- Kusama (KSM) recently began a terrific price rally which saw the asset rise by over 50%.
- This increment in value has seen Kusama trade at over $581 which now reflects in its market capitalization which is now at $4.9 billion.
- The rise in value can be attributed to a number of factors including the upcoming upgrades which will see parachain auctions and crowd loan capabilities to Kusama.
- Another future development that spells good news for the Kusama community is the announcement from Chainlink to give a grant to ChainSafe Systems which will improve the development of hybrid smart contracts.
Kusama is having a swell time in its history after it experienced a price surge of over 50% which resulted in the asset reaching an all-time high of $623.75. The reasons for this meteoric ascent in prices have been intricately linked to an array of future developments lined up for the project.
These innovations have led traders to adopt the strategy of buying the rumor and selling the news as they keenly anticipate the announcements. The proposed deployment of parachain auctions, interoperability integration, and staking reward on the network have all led to a huge leap in prices for the network.
Kusama’s Bright Future
Kusama, which bears a number of similarities with Polkadot, has provided developers with the functionalities of testing their projects on the network before launching on the Polkadot blockchain. The reason it succeeds at this offering is due to the minimal requirements in the deployment of parachains and validators while carrying on-chain upgrades without the need for a fork.
Kusama has gone on to reach its all-time high of over $623.75 after the asset made gains of over 50%. These highs are a result of stellar developments anticipated to hit the network.
Most importantly, the proposed upgrade which will see the deployment of parachain auctions and crowd loans has gained approval from the council and is now a public referendum. The announcement was made on Twitter will reduce fees by as much as 50x.
Furthermore, the move by Chainlink to provide support to ChainSafe Systems for the expansion of the Chainlink Oracle (NYSE:ORCL) Pallet will allow the users to develop hybrid smart contracts on the Kusama and Polkadot networks. This is a step in the right direction in improving the blockchain interoperability between networks.
On the Flipside
- While Kusama experienced impressive gains, the rest of the cryptocurrency market suffered significant losses.
- Bitcoin, Ethereum, and Binance Coin were among the biggest losers after they lost 22.67%, 15.54%, and 21.92% respectively.
The Metrics of Kusama
Founded by the same team that developed Polkadot, Kusama has a solid team behind it. The impact of the team can be seen in the wide range of functionalities and innovations which it offers to developers looking to build projects on the blockchain.
These innovations are largely responsible for the recent increase in price which saw Kusama rise by over 50%. After reaching its all-time high, Kusama currently trades at $591.66 and has a market capitalization of $4.9 billion. With a market dominance of 0.24%, Kusama is ranked as the 36th largest cryptocurrency and according to information on CoinMarketCap, Kusama is on 104,418 watch lists.
Kusama may continue to experience new highs with the new staking opportunities available to users on the Network especially with the crowd loan in view. This development will provide funding for promising projects while also providing a peculiar opportunity for users to earn yields. With these developments in view, it is safe to say that the future of Kusama is indeed bright.
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