Kusama Slot Auction Notes

Parachains are key to the scalable multi-chain architecture of Kusama and Polkadot.

As Polkadot's first testnet, Kusama will be the first to launch parachain auctions for testing and optimization, to expose problems in advance, and to ensure that the Polkadot mainnet on the parachain is running safely enough.

The way to start the Kusama parachain will vary depending on the project party, and the specific process is roughly as follows:

SushiSwap announced that Sushi has been deployed on the Kusama parachain Moonriver: On October 26, SushiSwap announced that Sushi has been deployed on the Kusama parachain Moonriver. SUSHI and MOVR will be used to motivate Kusama’s liquidity in the upcoming liquidity mining plan . Sushi has received 25,000 MOVR tokens and 2.5 million future GLMR tokens for the initial launch. These tokens will be used for liquidity mining and ecosystem grants for Moonriver and Moonbeam. The following are the trading pairs that will initially be incentivized on Moonriver: WETH/WBTC, WETH/BNB, WETH/USDT, USDC/USDT, WETH/MOVR, USDC/FRAX, MOVR/MIM. [2021/10/26 20:56:50]

The parachain slot auction adopts a candle auction with random parameters. The auction end time is randomly determined by the system. The project party cannot know the specific end time, so it can effectively prevent the auction attack (high price strategy at the last moment), and then obtain more accurate market pricing.

PolkaWorld: The second round of auctions on the Kusama network will start as soon as 9/3-9/10: According to news on August 5, PolkaWorld published an article today to calculate when the Kusama network will start the second round of slot auctions. The article stated that the Kusama network is currently in the The 14th Lease, and there are 29 days left to end the current Lease, and enter the 15th Lease. The lease period of each round of Kusama slot auction must be the same lease period range, so in the first round of auction, all bidding teams need to choose the lease period they want to use between 13-20 periods. If the second round of slot auction on Kusama network is from Lease 15 to Lease 22, then the second round of auction time will be within a week after 29 days at the earliest, that is, between September 3, 2021 and September 10, 2021 . But if Lease 15 to Lease 22 has not started the second round of Kusama auction, the auction time from Lease 16 to Lease 23 needs to be calculated. [2021/8/5 1:36:23]

The project team uploads its parachain code and submits the specified auction-related parameters for bidding, including: 1) at least six consecutive weeks of lease period; 2) the number of KSM locked during the lease period;

Open source software funding platform Gitcoin has integrated Polkadot and Kusama: Polkadot announced that open source software funding platform Gitcoin has integrated Polkadot and Kusama tokens (DOT and KSM) into its technology stack. This means that users will have the opportunity to innovate and build applications, solutions and frameworks within the Polkadot and Kusama ecosystems. Gitcoin is a developer-focused platform built on the Ethereum blockchain, using grants and foundation funding to grow the community. [2020/10/9]

The bidding process is transparent, each project party can see the bids of other projects, and can raise their own bids;

The specific auction end time is determined by VRF (Verifiable Random Function);

The number of KSM selected by the winning project will be locked during the slot lease period (can be unlocked later);

Before the end of the first slot lease, the project party can continue to extend the lease period through another auction.

In order to gather more chips (KSM) during the bidding process, the project party can borrow power from outsiders and attract others to lock more KSM to themselves through incentives. This mechanism was called Initial Parachain Crowdfunding (IPO) last year, but now it is called Crowdloan.

Scams are common in all walks of life. We need to be vigilant and protect our non-refundable encrypted assets. If you suspect that you have been scammed, please email the Web3 Foundation team:

(mailto:support@web3.foundation)

In this regard, the official also emphasized some security details:

Never share your seed phrase and account password

Remember that it is easy for scammers to impersonate others online

Note:

If you are participating in Kusama's local crowdsale, please do not send your KSM to an address. Local crowd lending is a special transaction (Campaign index) conducted on the Kusama network. During the transaction, KSM remains locked until the end of the lease period. Legitimate projects will not require you to send KSM to an address to participate in Kusama's local crowdfunding.

If participating in non-local crowdfunding, please consult the official channel of the parachain project party to verify details on how to participate.

Keep in mind that scammers may try to impersonate official channels and project party members. Never participate in crowdsales you don’t trust, never send tokens to people you don’t trust.

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