MEXC Research: A Step-By-Step Guide on How to Participate in Kusama’s Parachain Slot Auctions
Gavin Wood announced the arrangement schedule for Kusama’s auctions last Tuesday:
- The Kusama Council will vote on June 15 to put the auction in motion, then go through a referendum to begin the first auction.
- The first auction is expected to be held on June 15 at 8:00 pm.
- The auction will last seven days with a 2-day bidding period and a 5-day closing period. It is recommended that votes are cast in the first two days to support any preferred projects, as the auction will close randomly in the next five days.
- Kusama will launch five auctions consecutively, where the next auction will start immediately after the end of the previous one. After five auctions, Kusama will wait for some time to see how the network is running before continuing with other auctions.
- According to Gavin Wood, Kusama’s auction, to a certain extent, helps Polkadot to deploy auction-related functions and reduce the risk of failure. Polkaworld expects that Polkadot’s auction will come after Kusama’s live auctions.
At present, ten ecosystem projects, such as Karura, Darwinia Crab, and Moonriver, have initiated crowdloan activities. A total of 535,068 KSM have been received, accounting for 5% of the project’s total supply, where:
- Karura received 357,127 KSMs temporarily
- Bifront received 11,567 KSMs temporarily
- Khala Network received 8,775 KSMs temporarily
- Darwinia Crab received 809 KSMs temporarily
- Shiden received 66,091 KSMs temporarily
- PolkaSmith received 2,226 KSMs temporarily
- Crust Shadow received 2,805 KSMs temporarily
- Sakura temporarily received 3,602 KSMs
- SubGame received 217 KSMs temporarily
- Moonriver temporarily received 81,853 KSMs
How To Participate in Kusama’s Parachain Slot Auctions?
First, open the web address: https://polkadot.js.org/apps/#/explorer, and then do the following:
- On the home page, navigate to “Accounts”, click “Accounts”, and then click “Add account”.
2. After backing up the mnemonic seed, click “Next”.
3. Fill in the account name, such as 0xbc7, set the password, and click “Next”.
4. After completing the steps for a wallet account, transfer KSM to the wallet address. Back on the home page, navigate to “Network” and click “Parachains”.
5. Click “Crowdloan” and select any projects that you wish to support by clicking “+”.
6. Enter the amount of KSMs you wish to contribute on the left under “contribution”, and click “Contribute”.
7. Enter your account’s password, sign, and submit.
MEXC is one of the world’s earliest trading platforms to support the projects in Polkadot’s ecosystem. The platform lists more than ten Polkadot ecosystem projects, including DOT, KSM, PCX, PHA, LINK, RING, EDG, ANKR, KTOM, OCEAN, DORA, and more.
For more Polkadot ecosystem projects, please follow the official MEXC website: https://www.mexc.io/
MXC trading: https://www.mexc.io/