Kusama (KSM) improves its parachain and launches auctions by CoinQuora
- Kusama announced that he had successfully voted to upgrade his parachain.
- This will be KSM’s first live and fully functional parachaine.
- Auctions in the parachain slot machine auctions will begin shortly after a 3 day promulgation period.
On Wednesday, Kusama (KSM) announced via Twitter that it had successfully voted to upgrade its parachain from Shell (LON 🙂 to Statemine. Thus, it will be KSM’s first living and fully functional parachain. More so, KSM will proceed with its parachain auction if all goes according to plan.
It should be noted that Kusama is the canary network of Polkadot. KSM is a permissionless network allowing developers to experiment and test dApps and blockchains before deploying them to Polkadot. Obviously, it took an important step in its development when its board of directors voted unanimously to upgrade their Shell (first parachain common good) to Statemine.
To better understand, Shell’s function is to examine the capacity of the Kusama parachain system. Therefore, with Statemine, the parachain will be able to take over various functions such as typing fungible and non-fungible (NFT) tokens.
According to this tweet, once the upgrade is complete, people can wait for a 3-day enactment period and the first live, fully-functional Kusama parachaine will be live. In addition, equity loans and auctions will continue shortly thereafter.
The @kusamanetwork Council voted to upgrade “Shell” to “Statemine”, which after the 3 day promulgation period will be Kusama’s first live and fully functional parachaine.
Crowdloans looming, then teams start bidding in the parachain slot machine auctions shortly thereafter. Be ready! pic.twitter.com/gr6n9EzGkO
– Dan Reecer (@danreecer_) June 2, 2021
That said, it will bring positive news to KSM and DOT holders. In particular, a successful upgrade of the Statemine parachain will be of interest to projects that begin to carry out their crowdloan activities or their parachain loan offers (PLO).
Additionally, PLO participants will be returned their initial KSM tokens alongside the project’s native crypto right after the auction ends.
According to a report from May 31, 2021, Karura (KAR), Kusama’s DeFi hub, also released details of its parachain auction. Apart from that, Karura said that they will offer participants 12 KAR tokens for each KSM they contribute.
At the time of writing, KSM is trading at $ 400.31 and gained 34.3% last week with a market cap of $ 3.59 billion, according to CoinGecko.
This article first appeared on coinquora.com
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