Polkadot Creator Announced The First Kusama Parachain Auction On June 15

    08 Jun 2021
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    After months of waiting, the first Kusama Parachain auction went off without a hassle. The now active Parachain has already begun successfully processing transactions, paving the way for future slot auctions. The first Kusama Parachain auction could happen by mid-June.

    Gavin Wood, Polkadot and Kusama creator, posted on Tuesday the schedule for the long-awaited Kusama Parachain Slot auctions. According to his blog post, the first Parachain auction slot will open on June 15 at 12:00 GMT.

    The first live Parachain, Shell, has been launched two weeks ago hassle-free. However, as Shell was just a hollow vessel that waited to be turned into something more featured, Kusama upgraded it to Statemine, the equivalent of Polkadot’s Statemine common-good Parachain.

    Now Statemine supports several features, such as:

    • a low-cost place to hold and transfer KSM;
    • a transfer of permitted fungible assets (such as non-algorithmic stable coins);
    • the creation without permission, issuance, and transfer of fungible assets and NFTs.

    Other Parachains will use the utility of Statemine by the XCM protocol, which allows smoothly transferring KSM tokens between Kusama and the Parachain.

    If the Kusama Council and other KSM stakeholders approve the tentative schedule, then the first-ever Parachain Slot auction will commence the bidding on June 17, continuing till June 22. Then the second Parachain Slot auction will start an hour later, with the next slot auctions mapped out with one-week intervals.

    Wood proposed to take a break after five weeks of auctions to estimate the productivity of the network before launching the next series of five Parachain Slot auctions based on the following schedule.

    If recommendations of the Polkadot team are followed, then the auction timeline for the Kusama Council and KSM stakeholders to approve will look like this:

    • 2021/06/15, 12:00 GMT: Opening of bidding for first Kusama Parachain Slot auction.
    • 2021/06/17, 09:00 GMT: End period of first Kusama Parachain Slot auction commences.  Only bids made before this point will certainly be considered in the final result. Bids made following this point have a linearly reducing chance of being considered.
    • 2021/06/22, 09:00 GMT: Bidding officially ends for the first Kusama Parachain Slot auction. No bids may be made on this auction following this point.
    • 2021/06/22, 11:00 GMT: The first Parachain Slot auction winner will be announced. The auction winner is determined as the highest bidder at some randomly selected point over the past five days.
    • 2021/06/22, 12:00 GMT: Second Kusama Parachain Slot auction will begin.
    • 2021/06/29, 12:00 GMT: Third Kusama Parachain Slot auction will begin.
    • 2021/07/06, 12:00 GMT: Fourth Kusama Parachain Slot auction will begin.
    • 2021/07/13, 12:00 GMT: Fifth Kusama Parachain Slot auction will begin.

    Before in May, Cointelegraph reported that Kusama was finally ready to host parachains. According to Wood words, the Kusama developer team confident that no technical hurdles will occur.

    Explaining the need to launch Kusama Parachains, Wood said, “Kusama exists as the Polkadot canary network and therefore to help protect Polkadot from a serious issue by allowing functionality to exist in the wild for as long as possible.”

    “Since the amount of protection it gives is in some way proportional to the amount of time it is active prior to Polkadot, there is a clear reason for deploying this logic as soon as possible for the good of Polkadot,” he added.

    The one-week head-up is given to allow the community the time to unstake their Kusama (KSM) and to fund auction bids.

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