Bifrost Wins 5th Parachain Auction on Kusama with Over 136K KSM

According to an announcement issued on Tuesday by Kusama, Bifrost pulled support from approximately 1,000 network stakeholders who staked Kusama (KSM) tokens in favor of adding the platform as the fifth Kusama parachain.

In total, Bifrost locked up 136,817 KSM currently valued at $20 million based on the KSM price as of the time of writing.

Winning the 5th parachain auction is a major milestone for Bifrost as it prepares to go live on the parachain to enjoy all the added functionalities that come with leasing a parachain slot on the Kusama network.

Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged assets to provide liquidity. Bifrost launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). It has obtained $2.15M in fund-raising from NGC, SNZ, DFG, CMS and other institutions and Web3 Foundation Grant.

Karura – the DeFi hub of Kusama – won the first-ever parachain auction with a successful bid of more than 500,000 KSM. This was followed by Moonriver, Shiden Network and Khala Network securing the 2nd, 3rd and 4th parachains, respectively.

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