Kraken, the largest cryptocurrency exchange in Europe, will soon enable its clients to participate in Parachain Auctions on Kusama. The exchange announced that it will support Parachain Auctions in time for the first rounds on Polkadot’s “canary network”, Kusama.
The clients, excluding the ones in certain jurisdictions, can contribute Kusama to a project’s parachain slot auction starting from today. Qualifying clients can conveniently participate in auction rounds with ease.
Kraken is not just an exchange: it’s a platform that enables clients to seamlessly and securely participate in a whole range of cryptocurrency-related activities. Parachain Auctions open up a whole new vista for cryptocurrency holders so they can back projects that will likely make substantive changes to various aspects of our lives. Kraken is proud to support these activities, as our role is to be a key infrastructure provider for the space.
Jeremy Welch, Chief Product Officer of Kraken
Parachain Auctions allows projects to compete for slots on Kusama’s Relay Chain. This enables token projects to launch on their own individual layer-1 blockchain with their security rooted into Kusama’s ecosystem.
Kusama (KSM) holders can vote for the project of their liking by locking their KSM on the Kusama network. The winning projects will have the most KSM locked on their behalf, granting them a Parachain slot for up to 48 weeks. The holders get their contributed KSM back once the lockup period ends.
Parachain Auctions are expected to launch on Polkadot during late-2021.
