Kraken Launches Parachain Auction Platform for Kusama

  • Kraken users will be able to participate in Kusama’s first Parachain Auction without leaving the exchange.
  • Users will be able to support the bids of at least two projects, with more to be added in the coming days.
Auction concept illustration

Shutterstock

According to a Kraken press release from 8 June, the support for Parachain Auctions will roll out in time for the first rounds taking place on Kusama, the so-called canary network for the Polkadot blockchain. Kusama is a network of blockchains built using the same codebase as Polkadot, creating an experimental development system for projects that want to prepare for deployment on Polkadot.

Parachain Auctions are a mechanism that allows projects to compete for slots on Kusama’s Relay Chain. Holders of Kusama’s KSM token vote for the project they want to succeed by locking funds onto the Kusama network. Projects with the most KSM locked will be able to win a Parachain slot for up to 48 weeks.

“Parachain Auctions open up a whole new vista for cryptocurrency holders so they can back projects that will likely make substantive changes to various aspects of our lives. Kraken is proud to support these activities, as our role is to be a key infrastructure provider for the space,” said Jeremy Welch, Kraken’s Chief Product Officer. 

Kraken’s users, excluding residents of the U.S., Canada, Japan, and Australia, will be able to participate in the Parachain Auctions in the next few days. In the first auction, the exchange will allow its clients to support the bids of at least two projects, starting with Karura (KAR) and Shiden (SDN). More projects could be added ahead of the auction, the company said. The first auction will start on 15 June and last until 22 June.

Discussion
Related Coverage
FTX Hacked, Exchange Under Investigation in the Bahamas
  • Shortly after filing for bankruptcy on Friday, FTX experienced a hack that saw close to $500 million in tokens leaving the exchange.
  • The Bahamas Securities Commission and the Financial Crimes Investigation Branch of the police have launched an investigation into the exchange to check if any criminal misconduct took place in FTX.
November 14, 2022, 8:52 AM
FTX

Shutterstock

Acala Network Resumes Full Operations After Exploit
  • All three phases of Acala’s plan to resume operations have been executed, and all services on the network are now reopened.
  • All aUSD from the error mints had been recovered with the exception of 5.8 million tokens, which were re-collateralized using the team’s own funds.
FTX US Wins Bid for Voyager’s Assets
  • The deal was valued at $1.4 billion, with $1.3 billion representing the fair market value of Voyager’s crypto holdings, and an additional consideration of $111 million.
  • While the terms of the deal are yet to be revealed, the proposal will be submitted for approval in front of the U.S. Bankruptcy Court on 19 October.