August 23, 2021, | AtoZ Markets –Two of the most important Blockchain associations, Kusama and Polkadot, have decided, after the success of the first auction, to start a new auction. Polkadot will start the next phase of the Parachain auction at Kusama.
The auction, which is open to any operator, and is another opportunity for Blockchain startups to get a stronger foundation. Also, a more solid operational infrastructure in the industry.
Also, based on the contribution figures and the total number of KSM tokens, the last Parachain auction was very good. The winning networks involved in the slot auction received a total of 1,113,189.6711 KSM tokens.
As is already known, the latest Parachain auctions are for five Parachain slots, corresponding from the sixth to the tenth Kusama Parachain. Meanwhile, each auction will last one week. The five auctions will have a total duration of five weeks.
However, each auction has two phases:
- The initial offer period of two days
- The final offer period of five days.
Likewise, after the auctions, Kusama will check the winners and make the next announcement.
Kusama will announce the exact date about ten days before the first auction so that members of the Kusama community can have enough time to install their KSM before the bidding process.
Breakdown of Each of the Auctions
The Sixth Parachain Auction
Parachain’s sixth auction will start on September 1 at 12:00 GMT and will run until September 8 at 9:00 GMT. During these seven days, interested bidders can submit their bids at will.
However, the network will only consider bids submitted in the initial phase to continue into the next five-day phase.
This means that the initial bidding phase begins on September 1 at 12:00 GMT and ends on September 3 at 9:00 GMT.
Also, when the second phase of Parachain’s sixth auction ends on September 8 at 9:00 GMT, there will be a three-hour break for network performance evaluation before the start of the seventh auction.
During this period, the network will not accept any more bids for the sixth Parachain auction. In the end, the winner will be announced at 11:00 GMT.
The Seventh Parachain Auction
This auction runs from September 8 at 12:00 GMT until September 15 at 9:00 GMT. It will follow the same procedure as the sixth auction, with two phases. The initial bidding phase ends on September 10 at 9:00 GMT, while the final phase begins at 12:00 GMT on the same day.
An assessment of the network will follow immediately when the entire seventh Parachain auction ends on September 15 at 9:00 GMT. The highest bidder will be announced as the winner at 11:00 GMT.
The Eighth Parachain Auction
Like other auctions, the eight Kusama Parachain auctions will run for seven days, from September 15 at 12:00 GMT to September 22 at 9:00 GMT. The same procedures apply here as in other auctions.
The Ninth Parachain Auction
Kusama’s ninth Parachain auction starts on September 22nd at 12:00 GMT and ends on September 29th at 9:00 GMT.
The Tenth Parachain Auction
The tenth Kusama Parachain auction starts on September 29th at 12:00 GMT and ends on October 6th at 9:00 GMT.
Top Five Winners Summary
# 1. Karura
It took first place with more than 500,000 KSM tokens in contribution. After this feat, the Karura network went live in Kusama, and block production began almost immediately.
The Acala team that helped launch the project worked for a year on vital brand-building and community-building activities. He also worked for two years in technical development.
All of this will ensure that Karura is up to date and built to meet the DeFi demand from the Kusama community. Likewise, you can take advantage of its micro-gas rates, interoperability of multiple networks, plug-and-play security, and demanding processing speeds.
# 2. Moonriver
In the second auction, Moonriver, driven by the community, became the highest-ranked entity, receiving a total of 205,935.0111 KSM from its 5,977 employees. Being a permanently incentivized Canarian network means that you can send new codes first.
Furthermore, Moonriver is also compatible with Ethereum, and will only grow and evolve to support other use cases beyond the purview of its sister network, the Moonbeam foundation.
# 3. Shiden
Shiden, a sister project to Astar Network (formerly Plasm), took third place in the auction with 137,020 tied KSM tokens. Is a smart contract space for dApps on Kusama. Provides multi-chain support for both WebAssembly-based contracts and the Ethereum virtual machine. It continues to offer Kusama network layer two technology, including optimistic and Plasm accumulations. These technologies are the future of scalability on the Ethereum network.
# 4. Khala
Khala, a Web3 cloud computing project, which secured first place after the fourth auction ended by securing a slot with 132,280 KSM tokens in total. The Phala network created the project and its native token is K-PHA. Phala aims to reward every KSM that supported Khala in auctions with 100 PHAs (ERC20-PHA is Phala’s native token).
# 5. Bifrost
Bifrost, a DeFi gambling liquidity project at Polkadot, was the fifth to win an auction slot with 136,817 KSM tokens. The project is a DeFi protocol, and this means that it connects Polkadot and other proof-of-stake blockchains. Bifrost is the first blockchain middleware to enable multichain technology. Some of its most exemplary properties include flexibility, interoperability, and scalability.