KuCoin Launches Kusama Parachain Slot Auction To Support Polkadot Ecosystem and Community Growth

2021/06/09 14:17:49

As one of the most prominent events in the crypto industry, all eyes are on the Polkadot Parachain slot auction, which has launched its latest updates. Recently, Kusama officially announced that it will open the parachain slot auction on June 15, 2021, and KuCoin will support the auction from June 9, 2021. Users can stake KSM on KuCoin to participate in the parachain slot auction to support Polkadot ecosystem projects.

1. What is the Kusama Parachain Slot Auction?

As the leading network of Polkadot, Kusama will first launch the parachain slot auction. Since the operation of parachains requires network resources, Kusama opens limited access to the parachain slots through bidding. Winning projects can rent slots and become Kusama's parachain. The slot lease period ranges from 6-48 weeks. Projects can freely bid and lock a certain amount of KSM during the selected lease period.

At the same time, users can also stake KSM to participate in the slot auction through KuCoin. If the supported project wins the auction, the user can get the reward provided by the team. However, the KSM staked in the auction will be locked over the lease period, during which there will be no on-chain staking income. If the bidding fails, the staked KSM will be automatically returned to the user’s Pool-X account at the conclusion of the crowdloan period.

2. Pros of Participating in the Parachain Slot Auction

On-chain rewards + KuCoin rewards

Participating in the Kusama slot auction through KuCoin will get you on-chain rewards (if the supported project wins, it will provide a token reward to the supporting users on the parachain), please check the project announcement for the reward details. In addition, you can also get an additional reward provided by the project. Once the bidding succeeds, users who have participated through KuCoin and supported the project can share the rewards. Click to check the details of KuCoin's exclusive rewards .

Simple and Secure Participation Process

KuCoin supports users participating in the Kusama Parachain slot auctions in a simpler way. They only need to deposit or transfer KSM to their Pool-X account, then log into the event page (Web End ), select the project they support, and click "Participate Now" to stake KSM for their supported project. The overall process is simple and secure without having to pay on-chain gas fees.

Click here to participate in the Kusama parachain slots auction

3. Participation Steps for the Kusama Parachain Slots Auction

Step 1: Log into your KuCoin account and transfer KSM to the Pool-X account. Click here to buy via spot trade if your KSM available balance is insufficient.

Step 2: Click “Finance” >> “ Earn” to enter the Pool-X website.

Step 3: Click “ Polkadot” to enter the “Bidding of Kusama Parachain Slots Auction” page to view the bidding process, official rules, participation rules and other information.

Step 4: Click on any project to view the project profile. Select the projects you support and click "Participate Now.".

Step 5: Input your stake amount and trading password, and click "Stake Now".

Note: The minimum amount for participation is subject to the participating page.

4. Summary

The launch of KSM's first parachain slot auctio marks a critical stage in the development of the Polkadot ecosystem. After the auction is completed and stable operation of the first parachain is maintained, Kusama will launch more parachain slot auctions, for which KuCoin will also provide more support and help to the Polkadot ecosystem and community development.