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The first-ever parachain slot auction on Kusama Network has begun

According to Dan Reecer, VP of Growth Acala Network & Karura Network, the first-ever parachain slot auction on Kusama Network has begun. According to information shared on the Polkadot governance platform Polkassembly, 13 out of the 19 seats on the Kusama council voted in favor of commencing the slot auction process.

Polkadot’s Kusama council passed Motion 310, confirming the start of the first slot auction on the Kusama network

Polkadot and Kusama co-founder Gavin Wood have announced the tentative schedule for Kusama location auctions on June 8. These location auctions will decide which parachains will be added to the site. Kusama relay chain.

the-first-kusama-parachain-slot-auction-will-now-commence-and-is-set-to-run-for-the-next-week

Source: Kusama Polkassembly

Wood said:

“Kusama functions a canary network for Polkadot, which helps to secure Polkadot by allowing functionality to existing in the wild for as long as possible.”

According to Wood’s original schedule, the first place auction will run for five days, with the first two days allowing for preliminary bidding. As a result, the winner will appear by 11:00 am UTC on June 22, with a second-place auction commencing an hour later.

Wood shared:

“I consecutive the first set of five slot auctions over five weeks before a temporary pause to evaluate network performance and proceed to another round of auctions carried out using the same schedule.”

Here’s what happened in the past week and what’s coming in the next 7 days

According to Reecer, in the past week, many teams have opened their crowdloan to garner KSM contributions from their communities in support of their bid in the parachain slot auction.

He stated:

“We have now entered the ‘opening period’ of the auction which you could think of as just a 2-day warm-up period. The winning bid cannot be chosen during this period. You’ll see a blank screen on the Polkadot.js dashboard because crowd loans auto-bid on day 3 – the ending period.”

On Thursday around 12 pm UTC, the real games will begin. This is the start of day 3 – 7 ending period. Each team’s full crowd loan will automatically bid once this ending period begins, like pushing a stack of poker chips all-in.

Reportedly, during the auction, crowdloans remain open. Anyone can continue to contribute to a parachain team’s crowdloan to increase their bid. Any new contributions to the crowdloan will be reflected in the team’s cumulative bid at the end of each block.

the-first-kusama-parachain-slot-auction-will-now-commence-and-is-set-to-run-for-the-next-week

Source: Dan Reecer/Twitter

Accordingly, crypto exchange Kraken announced a parachain auction platform to allow customers to participate in the process from the exchange itself. Customers will then be able to support bids for the Kusama DeFi hub Karura and smart contract protocol Shiden.

At press time, Kusama (KSM) is trading at $395.87, down 6% over the past 24 hours. Meanwhile, Polkadot has seen a much larger bull run over the same period, with DOT securing a 14% gain over the past seven days.

Also, as AZCoin News reported, Coinbase Pro has announced support for Polkadot (DOT). Trading will begin on or after 9 AM Pacific Time (PT) Wednesday, June 16, if liquidity conditions are met.

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