As outlined in the news, on the morning of December 5th, Subsocial won Kusama’s 16th Slot Auction with a lock of 100,420 KSM . According to statistics, Subsocial is the fourth project to reach the crowdloan ceiling. It previously included KILT, Basilisk and Kintsugi. Then Kusama opened the 17th Parachain slot auction.
Perhaps when most people are paying attention to the situation of the Polkadot slot auction, they have forgotten the little brother Kusama, and even from the third round of the slot auction, it may even be which items are connected to the parallel. The chain does not know why, but Kusama has just connected 16 parachains unknowingly, showing a good development trend.
Although the Polkadot Parachain will soon begin its normal operation, we still need to understand the current development situation of Kusama. Perhaps we can find some footholds for Polkadot’s ecological development. Of course, some teams choose not to participate in Kusama’s parallelism at all. However, these different Kusama parachains constitute a gradual development ecology.
For this reason, this article will sort out the status of 16 parachains that have been connected to Kusama in detail in the past, and see how interesting projects have been developed by the teams that have not been paid attention to. It can also be regarded as a small year-end summary of the ecological development of Kusama . Below, We started a retrospective tour of Kusama.
At present, the 16 parachain slots in the third phase of Kusama have all been auctioned. A total of 2,892,512 KSMs have participated in the slot auction. The current total supply of Kusama is 11.7648 million, which means that 24.5% of KSMs have participated in the slot auction. The slot is auctioned and locked. At present, there are 5.265 million KSMs participating in Kusama’s staking, accounting for 44.7% of the total supply. The circulating KSMs still account for 30.8% of the total supply.
The official has an ideal ratio of 50:33:17 for the number of staking, the number of slot auctions locked, and the number of circulation. Among them, the best staking ratio on Kusama is 50%. Reaching this ratio can get the most staking rewards.
Therefore, combined with the data, the current user expectations for KSM are low, and more people are on the sidelines, resulting in a relatively high proportion of KSM in circulation.
However, the current ratio is not far from 50:33:17, and Kusama’s ecology has just begun to develop. With the normalization of Kusama parachain slots, more projects will participate in the slot auction, which will attract more KSM participates in the slot auction, and these parallel chains that have been connected to Kusama continue to develop their own ecology, thereby empowering the entire Kusama ecosystem, which will increase users’ confidence in Kusama.
It is believed that after a period of time, this ratio will be closer to the ideal ratio as envisioned by the government.
Judging from the number of auctions
Let’s take a look at the number of bids for each parachain slot in turn. The whole is divided into three stages. The first five slots in the first stage are from Karura to Bifrost. The background situation at that time was that everyone only knew that there would be 5 parallel slots. The chain slot is about to open the auction, but I don’t know when the next round of slot auctions will start after the auction is over, and I didn’t expect the sixth to eleventh slots to come so soon.
Therefore, there are various special situations in the first five slots. One is that Karura, a pioneering network of Acala, which has been made very early and has a solid foundation, has received support far beyond other projects, and the other is that some projects are still preparing, so there is no Participate in the first round.
After the end of the first round, the second round of slot auctions soon ushered in, six slots from KILT Spiritnet to Kintsugi. The performance of each project in this round is relatively good, basically in the range of 180,000 to 230,000.
For some of these reasons, in addition to the good operation of the project itself and the support of a lot of users, it is also because some of the projects in the first round of slot auctions have been connected to Kusama, and they have opened transfers and transactions, so that users who participate in their Crowdloan can get Crowdloan, which received a good return and attracted these users to continue participating in new projects.
As we mentioned in the previous article, when the project team participated in the Kusama slot auction, they did not participate in the first few slots as soon as they came. Some were not prepared, and some were still relatively early and were still working hard to obtain With more consensus, this will be more obvious in the third round of slot auctions.
We have always concluded that the cost of slot auctions will not remain high. With the opening of Kusama’s third round of slot auctions, to be precise, a normalized slot auction begins. The entire Kusama will provide 48 parachain slots to participate in the auction, one year after the auction, and the 48th When the auction of two slots is completed, the lease of the first slot just expires, and the auction can continue seamlessly.
Kusama’s entry into the normalized parachain slot auction also means that slots are no longer so scarce for a period of time, and there is not so much competition, and the cost of slots will naturally slow down. This will actually be dynamically balanced with the development of Kusama. It’s too early to talk about the specific balance. We will save it later and dismantle it in detail. Let Kusama’s development fly for a while.
Judging from the number of supporters
If you look at the number of supporters and the number of bids, some friends may find that many projects have a small number of supporters, but the number of bids is large, and they may quickly come to a conclusion whether such projects are not feasible. In fact, we should not rush to conclusions, because there are several important roles behind this phenomenon.
One is the project party itself. Some of the project parties themselves are very optimistic about Polkadot and are also early investors of Polkadot. Since KSM is airdropped based on the number of Polkadot in the hands of Polkadot’s early investors, these project parties have a lot of money on their hands. KSM can participate in the slot auction. Of course, Polkadot does not have such a problem, because Polkadot’s chip distribution is more scattered, and there is no such easy way to obtain airdrops.
Therefore, some projects can only get high support on Kusama, but it is not so easy on Polkadot. The second is the KSM giant whale, which needless to say. Three are the capitalists behind these projects, and they often have many KSMs to support their optimistic projects.
For a project to develop well, it must either have a solid user base, or have sufficient financial support to develop the follow-up ecology, or have many resources to access. Therefore, for a project, you can’t just draw a simple conclusion based on the number of users, combined with the number of auctions, you can actually see the funding and resources behind it.
However, it should be noted that the most important factor that ultimately determines the success of the project is still the business logic of the project and the number of users. Therefore, for those projects that show that the consensus has not been well done during the bidding, and the user support is not enough, but for the projects that have funds and resources, more effort is needed to transform funds and resources through better operations. Only by becoming a user base can we become more stable and successful.
So, what is the development of these projects, and what new trends are worth our attention in the future? Please see the specific conditions of each project below.
Overview of the development of 16 Kusama slot winners
Karura is the first project to win the Kusama online slot auction. Like the relationship between Polkadot and Kusama, Karura is also the proving ground for Polkadot Eco-Financial Center Acala. Karura has the same code as the main network, and all Acala functions will be implemented first. Go online in Karura. Similarly, Karura also has the characteristics of fast development pace and rich gameplay changes.
Acala is a one-stop Polkadot DeFi center, and Karura is a one-stop Kusama DeFi center, a network that is customized for DeFi and has scalability and EVM compatibility. Karura is currently online. The KAR/KSM trading pair is launched on Karura Swap through the boot program, and the kUSD stable currency minting mechanism with KSM as collateral has been activated. The core product LKSM has also been launched, which is gradually being launched.
Recently, the Karura community and the Acala Foundation initiated a proposal to open a two-way HRMP channel between Karura and Statemine, which means that cross-chain communication between Karura and Statemine is possible to achieve various scenarios including asset cross-chain experiment.
Moonbeam’s pioneer network, Moonrive, won Kusama’s second parachain. Moonbeam is a smart contract platform compatible with Ethereum in the Polkadot ecosystem. It can provide a mature development environment and rich developer integration for multi-chain protocols to help them Enter the Polkadot ecosystem.
At present, Moonbeam has successfully integrated more than 70 projects, and there is still an increasing trend. The projects cover assets, bridges, oracles, DeFi, and so on. Moonriver is a smart contract parachain based on Kusama and compatible with Ethereum. The code of newly launched projects will be first deployed to Moonriver for testing and verification in the actual economic environment. Once the verification is completed and the test passes, the project code can be officially deployed to Moonbeam on Polkadot.
After the Moonriver network was launched, it has maintained a steady growth trend. For example, the activity on the chain and the frequency of users’ use have become more obvious, and it can be said to be the most active project on Kusama.
We can feel from the following data: Moonriver’s market value is about 3.5+ billion U.S. dollars, the number of network transfers exceeds 2 million, and an average of 101 on-chain interactions occur in each block. The support of these activities lies in the DeFi application in the ecosystem. Moonriver’s DeFi TVL reached 357 million U.S. dollars and has been developing steadily.
Shiden Network is the third parachain of the Kusama network. Shiden Network is the pioneer network of Astar Network and the dApp center on the Kusama network, which is a multi-chain centralized application layer. Astar (formerly known as Plasm) is a smart contract platform developed based on Subatrate that supports the Layer 2 expansion solution. Shiden can provide smart contracts for the Kusama network.
Currently, Shiden supports solutions such as the Ethereum virtual machine, WebAssembly and Layer2, as well as DApps such as DeFi, NFT, and games.
After Shiden went online, it gradually introduced core functions, such as upgrading the runtime version, cooperating with Kylin Network to build the XCMP cross-chain calling function, launching the test network Shibuya, upgrading the main network from PoA to PoS, and launching the token transfer function. In October 2021, dApp staking will be launched on Shiden Network. This is a unique advantage that only Astar and Shiden have in the Polkadot ecosystem.
The Kusama network needs a smart contract layer. This is where Shiden comes in. It provides smart contracts for Kusama, supports solutions such as the Ethereum virtual machine, WebAssembly and Layer2, and has good scalability and diversity. At present, Shiden is still in a preparatory stage in terms of EVM and WASM smart contracts.
Khala Network is the pioneer network of Polkadot’s privacy computing parachain Phala Network, and is a trusted computing protocol developed based on Substrate. It separates the consensus mechanism from the computing itself, ensures that the network has a highly scalable processing capability, and is committed to providing a trustless computing layer for massive and private cloud computing.
Khala Network participates in the Kusama Parachain slot auction from the second slot, auctioning slots for 8 time periods, that is, the lease period is 6 weeks * 8 = 48 weeks. Khala has successfully accessed the Kusama Parachain slot on July 13, 2021.
At present, Khala has entered the Holocene era, and the Ethereum-Khala PHA one-way bridge has been launched on August 2, 2021, opening the function of token mortgage and transfer. In its current state, the Khala Ethereum Bridge operates under a trusted federation model.
Currently, the Khala Ethereum Bridge has passed the audit of CertiK, a top blockchain security company. According to the audit report, there are no serious or major errors or known vulnerabilities; some minor issues have been resolved.
On September 3, Khala Network released the first Khala democratic governance referendum, and Khala Network officially launched Secure Worker Mining and Staking. Since October, Khala has written a SubQuery project to index data for their Xinqiao dApp. These data are used to collect transfer events, proposal approvals, etc., and then present in the dApp for all users to analyze.
Bifrost has successfully obtained the first batch of parachains in Kusama on July 20, 2021, and launched three derivatives such as vs DOT , vsKSM, vETH, and established an AMM liquidity pool with Zenlink. The total liquidity scale exceeds $1,000. Ten thousand U.S. dollars, the total TVL has exceeded 170 million U.S. dollars.
Bifrost is positioned as a bridge and asset agreement in the Polkadot ecology. By providing derivatives for staking, it connects the Polkadot ecological parachain with parachains, parachains and heterogeneous chains.
At present, Bifrost and Acala pioneer network Karura have opened up two-way cross-chain interoperability through XCM. BNC/kUSD has successfully launched Karura Swap at around 21:00 Beijing time on October 19th, becoming the first cross-chain trading pair of Karura Bootstrap. This means the opening of a new era of parachain cross-chain DeFi combination.
Bifrost will open vETH trading in the near future and launch the vsBond trading market. Next, it will promote more parachain XCM cross-chains, such as Statemine, Moonriver, Phala, etc., and bring more assets into the entire Polkadot ecosystem.
On September 8, KILT won the sixth slot of Kusama, and subsequently connected to the Kusama network relay chain. KILT is a decentralized digital identity project established by the German team. It is an open source blockchain protocol for issuing autonomous, anonymous and verifiable credentials for Web 3.0. Unlike peer-to-peer solutions, KILT uses blockchain technology to provide self-exclusive data and revocable certificates.
It is equivalent to bringing the traditional trust process of real-world verifiable certificates (passports, driving licenses, education certificates, etc.) into the digital world, while keeping your data private and ownership. KILT can also be used to create identifiers for machines, services, and anything that can establish an identity.
Calamari Network is Kusama’s seventh parachain slot. Calamari’s crowd loan contributor is the one with the largest number of community contributors among all Kusama parachain auction projects. Calamari Network is the pioneer network of the Polkadot ecological privacy project Manta Network, and it is also a privacy protection parachain on Kusama.
Generally speaking, new features will be first launched and verified at Calamari before being migrated to the Manta network. Therefore, Calamari has the characteristics of Manta Network: to provide privacy protection for cross-chain infrastructure.
At present, KMA, the project pass of Calamari Network, is now online and the governance module on the community chain has been opened. The roadmap of Calamari Network will run from Calamari V1 to Calamari V3. Eventually, both Calamari and Manta will become smart contract platforms, and can develop better privacy products on the chain through Calamari’s contracts.
The first product launched on Calamari Network is MariPay privacy payment. Users can participate in the testnet to obtain early airdrops or wait for the mainnet to go online for privacy mining. Calamari may also launch its own products in the future, and these products may not match Manta.
On September 22, Basilisk won the 8th slot of the Kusama network. Basilisk is a liquidity guidance protocol and the LBP platform on Kusama. Basilisk is the pioneer network of HydraDX. Basilisk and HydraDX jointly create a synergy that can meet the different liquidity needs of encrypted assets throughout the life cycle.
Although most of the pioneer networks are used to test the code stability of new projects, Basilisk is not just a parachain of the Kusama network. It is also an independent and modular automatic market maker (AMM) chain with the goal of Realize frictionless liquidity guidance for new encrypted assets.
Basilisk allows participants to choose the AMM model for different price discovery, including the XYK model supported by the first version, and the auction and joint curve model that will be supported in the future. In the future, it will also support stable currency, synthetic asset AMM, cross-AMM order matching, NFT market, etc.
Altair is the pioneer network of Centrifuge on Kusama and a bridge between Centrifuge and Kusama. As one of the first projects to launch parachain on Kusama, its main network, Centrifuge, has realized the generalization of real-world assets and will Commodities such as, houses, etc. are placed on the blockchain and provided to users for loans.
Altair combines the infrastructure built by Centrifuge to fund real assets on the Centrifuge Chain. As a new DeFi model, Altair will inject up to trillions of dollars in real asset value into the DeFi segment of the entire ecosystem.
Altair is built using Substrate and will have almost the same code base as Centrifuge, providing an experimental network for users who want to test the scope of financing. In the future, Altair will use KILT’s KYC mechanism and verification of our real-world Assets to further realize its vision, provide financing channels for any asset, and further promote the development of Web3.0 financial services and inclusive finance.
Heiko Finance is the pioneer network of Parallel Finance on the Kusama network. Parallel is a decentralized money market protocol established in the Polkadot ecosystem. It provides margin collateral, auction loans, mortgage derivatives and AMM functions, which can significantly improve DOT and KSM The holder’s capital efficiency.
Parallel provides users with multiple functions such as leveraged pledges, auction loans, interest rate swaps, and decentralized credit scoring, which can well solve the borrowing needs of DOT/KSM holders. In addition, Parallel Finance’s product line also has a KSM/DOT staking derivative agreement, which can generate corresponding derivative assets to introduce new liquidity for funds.
As a comprehensive DeFi platform, Heiko Finance is currently steadily producing blocks, and will launch the Heiko mainnet soon to ensure that the basic functions include the necessary deployment, runtime upgrades, testing, and technical certification of the complete platform. Every deployment is stable. At the same time, Parallel Finance released the Auction Loan product to help users who participate in Kusama and Polkadot’s Crowdloan through Auction Loan to obtain more liquidity.
Kintsugi is the Interlay pioneer network, dedicated to creating a future of seamless connection and interaction between blockchains. Anyone can use any digital asset on any blockchain without trust and restriction.
Its star product InterBTC allows users to mint Bitcoin- backed assets PolkaBTC 1:1 onto the Polkadot blockchain and use these assets in a wide range of applications, including decentralized exchanges, stablecoins and loan agreements.
As the pioneer network of Interlay, Kintsugi will launch all the functions of Interlay and launch the product KintsugiBTC (kBTC). After Kintsugi is launched as a parachain, it will be guided by Sudo and the corresponding functions will be turned on to ensure that kBTC can be successfully minted, and then the deployment and expansion of community governance will be carried out. And eventually become a real Bitcoin decentralized exchange and EVM-Support.
Picasso is Composable’s pioneer network. It is a cross-chain, cross-layer, and comprehensive DeFi infrastructure. It supports Ethereum and Polkadot, and provides supporting infrastructure for the seamless interoperability of DeFi. Currently, Composable has successfully integrated a series of Layer 2 extension solutions including Arbitrium, Avalanch C-Chain, Polygon, Moonriver and Ethereum mainnet through its innovative and efficient cross-layer asset transfer solution Mosaic.
After Picasso accesses Kusama, it will enable smoother transactions of assets between different parachain projects, allowing developers to participate in the instant-available and more extensive DeFi ecosystem through Picasso.
At the same time, Picasso will provide developers with the opportunity to maintain Parachain, users can build modules on it, thereby reducing the cost and energy of acquiring and maintaining Parachain. The result is a complete DeFi ecosystem with simplified and improved functions.
Bit.Country provides users with a smart contract platform and protocol compatible with Ethereum, allowing users to start their own meta-universe with token economy and non-functional currency, and bring community interaction to a new dimension of Web3.0 .
As the testnet of Bit.Country, Bit.Country Pioneer will have most of the functions of the mainnet, and will create the world’s largest decentralized community to jointly govern the future of the meta universe.
After Bit.Country Pioneer was launched as a parachain, the first batch of blocks was produced. At the same time, it stabilizes the integration of blockchain and DApp, ensuring the entire process of creating meta-universe, casting NFT, market transactions, and social token exchange, and achieving stable operation. Currently Bit.Country Pioneer is committed to ensuring the scalability and consistency of block production, and will implement transfers and adopt NEER’s TGE in the future.
Quartz is the pioneer network of Unique Network. As the first NFT chain of Kusama and Polkadot , Unique Network is committed to building a set of infrastructure that allows users and developers to efficiently create NFTs with high interoperability and scalability application. Quartz is built on Substrate and provides a new and more accessible model for the NFT ecosystem and market.
After accessing Kusama, Quartz will provide the Kusama community with necessary and advanced NFT tools, cooperate and communicate with the Kusama parachain community, and further optimize the Funding and governance model.
Genshiro is the DeFi parachain of Equilibrium, not just a copy of Equilibrium. Genshiro is the test site for Equilibrium’s future products before they are deployed to Polkadot.
Genshiro will iteratively implement some new functions, such as derivatives, perpetual contracts, futures contracts for gold, ETFs, commodities, and stocks. This has a positive effect on unlocking the potential of the DeFi market.
Genshiro provides a lower mortgage ratio and introduces a more flexible way to form a DeFi one-stop shop on Kusama. After accessing the Kusama parachain, the open beta version of xDOT’s Staking and Genshiro will be launched, and preparations for DEX will be made.
Subsocial is a decentralized social network open platform built by IPFS technology, dedicated to building a decentralized social network. Subsocial is an open platform for decentralized social networks and markets. It is the oldest and more mature social application network in the Substrate ecosystem. From a simple point of view, Subsocial can be considered as a decentralized Medium.
Subsocial can currently implement common functions of social networks, such as blogging, building communities, publishing articles or pictures, and commenting.
Currently Subsocial is working on the integration of the user’s Kusama identity. Once the user has a Subsocial account, this account will display the user’s information on Kusama, such as whether the user is a validator or another role in the community. And integrate Polkadot and other digital identities into it.
Although reviewing the ecological development of Kusama seems a bit bloated, after all, no matter how concise, we cannot avoid discussing the ecological projects connected to its parachain. However, through the new players who join in the follow-up, we can see the ecological development of Kusama, especially some. Teams that are not well known to the public, but only through them can we know some directions, and now is the focus of our attention.
Although Polkadot has recently caused a lot of criticism due to the general environment, after all, when the amount of locks in some new public chains exceeded the total value of the project, we had to go back and see what happened behind it, especially like With Polkadot’s slow development, the market may not wait. This is reality.
But we need to understand how long it takes to build an ecosystem, especially for designing a magnificent ecosystem like Polkadot. It is destined not to be a fast process, but we have to accept this reality in the face of tactics and strategy, just as The development of Kusama is the same, and it seems to have twists and turns, but this kind of “chaos and uncertainty” is its sign. Fortunately, the Polkadot ecology may not be described as such, it is relatively “stable and certain.”
So, let us witness the Polkadot Parachain entering the historical scene next week and see what changes will happen to this ecology. Perhaps it is worthwhile for us to write a review of the Polkadot Parachain ecological development in a few months. See you again!
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/3-pictures-dismantling-kusama-slots-auction-progress-how-is-the-development-of-the-16-teams-that-have-obtained-slots/
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