Last night Parity released Polkadot version 0.9.3, which fixes the problem of parallel chain block verification and is a higher priority version, nodes need to upgrade to the latest version as soon as possible! After this version, the block release time of Shell parallel chain has been relatively stable, hopefully after this version, you can upgrade Shell to Statemine parallel chain, and then you can start the auction function on Kusama! PolkaWorld has compiled a list of ecological projects that are currently announced for the Kusama auction to help you understand and prepare for them!
Polka and Polka Ecology
We have seen many students on PolkaWorld backend and in the group asking what is Polka Eco? Before we introduce the Kusama parallel chain candidate, let’s explain what Polka is and what Polka Eco is.
Dr. Gavin Wood described Polkadot as a scalable heterogeneous multi-chain system when he released the Polkadot white paper back in ’17. This means that Polkadot is not like those existing individual blockchains that focus on different functions of Layer1, such as Bitcoin which is a system that enables peer-to-peer transactions, Ether which focuses on smart contract functions, Filcoin which focuses on storage functions, etc. And each of these individual blockchains needs nodes that can maintain chain security, especially for PoW chain, the cost of maintaining the chain security of the miner is very high!
Then Polkadot itself is designed to be a Layer 0 meta-protocol that does not provide any intrinsic functionality. This meta-protocol only provides security for other single Layer 1 blockchains. polkadot’s vision is a multi-chain future through parallel chains and cross-chain messaging XCMP protocol!
So naturally, Polkadot is designed in such a way that it will attract a large number of Layer1 blockchains (these are the Polkadot eco-projects) to use the security of Polkadot relay chains, because the cost of recruiting those nodes to maintain chain security is very high, not to mention the technically difficult problem of implementing interactions with other chains.
How can I join the Polkadot ecosystem?
How can I use the security of the Polkadot relay chain?
Polkadot designed parallel chains to allow Layer1 blockchains to access the Polkadot network via slots! And thus enjoy security and interoperability!
However, Polkadot is limited in its ability to provide security at this stage, with a maximum of 100 parallel chains currently available, so parallel chains are a scarce resource, and projects that want to use Polkadot security need to bid on slots through a method called candle auctions, which is what everyone cares about these days! If you can win the auction, you can access the Polkadot relay chain and become part of the Polka ecosystem; if the auction fails, you can continue bidding, or use the parallel thread!
Which projects will participate in the Kusama parallel chain auction
Karura is Acala’s canary network! Correspondingly, Karura is the DeFi hub on the Kusama network and will be the first to bid on parallel chain slots on Kusama!
According to Acala’s release, those who help Karura successfully win slots on Kusama will be rewarded with a minimum of 12 KARs for every KSM supported (for one year), all KARs will be minted at launch, with a fixed total supply of 100 million and a community-first distribution model. karura bidding The Kusama Parallel Chain slot is leased for 48 weeks. At the end of these 48 weeks, your backed KSMs will be automatically released for return.
Shiden Network is a multi-chain decentralized application layer on Kusama Network, the canary network of Plasm! will be the first to bid on Kusama’s parallel chain slots!
Shiden uses 22% of the total supply (9,900,000 SDN) to bid on slots from 0-7 cycles (7 days × 6 weeks × 8 periods = 336 days). You need to lock in 11 months of KSM tokens to support Shiden as a parallel chain! KSM tokens backing Shiden will be locked for one month and released linearly for the next ten months. During the linear release period, token holders can pledge SDN tokens to the network to earn Staking rewards. shiden is a community-driven project and will distribute a total of 65% of tokens to community members.
SherpaX is the first network of ChainX and will also be the first to bid on parallel chain slots on Kusama!
SherpaX will initially issue 21 million KSX in the form of IAO (Initial Airdrop Offering), 20% of which will be used for community autonomy and 80% for bidding on Kusama parallel chain slots. Thereafter, 10% will be issued annually. Users who support the successful SherpaX slot auction will receive 10 KSX for every 1 KSM voted! After the launch of Statemint Parallel Chain, KSX assets will be issued on Statemint first, and KSX will be released to users’ accounts first, combining PCX snapshot data and data from previous campaigns.
Darwinia Crab Network (abbreviation: Crab Network) is the first network of Darwinia Network, the first cross-chain NFT chain of Poca ecology, and Crab will soon participate in Kusama parallel chain slot auction.
The difference is that, considering that the first few slots are affected by certain instability factors, Crab plans to start the slot auction in the 4th round, and plans to get 8 slots at once, that is, 48 weeks of usage time, in order to ensure that the stability of the network operation is not affected. For every KSM supported, users will receive a base bonus of 25 CRING (APY: 15%) per day for the duration of their participation at the end of the auction (regardless of whether the auction is successful or not).
Altair is Centrifuge’s canary network on Kusama and participates in Kusama’s parallel chain auctions! Using Altair, anyone can tokenize their assets and use them as collateral to obtain financing through Tinlake!
At creation, the Altair network will take a snapshot of the balance on the Centrifuge chain and distribute AIR tokens to CFG token holders at a 1:1 ratio. altair has a token supply of 425 million. For those who participate in the crowd lending, 1 KSM backed will be rewarded with 50+ AIRs. The exact number of AIRs allocated to each KSM holder will depend on the price of the parallel-chain slot and crowdfunding participation. 25% of the rewards will be unlocked at the outset, while the remaining number will be allocated to crowdfunding participants over the duration of the parallel-chain slot.
For the first time in the Bifrost Kusama Slot Auction, vsKSM casting will be initiated and the KSM’s participating in vsKSM casting will be used in the Bifrost Kusama Parallel Chain Slot Auction, and those who support Bifrost in obtaining a parallel chain will be rewarded with the release of liquidity vsKSM with the BNC Slot Auction The KSM will be used in the Bifrost Kusama Parallel Chain Slot Auction. For every 1 KSM supported, a minimum of 10 BNCs will be awarded!
The vsKSM Mint Drop page is now live.
Khala is Phala’s preparatory master network for deployment on the Kusama network. 1:1 exchange.
Khala Network will participate in the Kusama parallel chain slot auction starting from the 2nd slot, and will auction 8 time slots, i.e. 6 weeks * 8 = 48 weeks of lease; for each KSM that supports Khala’s bid, Khala will give 100 PHA as a reward. That is, a fixed ratio of PHA: KSM = 100 : 1. The PHA reward pool is capped at 15 million PHA, i.e. after Khala reaches 150,000 KSMs, no further rewards will be given to backers!
Crust Shadow is Crust’s parallel network on the Kusama network and will participate in Kusama’s parallel chain slot auction!
During the Crust Shadow crowdfunding campaign, regardless of whether the auction is ultimately successful or not, participating contributors will receive a dual coin reward of CRU+CSM. 30% of the reward for the lease period will be released immediately after a successful auction, and 10% for each subsequent lease period. additional rewards.
Moonriver is the pioneer network of Moonbeam and will conduct parallel chain slot auctions on the Kusama network!
Moonriver will contribute 30%, 3,000,000 MOVR tokens to the Kusama auction, 30% of which will be distributed directly at launch and 70% of which will be released linearly over 48 weeks! Since Moonriver’s crowdfunding campaign does not have a fixed KSM cap, contributors are rewarded based on the percentage of KSMs you personally backed compared to the total KSM amount at the end of the auction! For example, if you backed 100 KSMs and Moonriver received a total of 10,000 KSMs, you would receive 1% of the 3,000,000 tokens, or 30,000 MOVRs.
Zenlink is a distributed DEX for the Polka ecosystem. Plug-in modules like Zenlink and many Polka ecosystem DApp-type or protocol-type projects do not need bidding slots themselves, but their products must be deployed to the parallel chain, so Zenlink launched Zenlink SlotVault to participate in the Polka parallel chain in a more reasonable way. Zenlink is launching Zenlink SlotVault as a more reasonable way to participate in the auction of slots in the PoC parallel chain.
Simply put, we can freely choose the allocation of funds on SlotVault to participate in the Crowdloan of each parallel chain project according to the revenue, so as to obtain multiple tokens, encourage more users to participate in the Crowdloan of parallel chain projects, and also increase the success rate of parallel chain projects to bid for slots.
Also, all users who pledge KSM/DOT votes through Zenlink SlotVault to support the live parallel chain project auction slots will receive some ZLK (Zenlink native tokens) as an additional incentive.
- When will the eco-projects go live?
For eco-projects bidding for a parallel chain, they need to bid for a slot and launch the parallel chain before they can officially launch their mainnet!
- Do we need to do anything in advance?
The Kusama website will give you 7 days advance notice to unlock KSM, so before the auction, you can learn the rules and process of the auction in advance, as well as find out exactly what projects you want to support and what channels they have for the auction!
- What is the process of bidding?
For regular users, our preparation process is as follows
Follow the Kusama website to announce the unlocking time of KSM
Start unlocking your KSM
Wait for the project to open a crowdfunding campaign (usually on polkadot.js.org and other project owners’ own channels or exchanges)
Select the auction project you want to support (a video tutorial will be posted on the PolkaWorld public website)
- Is there anything I should know about participating in the Kusama slot auction?
Anyone or any project party claiming to be bidding on a parallel chain, if they ask you to transfer KSM to one of their addresses, please be aware that this could be a scam!
All KSM’s that are bid in the slot are locked in the Polkadot relay chain, no one can transfer this amount and these KSM’s do not belong to the project party bidding on the parallel chain! It will be returned to the backer’s Kusama account at the end of the lease period of the parallel chain!
- How can I tell if a project is participating in the parallel chain slot auction?
All projects participating in the Kusama slot auction will be the first to post their crowdfunding campaign on polkadot.js.org. If you don’t see the corresponding project on polkadot.js.org, then be aware that it might be a scam!
A few tips on how to choose a slot program are provided for reference only.
Choose a project that started as a polka ecology project “How to determine the legitimacy of a polka ecology project?
Choose a project that has participated in the parallel chain test network Rococo test auction
Understand the auction rules and reward scheme of the project, PolkaWorld will also release the projects with the rules one after another
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/latest-roundup-9-projects-announced-to-participate-in-kusama-parallel-chain-bidding-how-to-play/
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