More Kusama Parachain Auctions Announced🐦
The Kusama governance has voted on a motion to approve more parachain auctions 🙌
There are currently 12 parachains on the high-speed “Layer-0” Kusama chain as of the latest parachain auction results.
Expressed in numbers: 2.43M+ KSM, valued at $1,01B+ which accounts for 27% of the total Kusama (KSM) circulating supply is locked in parachains and crowdloans at this time. And now, the Kusama council has passed the motion for the next parachain slot auctions.
At this point, the question arises, what do the next parachain slot auctions mean for the Kusama community?
Here’s an overview and a detailed explanation.
The motion has been approved: What now?
A Kusama council member has submitted a proposal to hold one parachain auction per week for the next 6 leases. This proposal was changed several times by the Kusama council, however, after a long discussion and a few changes, a new motion has been approved (read more about the entire ordeal here). This means, in practice, that shorter parachain auctions on Kusama should be conducted more frequently, which will allow Kusama to stay one step ahead of Polkadot.
However, the auctions could be paused by the council “in case of extreme circumstances.” Therefore, parachains would most likely be “cheaper” and there would be more flexibility for projects to obtain parachain slots this time around, than in the first two batches. This makes Kusama a real “canary network” with a lower entry barrier than the Polkadot network.
Added Benefits for Crowdloan Contributors
There are also additional benefits for users who participate in crowdloans. According to the Kusama council, with the implementation of continuous crowdloans “there will always be an auction available to bid in, and you can plan much longer term in terms of gathering support.” The council went on to mention “more parachains should mean more opportunity to actually benefit from the cross-chain features of Polkadot/Kusama — each parachain is less likely to have a monopoly on the services they provide to others[…]”
This also means that 12 new parachain auctions will take place, making Kusama a front-facing, community-driven, and rapid “relay chain”
The upcoming 12 parachain slot auction schedule on Kusama will be as follows:
Auctions to start in block #9,806,873 (Monday 25th of October)
- Auction #12: October 25 — November 1, 2021
- Auction #13: November 1 — November 8, 2021
- Auction #14: November 8 — November 15, 2021
- Auction #15: November 15 — November 22, 2021
- Auction #16: November 22 — November 29, 2021
- Auction #17: November 29 — December 6, 2021
- Auction #18: December 6 — December 13, 2021
- Auction #19: December 13 — December 20, 2021
- Auction #20: December 20 — December 27, 2021
- Auction #21: December 27, 2021 — January 3, 2022
- Auction #22: January 3 — January 10, 2022
- Auction #23: January 10 — January 17, 2022
This means that if you were unable to participate in the initial eleven, now is the opportunity for you to support crowdloan campaigns and put your KSM to work easily and intuitively on your Fearless Wallet.
As Fearless Wallet communicates directly with the blockchain, you might find that there are projects that have already begun their campaigns before the auctions take place. For more information, refer to each campaign’s information page (available in the crowdloan view on Fearless Wallet)
What are you waiting for to be Fearless?
Fearless Wallet supports all Crowdloan Campaigns on the Polkadot and Kusama networks by default*
*If the Crowdloan Campaign that you wish to support has a custom flow, please check compatibility directly with the project first!
Do you still have questions?
If you have any more questions about crowdloans on Polkadot and Kusama, feel free to chat with us on the Fearless Wallet telegram group Also, read more about how crowdloans and parachain auctions work, and how you can contribute using Fearless Wallet here.
Finally, you can take a look at the Polkadot Wiki page about crowdloans for more information.
About Fearless Wallet
Fearless Wallet is a mobile wallet designed for the decentralized future on the Kusama and Polkadot ecosystem, with support for iOS and Android platforms. An awesome user experience, fast performance, and secure storage for your accounts. Fearless Wallet will integrate Polkaswap for easy, decentralized swaps of assets.