Polkadot officially announced the Kusama network slot auction rules

The key to Kusama's scalable multi-chain architecture is that parachains connect to the network by renting a slot on the relay chain through a permissionless auction. As Polkadot's canary network, Kusama will first launch parachain auctions for testing and optimization. It is likely that the parachain will be gradually launched on the Kusama network at the beginning, so as to ensure that everything can run smoothly, but we have no promises, expect chaos! Different teams have different paths to launch parachains on Kusama, but a general process may be like this: design a parachain and use Substrate to create it, first test and optimize it locally, and then test it on the Rococo test network to confirm Auction strategy for slot lease Participate in the auction and bid after the lease period begins, deploy on the acquired slot At the end of the lease period, renew the lease by participating in another auction Parachain slot auction follows an optimized candle auction Form, participants do not know the end time of the auction, preventing those strategies that bid the highest price at the last moment to obtain a more accurate price representation of the slot auction. 1. Teams upload their parachain code and start bidding by 1) a continuous 6-week lease period range and 2) the amount of KSM they are willing to lock up during the selected lease period. 2. During the auction period, public bidding will continue. Teams can see bids on other items and increase their bids over time to stay competitive throughout the auction. Polkadot Weekly: The Polkadot 65 referendum has been voted and implemented, and will be upgraded to runtime v9220: Golden Finance News, according to the latest Polkadot Weekly, the main events of this week are as follows: - Parity engineer Kian updated the May Polkadot Staking Monthly Report . In this update, the nomination pool can be frozen, and the manager can be selected, that is, the nomination pool can be controlled by governance. Kusama is offering rewards to different nomination pool users; - Polkadot’s 19th slot auction will end at around 16:00 on June 12. Coinversation won the slot rental period; - Polkadot referendum 65 has been voted and implemented, which upgrades Polkadot to runtime v9220; - The Polkadot Council passed all motions from Motion 209 to Motion 213, which aim to Funding different Polkadot Decoded side events; - Kabocha won Kusama's 38th slot Auction; - Kusama's 39th slot Auction will end at around 6 am on June 13. Tanganika is currently leading the candle period; - Kusama No. 205 referendum is being passed, which aims to reset the creation state and runtime of the Pichiu network; - Kusama No. 206 referendum is being passed, which upgrades Kusama to runtime v9230. (PolkaWorld) [2022/6/13 4:20:50] 3. At the end of the auction, the exact moment when the auction ends is randomly determined by a verifiable random function (VRF). The Polkadot committee approved the Acala proposal, and 100,000 DOTs will be used for the bug bounty of the ORML module: On March 8, the Polkadot committee announced that it had approved the Acala proposal, and would set up 100,000 DOTs for the bug bounty of the ORML module. It is understood that ORML is Polkadot's real-time runtime module library, which is widely used in Polkadot and Kusama's parachains. [2022/3/8 13:44:04] 4. The amount of KSM bid by the winning team remains locked during the lease period and can be unlocked after expiration. The parachain automatically joins the relay chain at the beginning of the lease. 5. The team can extend the lease by winning another auction before the current lease ends. Some teams may choose to crowdfund their slot leases using Kusama's built-in crowdloan mechanism, which allows everyone to support the team in winning the parachain by voluntarily locking up their KSM until the slot lease expires. Teams can reward their backers as they see fit, and design their crowdlending in various ways, and host it on Kusama or other third-party platforms. The typical process of crowdlending on the Kusama platform is as follows: 1. The team creates a crowdloan campaign, sets the maximum amount of crowdloan required and the end date of the event (considering the possibility of losing one or more auctions, the team initiates a crowdloan campaigns can run multiple auctions) and invite their community to participate. 2. Crowdloan contributors initiate a special transaction that assigns transferable KSM to the campaign's index (this is different from a normal send transaction, and contributors should not send KSM directly to an external account). 3. Contributors of KSM can submit during the crowd loan activity, or submit before winning the auction, up to the maximum public loan amount set by the parachain team when creating the event. The Polkadot ecological concept sector has an average increase of 1.03% today: Jinse Finance and Economics quotes show that the Polkadot ecological concept sector has an average increase of 1.03% today. Among the 26 currencies, 17 rose and 9 fell, among which the leading currencies were: KTON (+13.11%), XOR (+10.16%), AR (+5.51%). The leading currencies are: INSTAR (-4.70%), EDG (-4.33%), POLY (-4.07%). [2021/4/21 20:44:57] 4. If there is enough support to win the auction, then during the lease period, the entire KSM amount contributed to the campaign will remain locked. The team deploys the chain at the beginning of the lease. 5. The KSM of the crowd loan can be unlocked and returned to those contributors after the lease period ends. If the team does not win the auction by the end of the crowdloan event, the contributor's KSM can be unlocked at the end of the event. Unfortunately, scams are a real threat in the blockchain space and require vigilance. For scammers, fake crowdlending campaigns can be an attractive target. Please stay vigilant at all times to protect yourself and your non-refundable crypto assets. If you suspect that you have been scammed, please email the Web3 Foundation support team. mailto:support@web3.foundation Some basic rules of thumb: Do not share your seed phrase or account password. Remember, it's easy for scammers to impersonate someone else online. If you are participating in a local crowdloan on Kusama (see FAQ below), never send your KSM to an address. Local crowdloan is a special deal through Kusama, using a so-called campaign index where your contributed KSM will remain locked until the end of the lease period. Reliable teams will not ask you to send KSM to an address to participate in Kusama-native crowdloan. (Don’t worry, PolkaWorld will release Kusama’s local crowdloan tutorial as soon as possible) Polkadot DeFi project Equilibrium completed $2.5 million in financing: Polkadot DeFi project Equilibrium completed $2.5 million in financing, with large support such as KR1, Signum Capital and Hypersphere Ventures Investors joined Equilibrium's current funding round. Equilibrium is one of Polkadot's DeFi-centric parachain candidates, and its flagship product is a MakerDAO-like protocol for generating collateralized stablecoins. (Cointelegraph) [2021/4/8 19:59:44] If participating in a non-local crowdloan activity, please feel free to consult the official channel of the parachain team to verify the details of how to participate. Keep in mind that scammers may try to impersonate official channels and team members. Never participate in crowdlending you don't trust, never send tokens to people you don't trust. Remember, if you have been scammed, there is no way to get your money back. About Parachain 1. How many Parachain slots are available in total? Based on theoretical calculations, the current goal and expectation is that there will be approximately 100 parachain slots available on Kusama, but future optimizations (such as secondary relay chains) may further increase this number. However, it will take some time for Kusama to fully support 100 parachain slots, and they will likely be slowly added to the system over time. Not all slots will be allocated via parachain slot auction (the auction starts after a successful on-chain vote), as some of them are system parachains and parathreads initiated through governance. 2. How/when are parathreads enabled? The first auction test on the Polkadot Rococo testnet ends: According to official news, the first auction test on the Polkadot Rococo testnet has ended, and Acala won the first Rococo slot. [2021/3/26 19:19:24] We expect the parathread function to be launched within a few months after the parachain is enabled. Like other network upgrades, it will need to be enabled through on-chain governance. 1. What happens to the KSM locked during the lease period? During the parachain lease term, the locked KSM remains in the account that the parachain team uses to bid for the slot auction (or in the case of crowdlending, locked in the campaign index) and is reserved and cannot be staked (staking) and other uses. At the end of the slot rental period, anyone can request to unlock all KSM, and then these tokens can be freely transferred, withdrawn and pledged again. For crowd lending, from the beginning of the contribution to the end of the lease period, the contributed KSM will be locked, unless the crowd lending campaign fails to obtain the right to use the slot through the auction, in which case, the contributed KSM can be used at the end of the campaign Unlocked and refunded by the parachain team. All funds raised must be returned before the crowdlending campaign is completely removed from the system. 2. How much is the slot rental fee? The cost of leasing a parachain slot will depend entirely on market supply and demand, so it is difficult to make any meaningful estimates of bid requirements. However, it should be noted that the actual cost of the parachain slot is not equal to the bidding price of the parachain. Since parachain-bound KSM (bonds) are returned at the end of the slot lease, the real cost of running a parachain is best defined as the opportunity cost of KSM that cannot be staked during the lease period. The need to run collectors is an additional but relatively small cost. In general, for high-throughput applications, we expect parachains to be more economical than using smart contracts or building a separate blockchain. 3. What if the parachain team does not succeed in the slot auction? They will need to participate in subsequent auctions and bid again. Once parathread functionality is live (expected within a few months of parachain launch), parachain teams will have the option to connect to Kusama as parathreads. For crowdlending campaigns, campaigns can be set up to last for several auctions to increase the chances of winning a slot. If a team does not win a slot by the end of its set crowdlending campaign, the contributed KSM can be unlocked. If the team wishes to continue participating in the auction, it will need to initiate a new bid. 4. What happens after the parachain’s slot lease expires? Will this parachain team lose the slot entirely? After the lease period ends, the slot will be re-auctioned. If the parachain team wants to keep the slot, the team needs to bid again. Parachain slots are interchangeable, so teams don't need to keep bidding on the same slot. To avoid any downtime on the connection, and to minimize the risk of losing a subsequent auction, teams can bid and secure adjacent slot slots before the end of the current lease period. Once parathread functionality is enabled, teams also have the option to connect it to Kusama as a parathread. 5. How to follow up the status of the auction in real time? Users with an active-zce account on Kusama will be able to follow live auctions in progress on polkadot.js. There are also third-party auction platforms in development, although the Web3 Foundation cannot guarantee their accuracy or security, so be sure to do your own research. 6. Besides candle auction, are there other ways to get parachain slots? A parachain as a public infrastructure can get a slot through a governance vote. Public welfare parachains are parachains that are regarded as ecologically shared interests, and in a sense, they will benefit the entire network. For example, bridges on Kusama can connect external networks like Bitcoin or Ethereum. Such chains are designated by network governance as "public interest" parachains, which can bypass the auction process by voting for chains to be assigned to empty slots on the relay chain. Public welfare parachains can be considered as system-level and public-use chains, which provide functions and benefits for the network and are used by builders. 1. What is parachain slot crowdlending and how do I participate? Parachain teams may or may not choose to use Kusama’s crowdloan mechanism to help support their parachain slot lease bids. In order to participate in crowdlending, users agree to lock a part of KSM during the parachain slot lease period, which can be unlocked later. To participate in crowdlending, you must have a transferable KSM balance, so if your tokens are currently locked due to staking, you will need to unbond them before the crowdlending event. The unbonding period for the Kusama network is currently 7 days. The details and joining process of individual crowd lending activities will be decided and communicated by the respective parachain teams. 2. What are the benefits of participating in crowdlending campaigns? In addition to the intangible benefits brought about by supporting the success of the parachain team, participating in crowdlending activities may (or may not) receive additional rewards from the team.

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