Kraken launches Kusama Parachain Auction platform as KSM defies downtrend

Kraken launches Kusama Parachain Auction platform as KSM defies downtrend


U.S. cryptocurrency exchange Kraken has announced a “first-of-its-kind” Parachain Auction Platform enabling clients to participate directly from the exchange.

In a blog post on June 8, Kraken revealed the new platform will enable users that qualify to pledge support for Kusama projects vying for a Parachain slot by staking Kusama’s KSM tokens.

The rewards for contributors who support a winning bid vary and can include referral bonuses, early participation bonuses, and airdrops.

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Polkadot’s multi-chain ecosystem will use sharded sidechains to process transactions in parallel. These Parachains are acquired in the auction process whereby projects try to outbid each other for the right to use the slot for 48 weeks with KSM tokens. Kusama is the testing and development network often dubbed Polkadot’s “Canary network.”

Only 100 Parachain slots are expected to be available, but this may change through protocol governance votes over time.The post stated:

“For Kusama auctions, the project with the most KSM bonded to support its bid, at the time the

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