Karura Wins the First Auction Slot on Kusama
First Kusama Parachain Slot Auction has finished the 5 days ending period at 16:43 PM on June 22, 2021（CST）, and a one-hour retrospective period ensued for randomly selecting the end block. Karura, the canary network of Acala won the first Kusama parachain slot with the lease period from June 11, 2021 — May 13, 2022, through locking 501,137 KSM!
It marks that the Kusama network is officially ushering in the era of multi-chain interconnection, indicating that Dr. Gavin Wood is implementing the “multi-chain system” he first proposed in the Polkadot whitepaper in 2017, and also means the Kusama / Polkadot ecosystem officially starts.
More precisely, Karura is officially enabling the launching stage and initiating to build its own parachain ecosystem! Although the current market condition is unsatisfactory, we believe that the technology propelling the blockchain industry forward will finally bring back the true value through experiencing the bear and bull markets! Polkaworld was fortunate enough to witness and participate in the turning point that the Kusama / Polkadot ecosystem is beginning.
few Q&A from the community
- If the project I contributed is failed to win the first auction, would my KSM be returned automatically?
No, as long as the projects you contribute does not cancel the crowdloan campaign, they will automatically participate in each new slot auction until they win the slot, and the KSM will automatically return after the slot lease period ends; or the projects cancel the crowdloan, It will be returned automatically at this time!
2. Can my KSM be contributed repeatedly for multiple Crowdloan campaigns ？
No, you can choose to contribute to multiple projects proportionally with your KSM, but you cannot use your KSM to repeatedly contribute to multiple projects!
- If the projects you contributed win the auction, the KSM has been locked in the auction slot and cannot be transferred during the entire lease period!
- If the projects you contributed do not win the auction, the KSM will remain locked in the crowdloan until it wins the auction or cancels the crowdloan!
3. Why did only 2 projects (Karura and Crust) bid for the first auction?
Please note that there are not only two projects bid for the first auction! All projects’ Crowdloan will automatically participate in every slot auction! However, the auction tab of polkadot js will only display the projects with the highest bids in the current block with the different range of leases period!
So we see that Karura is the highest bid in the 13–20 lease period, while Crust is the highest bid item in the 13–15 lease period and 16–20 lease period respectively. So although 12 projects bid for the first slot auction, we only saw Karura and Crust on the auction tab of Polkadot JS! All crowdloans can be seen on the Crowdloan tab!
4. Why is there an hour for randomness after the ending period?
Because the mechanism of the parachain slot auction is an improved candle auction, a simple understanding of the candle auction is to avoid sudden high prices at the last minute to win the auction. Through the candle auction, the bidder does not know when the auction will end. So it ensures fairness and encourages bidders to bid earlier!
So in Kusama’s 7-day auction period, 2 days are biding periods. Any bids made during this period will be taken into the final result; the remaining 5 days are random ending periods, which means that the specific block at which the auction ends is randomly selected within these 5 days! But deciding which block is the end block is randomly selected within an extra hour after the end of 5 days!
About PolkaWorld
PolkaWorld is Polkadot’s Chinese community. We have gathered more than 40,000 Polkadot fans. It is the world’s largest Polkadot Chinese community and the only community that has received the Web3 Foundation Grant. PolkaWorld is committed to popularizing Polkadot technical knowledge, training Substrate developers, and supporting Polkadot ecological entrepreneurs, thereby promoting the development of China’s Web3.0 ecology.
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