Polkadot is getting geared for the final stage with the parachain activation process on stand by
Big news, big news for Polkadot investors and fans. Right now, Polkadot Blockchain, is getting ready for it’s parachain stage, where parachains can come up in the network.
This means that the launch of the parachain process has been getting tested at Polkadot’s test network or canary network, Kusama.
Kusama got set for the parachain slot auction stage
A lot of parachain action happened on Kusama earlier with the first parachain called Statemine successfully having come to life and running smoothly without problems . More on this will be explained in another article.
As the Statemine parachain stayed stable in the Kusama Network, the stage was set for the much awaited Parachain slot auctions.
There are a limited number of 100 parachain stots available in the Polkadot and Kusama network and to get a parachain slot, an aspiring entity has to participate in the parachain slot auctions where the highest bidder in the auction wins the parachain slot.
The participating entities can get crowdfunded loans for participating in the auction, with Kusama token holders of KSM crowdfunding their chosen entity with KSM tokens. The holders who loaned their tokens would be rewarded with the entity's tokens and would receive their funded tokens back after the lock-in period.
The winning entity that won the first parachain slot auction in the Kusama Network
The first parachain slot auctions in Kusama has finished and the parachain slot winner is announced as well. The winner who won the first parachain slot in Kusama is Karura, which is the twin of Acala, the DEFI project entity building on the Polkadot Network.
From Acala's website
Karura is twin of Acala with the former in Kusama network and latter in the Polkadot Network
Karura had received KSM tokens from 15,000 KSM stakeholders, with the entity managing to raise 500,000 KSM tokens to be the winning bidder and getting the first parachain slot in Kusama Networkt!!
Acala may win a para chain slot in Polkadot
The next parachain auction in Kusama must have begun yesterday and must be ongoing now.
This could mean that in Polkadot when the parachain auctions begin, a winning entity to secure a parachain slot there, may be Acala which is Karura’s twin in the Polkadot network!!
Thank you for reading.
You can read my article on Cosmos I wrote yesterday here, which explains about the latest developments in the Cosmos Network that only increases the utility of Atom crypto.