT/USD exchange rate to rise by up to 27.91% to $29.21 from its Wednesday opening rate. Meanwhile, Kusama's KSM/USD climbed 39.35% to $511.91 in the same period.
The wild moves uphill accompanied bullish outlooks across the social media, with widely-followed analysts predicting upside continuation in both the Polkadot and Kusama spot markets.
$KSM What a monster. Hold the level it just flipped and there's no reason this shouldn't keep going. https://t.co/WEztyGwg9c pic.twitter.com/lCzTNqeZIr
— Trading Tank (@TradingTank) June 2, 2021
At the root of bullish analogies lied a promise that Master Venture's $30 million investment into the Polkadot ecosystem would lead to a speedier auctioning of its "Parachain slots." In retrospect, a Parachain is equivalent to a blockchain (layer 1) tied to one particular functionality, with its own specialized characteristics and governance structure.
For example, one can bid for the Polkadot Parachain slot to, say, build a decentralized oracle network atop it. As a result, the outcome would be an application-, users-, and liquidity-specific unique blockchain that would be able to query data from other Parachains, with Polkadot acting as a layer 0 solution — a node — that enables communications between its undertaken blockchains.
Meanwhile, Kusama is an experimental version of Polkadot but exists as an independent blockchain network. It functions as a sandbox for developers that want to test pre-release versions of their projects before deploying them on Polkadot's mainnet.
Potential demand for DOT and KSM
Developers bidding for Parachain slots on Polkadot and Kusama would need to use the projects' native assets, DOT and KSM, respectively.
Master Ventures' $30M fund intends to support and finance these developers and their tier-1 projects. That means the venture capital firm would need to purchase DOT and KSM tokens to back the Parachain auction's bids. In turn, Polkadot and Kusama would lock the tokens for as long as the developers want to run their project on their parachains — ranging from six months to two years.
If the Polkadot ecosystem succeeds, it would mean an always-increasing amount of DOT and KSM tokens locked for the duration of the parachain slot. As a result, their total supply in circulation would deplete. That may somewhat explain why traders have suddenly turned bullish on DOT and KSM.
Mira Christanto, a researcher at crypto data analytics firm Messari, wrote in one of her posts from May that 65% of DOT supply has been staked. Meanwhile, 30% of DOT remains in circulation. Therefore, the upcoming Parachain auction would take more Polkadot tokens out of circulation. Christanto added:
"After the parachain launch, 40% of DOT could be bonded in parachains, hence reducing effective circulating supply to only 15%."
Conversely, a lower turnout for Polkadot and Kusama's Parachain auctions could leave DOT and KSM with a lower-than-expected demand, risking spot price corrections.
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The rollout of the Polkadot protocol has been ongoing since August, when the project launched its Rococo testnet.
Kusama, sister chain to Polkadot’s platform, is ready for the rollout of parachains on the network.
Polkadot and Kusama creator Gavin Wood today said in a blog post that Polkadot was entering the fourth and final phase of its mainnet launch, which involves deploying parachains to the Kusama network. According to Wood, the development arm behind Polkadot, Parity Technologies, had released an upgrade — Polkadot version 0.9 — for Kusama, which “is now finally ready to host parachains.”
Wood said the launch of the parachains would proceed following a full external audit on the new version of Polkadot and Kusama executing “at least one successful auction involving crowdloans and hosting at least one functional parachain” in the wild. He did not provide a specific timeline, but added he expected the audit to be completed “in the near future,” with the Kusama website announcing the first of five auctions one week in advance.
“After Kusama’s first auctions complete successfully, one would expect Polkadot’s auctions to happen soon after,” said Wood.
The rollout of the Polkadot protocol has been ongoing since August, when the project launched its Rococo testnet to evaluate its planned sharding implementation based on parachains. Some expected the rollout of parachains to occur in the first quarter of 2021, but there were reportedly issues with the Rococo testnet’s stability — for example, one of its parachains was apparently stuck for more than a day.
At the time of publication, the price of Polkadot’s DOT token is $39.51, having fallen more than 2.2% in the last 24 hours.
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