No new notifications
More
Rise/fall colour
Start-End Time of the Change
Overview Of Winners Involved In Kusama_s Second Round Parachain Slot Auction
2021-11-02, 09:19
Polkadot slot auctions will officially begin on November 11. And the third round of Kusam slot auction should have run on October 23, but due to some issues, it began on October 25.
KILT focuses on identity verification services on the blockchain and works to create a decentralized digital identity marketplace.
Calamari uses zkSNARKs (zero-knowledge succinct non-interactive arguments of knowledge), which allows users to transfer and transact without revealing their on-chain addresses.
Basilisk offers a liquidity bootstrapping pools service for the KSM/Polkadot network similar to that provided by Banlancer on Ethereum.
Altair bridges across the Kusama, Polkadot and Ethereum ecosystems Tinlake and makes real-world assets tokenized via Tinlake thus bringing assets on-chain.
Heiko is a decentralized money market protocol and can significantly improve funding efficiency and profitability.
Kintsugi is a cross-chain bridge between the Bitcoin and the Kusama network. Its token kBTC is a 1:1 Bitcoin-backed asset on Kusama.
[Keywords] Polkadot, Slot Auction, Kusama, KILT, Calamari(Manta), Basilisk(HydraDX), Altair(Centrifuge), Heiko(Parallel), Kintsugi(Interlay)
The Polkadot community has approved a proposal announcing that the long-awaiting Polkadot slot auction will officially begin on November 11th. As the core function of the Polkadot network, Parachains slot is the final piece in the Polkadot project. The schedule for the auctions is as follows:
The first round of auction (Batch 1) will consist of 5 auctions. Each round will last for 7 days, and be held every 7 days.
Auction 1: November 11, 2021 to November 18, 2021
Auction 2:November 18, 2021 to November 25, 2021
Auction 3:November 25, 2021 to December 2, 2021
Auction 4: November 2, 2021 to December 9, 2021
Auction 5: December 9, 2021 to December 16, 2021
All the winners of this round will officially launch the parachains on December 17, 2021 and will be leased until 20 October 2023.
The second round of auctions (Batch 2) also involves 5 rounds where each round lasts for 7 days and is held every 14 days.
Auction 6:December 23, 2021 to December 30, 2021
Auction 7:January 6, 2022 to January 13, 2022
Auction 8:January 20, 2022 to January 27, 2022
Auction 9:February 17, 2022 to February 24, 2022
Auction 10:March 3, 2022 to March 10, 2022
All winners of the second round will officially launch the parachains on March 11, 2022, with a lease running until October 20, 2023.
For information on what Polkadot slot is, as well as what is the relationship between Polkadot and its Canary Network Kusama, the introduction of auction facility and why the Polkadot slots are so high-profile, check out the following articles:
In the previous article(What Projects Are Involved In Kusama's First Round Parachain Slot Auction?), we introduced five winners in the first round of Kusama slot auction. And in this article, we will perform our analysis with the winning projects in the second round(September 1, 2021 to October 6, 2021). A total of about 1.25 million KSM were locked in the crowdloan during the second auction. Together with the 1.1 million KSM locked in the first round, 20.4% of all issued tokens are locked from auctions 1 - 11.
In the second round, projects that won slots, in order, were: KILT Spiritnet, Calamari Network(the canary network of Manta Network), Basilisk, Altair, Parallel Heiko, Kintsugi BTC(Interlay). Among them, KILT, Basilisk and Kintsugi reached their respective crowdloan caps shortly after the beginning of this round of auctions.
I. KILT Spiritnet - A Blockchain Identity Protocol Providing Decentralized Identity Verification Service
As the winner in the auction 6, KILT aims to “issue self-sovereign verifiable, revocable, anonymous credentials and enabling trust market business models in the Web 3.0” and then to enable trustworthy decentralized transfer, while protecting the autonomy of user data.
Based on the KILT protocol, businesses or individual users can securely create their own "digital identity" (e.g. KYC data) for verification on the blockchain network, while retaining control over their identity data. For example, Polkadex, a decentralized exchange on Polkadot, supports KYC verification based on the KILT protocol.
KILT whitepaper: https://www.kilt.io/wp-content/uploads/2020/01/KILT-White-Paper-v2020-Jan-15.pdf
Within 5 days of participating in the auction, KILT reached its crowdloan cap of 220,000 KSM from 8,000 contributors. Each staked KSM is worth over 25 KILT.
II. Calamari Network - Privacy Protection
In the auction 6, Calamari unfortunately lost with 200,000 KSM locked, but in the auction 7, it won. As the canary network of Manta Network, Calamari Network focuses on securing the privacy of on-chain transactions for DeFi users. The project uses zkSNARKs (zero-knowledge succinct non-interactive arguments of knowledge), which allows users to transfer and transact without revealing their on-chain addresses.
Calamari whitepaper: https://eprint.iacr.org/2021/743.pdf
Currently, the Calamari team is working on two plug-and-play solutions: MariPay and MariSwap. MariPlay supports the private transfer of Kusama and its parachain assets, while MariSwap is a decentralized exchange which preserves the privacy of user addresses.
In the auction, Calamari obtained nearly 220,000 KSM from 16,000 contributors in the crowdloan. Each staked KSM can be exchanged for over 10,000 KMA.
III. Basilisk - Cross-Chain Liquidity Protocol
As the canary network of HydraDX, Basilisk is the winner in the auction 8. The lack of liquidity is always a challenge for projects newly launched on DEX trading. Especially in their early stages, projects often need to invest a large amount of funds on their own to ensure the liquidity of transactions and make the token price not easily manipulated. On the Ethereum network, a solution is provided by Balancer, with its liquidity bootstrapping pools. These pools allow a new token to be pegged to a DAI stablecoin. Basilisk has implemented similar functionality on Kusama, and will offer more advanced price discovery mechanisms such as auctions and NFT marketplaces.
In addition to being the first network of HydraDX, Basilisk has a closer tie with HydraDX. Early in a project's offering, Basilisk can be chosen to provide liquidity, and once the project has grown, it can turn to HydraDX for further liquidity. In the slot auction, Basilisk achieved 222,000 KSM from nearly 12,000 contributors in the crowdloan. Each staked KSM can be converted into over 10,000 BSX, and additionally at least 255 HDX.
IV. Altair - Financing Real-World Assets on Centrifuge Chain
As the winner in the auction 9, Altair is the canary network of Centrifuge and aims to provide interoperability for DeFi projects. It will bridge across the Kusama, Polkadot and Ethereum ecosystems to enable the free flow of assets on them.
Centrifuge has another ambitious vision, which is to tokenize real-world assets. On Ethereum, Centrifuge has its own Dapp, Tinlake, which makes real-world assets tokenized as NFTs thus bringing assets on-chain. Then, projects can also use these NFTs as collateral to get a loan on the DeFi project.
Altair whitepaper: https://ctrf-tk-ppr.s3-us-west-1.amazonaws.com/Centrifuge+Token+Design+Spec+v0.5.pdf
In the slot auction, Altair received 188,000 KSM from more than 11,000 contributors in the crowdloan. Each staked KSM is equivalent to 430 AIR.
V. Heiko - Decentralized Money Market Protocol
Actually, Heiko had the lead at the end of the auction 9. However, because candle auction rules state that the crowdloan will end at a randomly chosen time, the final winner in the auction 9 went to Altair and Heiko won the KSM slot in the auction 10. Heiko Finance(the canary network of Parallel Finance on KSM) goes one step further from the usual DeFi services by offering new services such as leveraged staking, auction lending, insured staking and more. These features can significantly improve funding efficiency and profitability.
Parallel whitepaper: https://docs.parallel.fi/white-paper
In the auction, Heiko achieved 203,000 KSM from more than 10,000 contributors in a crowdloan. Each staked KSM can be exchanged for 200 AIR.
VI. Kintsugi - A Cross-Chain Bridge Between the Bitcoin And the Kusama Network
Near the end of the second round, Kusama Council announced to add one more project to the batch, and the winner is Kintsugi. Some analysts even speculated that this additional auction is dedicated to Kintsugi.
Kintsugi is the Canary Network for Interlay, which aims to bring the value of Bitcoin to other public blockchains, including Ethereum, Polkadot and Cosmos and to take full advantage of its value. In the Interkay website, you can see its advertising slogan: "Use your Bitcoin anywhere".
Kintsugi introduces a new token, kBTC, which is a 1:1 Bitcoin-backed asset on Kusama. In this it’s similar to WBTC(the ERC20 token backed 1:1 with Bitcoin). However, compared to WBTC, the issuance of kBTC is completely decentralized, and at the same time, the value of kBTC is based on both BTC and KSM. Even if the BTC collateral is lost, kBTC still has KSM as its value base.
In the slot auction, Kintsugi received 200,000 KSM from more than 8,000 contributors in a crowdloan. Each staked KSM can be converted into more than 3.75 KINT.
Conclusion
The Kusama Council recently passed Motion 377 to schedule the next 48 auctions launched from October 23. Kusama is Poca's Canary Network, but it’s more than that. 12 projects already connected on the Kusama are creating real value. It will be updated faster and at a lower cost than Polkadot, and each of them serves a different customer group.
You can join in the Polkadot / KSM slot auction with Gate.io’s one click participation feature. After the Polkadot slot auctions officially start on November 11th, relevant updates will be shown on the “Finance” page. Please stay tuned.
Details:
Gate.io Announcement on Supporting the Participation of Polkadot’s Slot Auction
Author: Ashley. H (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
Credit Ranking
Complete Gate Post tasks to upgrade your rank
Related articles
