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US Crypto Exchange Giant Kraken Released Kusama Parachain Auction Platform

By Shannon Wilson | June 10, 2021
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Crypto exchange heavyweight from the US Kraken has reportedly revealed details of the release for the first-ever Parachain Auction Platform, allowing direct participation from the exchange. 

Specifically, Kraken reportedly disclosed that the new platform will assist whichever user has satisfying the qualifications needed, to offer support towards Kusama initiatives, competing for a position in Parachain, via staking Kusama’s KSM tokens.

Users who pledge support for a winning bid will reportedly be able to receive rewards, ranging from referral bonuses, early participation bonuses, to airdrops. 

Initially, 100 Parachain slots will reportedly be rolled out, with adjustments will be made as the project develops, via protocol governance votes. 

In its first Parachain auction, Kraken will reportedly be opening up supporting chances for the bids of minimum two initiatives, beginning with Karura and Shiden.

Karura operates as a DeFi hub and stablecoin platform dedicated to the Kusama network, with its services being a crypto-collateralized stablecoin, a decentralized exchange, access to liquid staking, and an EVM (Ethereum Virtual Machine) compatible blockchain.

Shiden reportedly functions as a smart contract layer for the Kusama network, equipping developers with an environment to create new DApps. It will also work as a cross-chain platform, offering support features for Ethereum and layer two protocols.

Polkadot creator Gavin Wood has reportedly put up a proposal for the first Kusama Parachain auction to take place on June 15th. After the first five weekly auctions are carried out, Wood suggests a pause period, devoted to the evaluation of the network performance, prior to initiating the next auctions.

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