fbpx
Skip to content Skip to sidebar Skip to footer

Kraken Users Can Seamlessly Access Kusama’s Parachain Auctions Soon

Kraken, the largest cryptocurrency exchange in Europe, will soon enable its clients to participate in Parachain Auctions on Kusama. The exchange announced that it will support Parachain Auctions in time for the first rounds on Polkadot’s “canary network”, Kusama.

The clients, excluding the ones in certain jurisdictions, can contribute Kusama to a project’s parachain slot auction starting from today. Qualifying clients can conveniently participate in auction rounds with ease.

Kraken is not just an exchange: it’s a platform that enables clients to seamlessly and securely participate in a whole range of cryptocurrency-related activities. 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.

 

Jeremy Welch, Chief Product Officer of Kraken

Parachain Auctions allows projects to compete for slots on Kusama’s Relay Chain. This enables token projects to launch on their own individual layer-1 blockchain with their security rooted into Kusama’s ecosystem.

Kusama (KSM) holders can vote for the project of their liking by locking their KSM on the Kusama network. The winning projects will have the most KSM locked on their behalf, granting them a Parachain slot for up to 48 weeks. The holders get their contributed KSM back once the lockup period ends.

Parachain Auctions are expected to launch on Polkadot during late-2021.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020-2023}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in blockchain, crypto, Web3, fintech and technology.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us