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Kusama (KSM) Upgrades Its Parachain and Begins Auction

CryptocurrencyJun 06, 2021 04:00AM ET
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Kusama (KSM) Upgrades Its Parachain and Begins Auction

  • Kusama announced that it has successfully passed a vote to upgrade its parachain.
  • This will be the first live and fully functional parachain of KSM.
  • The bidding in parachain slot auctions will begin soon after a 3-day enactment period.

On Wednesday, Kusama (KSM) announced via Twitter that it has successfully passed a vote to upgrade its parachain from Shell (LON:RDSa) to Statemine. Thus, this will be the first live and fully functional parachain of KSM. More so, KSM will conduct its parachain auction if all goes as planned.

Of note, Kusama is Polkadot’s canary network. KSM is a permissionless network enabling developers to experiment and test dApps and blockchains before deploying them on Polkadot. Clearly, it has achieved a milestone in its development when its governing council voted unanimously to upgrade their Shell (first common good parachain) to Statemine.

To understand further, Shell’s function is to examine the capability of the Kusama parachain system. Consequently, with Statemine, the parachain will be able to support various functions such as minting of both fungible and non-fungible tokens (NFTs).

According to this tweet, once the upgrade is done, people can wait for a 3-day enactment period and Kusama’s first live and fully functioning parachain will be live. Moreover, the crowdloans and bidding shall proceed soon after.

With that said, this will bring positive news to holders of KSM and DOT. Notably, a successful Statemine parachain upgrade will bring interest to projects starting to conduct their crowdloan activities or parachain loan offerings (PLO).

Furthermore, participants of PLOs will be given back their initial KSM tokens alongside the project’s native crypto right after the auction is done.

According to a report on May 31, 2021, Karura (KAR), the DeFi hub of Kusama, also released details of its parachain auction. Apart from this, Karura said they will offer participants 12 KAR tokens for every KSM they contribute.

As of writing, KSM is trading at $400.31 and has been gaining 34.3% in the past week with a market cap of $3.59 billion, according to CoinGecko.

This article was first published on coinquora.com

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Kusama (KSM) Upgrades Its Parachain and Begins Auction
 

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