Kusama Parachain Auction Plan | Crust Network
On April 7, Kusama announced the details of the Kusama parachain slot auction (https://kusama.network), signaling the parachain slot auction process is nearing the launch stage and will start the auction process after the successful launch of the public benefit parachains. Learn about how KSM holders can participate in the auction process, rewards they will receive, and claiming rewards.
The Crust parallel network is named ‘Shadow’.
The Crust parallel network ‘Shadow’ will participate in the Kusama parachain slot auction. As a bridge using Kusama parachain resources, Crust Shadow is responsible for the exchange of information between the Kusama parachain and the Crust Network (mainnet).
Crust Network will participate in the Polkadot parachain slot auction in the near future, and strive to access parachains to bridge the information exchange between Kusama and Polkadot through parallel net Crust Shadow.
Contributors
Once Kusama formally launches the parachain auctions, Crust will launch a Crowdloan on Kusama. The Kusama-native crowdloan mechanism does not require users to send KSM from their wallet/account to a third-party address to participate. Native crowdloan contributions are made with a special transaction in Kusama using what’s called a campaign index, where contributed KSM remain locked until the end of the lease period.
To participate in a parachain auction, there are two options:
1. For the Kusama-native crowdloan, you can follow the instructions given by Kusama, Crust also has a detailed tutorial for everyone to follow.
2. To participate in an auction organized by an exchange, wallet application or other third party organization, you need to follow the instructions of the third party.
Contributor Rewards
Crust will offer a certain amount of CRU (Crust native token) as a reward for contributors. Currently, CRU has been listed on more than 10 exchanges with good circulation. The reward will be divided into two parts:
1. Rewards for Crowdloan Period
Crust will set a duration for the crowdloans activity launched on the Kusama network, and token holders can contribute at any time during the validity period. This duration will not be too short, and will allow Crust to use the crowdloaned KSM for multiple bids, in order to deal with possible bid failures, and avoid frequently opening crowdloans. If the bidding is successful, the crowdloan activity will end immediately; if the bidding fails, the activity will end after the set duration expires.
During the crowdloan activity, Crust will take a weekly snapshot of the contribution details. Based on this, Crust will distribute rewards to KSM contributors by airdropping CRU.
The tentative ratio of rewards is 1KSM : 0.07 CRU + 14 CSM each week, that is, contributors can receive 7 CRU + 1,400 CSM for every 100 KSM loaned per week. The earlier that token holders contribute KSM to the crowdloan, the more rewards they can receive.
Up to 15,000 CRU and 3,000,000 CSM will be distributed during Crowdloans period.
2. Rewards for Slot Lease Period — 75,000 CRU and 15,000,000 CSM
Once Crust wins the auction, the contributor’s KSM will be locked until the end of the lease period, and Crust will distribute rewards to the contributor after winning the auction. A parachain slot at Kusama is divided into 8 leases period of six weeks each. Crust is bidding for 1–8 leases period on a parallel chain for a total of 48 weeks, and plans to award a total of 75,000 CRU and 15,000,000 CSM. After the auction is successful, Crust will distribute rewards by airdrop, if the total raised KSM are less than 50,000, the distribution ratio is 1KSM：1.5CRU+300CSM. If the KSM raised exceeds 50,000, a total of 75,000CRU and 15 million CSM will be equally divided according to their contribution percentage. Contributors will receive rewards according to the sequence of participating in the crowdloans activity, 30% of the rewards will be released immediately and 10% for each subsequent lease term (every 6 weeks).
The award scheme is summarised as follows:
For instance, John contributes 100 KSM on the day of the crowdloan activity launching; and Crust wins the auction 4 weeks later; the parachain lease period to win the auction is 48 weeks; a total of 48,000 KSM are locked, then John will get:
1. The rewards of crowdloans activity period: 100 KSM receive 7 CRU and 1,400 CSM one week, 28 CRU and 5,600 CSM for 4 weeks.
2. The rewards of slot leasing period: 100 KSM could receive 150 CRU and 30,000 CSM.
John can receive a total of 178 CRU and 35,600 CSM (lock 100 KSM for 52 weeks) by participating in the Kusama parachain slot auction on Crust.
For more rules on parachain slot auction, please refer to the below article.
Claiming Rewards
After the rewards are distributed, contributors that participated in crowdloans through Kusama’s local crowdloans mechanism can use the account of KSM to claim CRU rewards on the Crust Preview Network ‘Maxwell’ (https://apps.crust.network/) . There are no restrictions for CRU on Maxwell, and it can be withdrawn at any time or provide pledge for validators /candidates on Maxwell to earn extra profit. A detailed guideline will be published shortly.
If participating through another third party, contributors should claim award with the instructions issued by the third party, and Crust will also provide corresponding assistance.
Liquidity Release Plan of Locked KSM
In order to meet demands of some contributors for a liquidity release of locked KSM, Crust is actively communicating with exchanges and third-party liquidity release providers to develop a liquidity release solution. Crust will keep you updated as soon as we have the latest news.
Auction Plan Highlights
1. Rewards will be the Crust native token CRU, which has a market value and high liquidity.
2. There will also be rewards during the crowdloan activity period, and the APY is very attractive. No matter whether the auction is successful or not, the contributors will be rewarded.
3. After the successful auction, the corresponding rewards will be released immediately, without any restrictions.
4. After receiving the reward, contributors may choose to become a guarantor of the Crust Preview Network ‘Maxwell’ , providing a pledge for validators/candidates on Maxwell to earn extra profits.
Disclaimer: As there is still some information that is not clear about the Kusama Parachain Auctions, according to the changes of the actual situation, the above plan may be adjusted accordingly. Stay tuned for the latest news.
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Kusama (KSM) Announces Date of its First Parachain Slot Auction
2021-6-9 19:40
According to a Tuesday blog post, the first parachain auction slot will open on June 15.
The industry’s debut real-world functional parachain, Statemine, started working on permissionless transactions last week. Kusama is Polkadot’s canary network and has taken a huge step forward in its development after its council voted unanimously to give Shell an upgrade to Statemine. Shell was Kusama’s first common good parachain. The main purpose of the shell parachain is to perform testing on the Kusama parachain system, but, now with the upgrade to Statemine, the parachain will support new functions. These include the ability to mint fungible and non-fungible tokens on the Kusama Network.
The parachain auctions will be responsible for determining which parachains will be integrated into the Kusama relay chain.
The announcement coincided with several tweets that Kusama fired off. One specified that once the upgrade is completed, after a three-day “enactment period” without any major issue, it will release further details about the parachain auction. At this point, projects will be able to bid for a slot to launch on the Statemine parachain and solutions they might have come up with.
The “approximate” schedule, as the tweet puts it, would see the auction commence and bids allowed on June 15 at noon GMT. The auction will then close two days later on June 17 with bids allowed until June 22 at 9:00 GMT. Then, at 11:00 GMT, the first Kusama Parachain Slot auction winner will be chosen. The said winner is picked as “the highest bidder at some randomly select block” throughout the auction.
If the Council green-lights this schedule, the second parachain auction would then begin an hour after the previous winner was announced. After that, a slot auction would be carried out at one-week intervals until mid-July. Each of these auctions will have an ending period that is around 45-hours after the beginning of said action and lasts until the conclusion of the one week bidding period.
Those five auctions over five weeks will then take a break to evaluate the overall network performance of the initial auctions themselves. If no major issues arise, another set of five parachain slot auction will launch, and so on.
While these parachain auctions provide bidders a way of earning new tokens without actually buying them directly, the downside is their crypto assets might get held for up to 48 weeks by the crowd loan module. It could be even longer if the project they support fails to be the auction winner.
As of this writing, Kusama (KSM) is trading at $369.65, down 13.53% over the last 24 hours.
The post Kusama (KSM) Announces Date of its First Parachain Slot Auction appeared first on BeInCrypto.
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Kusama Parachain Auctions
The first real-world functional parachain Statemine, began processing permissionless transactions after an on-chain upgrade last week. After some smooth running over the weekend, the time is coming to move to the next stage: slot auctions. Here is our recommendation for how Parachain auctions should be rolled out in the coming weeks.
Barely a week ago, the Kusama network made history by becoming the first fully-decentralised, secure heterogeneously-sharded blockchain, made possible by using technology developed for Polkadot. While SR Labs (Parity’s chosen external auditor) has been conducting the external audit of this logic, Kusama has gone “where no canary has gone before” and deployed this code in an effort to minimise the chances of there being any nasty surprises waiting for Polkadot’s deployment.
The first live parachain, Shell, went online a little over two weeks ago and has been running very smoothly. However, as its name might suggest, Shell was but a hollow vessel that did nothing but wait to be upgraded into something rich and functional. Like a butterfly springing from its chrysalis, this Shell parachain was upgraded to Statemine last week, Kusama’s equivalent of the Polkadot’s Statemint common-good parachain. Statemine supports several pieces of functionality including:
- Being a low-cost place to hold and transfer KSM (the minimum balance and transaction fees are substantially lower than the relay-chain).
- The transferral of permissioned fungible assets (such as non-algorithmic stable coins).
- The permissionless creation, issuance and transferral of both fungible assets and NFTs (non-fungible assets).
KSM may be moved freely between Kusama and Statemine using the XCM protocol and the same protocol allows for other parachains to interact with Statemine, using it as a reserve for trustlessly holding KSM and other assets in sovereign accounts.
It can be lonely out there
But while Statemine’s utility as a solitary chain is substantial, as both a member and a resource of a community of chains, its utility is increased exponentially.
In order to create that community, Kusama has the concept of Parachain Slot Auctions — a market-efficient way of selecting which parachains will be added to the Kusama Relay-chain and have their functionality become a part of the Kusama network. Teams that have the confidence and backing of the KSM-holding community will be prioritised with a side-effect of ensuring that the most KSM is locked up for as long as possible. (The same functionality also exists in Polkadot, making Kusama be a useful canary for several new features).
The Kusama council and assembled KSM stakeholders make the final decision over anything that happens on the Kusama network including the timing of the Parachain Slot Auctions. However, as the technical team behind the initial runtime design and implementation, it is our belief that there are no longer any known technical blocking points stopping the auctions or parachain functionality. Kusama exists as the Polkadot canary network and therefore to help protect Polkadot from a serious issue by allowing functionality to exist “in the wild” for as long as possible. Since the amount of protection it gives is in some way proportional to the amount of time it is active prior to Polkadot, there is a clear reason for deploying this logic as soon as possible for the good of Polkadot.
It is therefore our recommendation to the council that parachain auctions commence with the following schedule:
- The first parachain slot auction begin seven days from Tuesday, noon GMT, in order to allow the members of the Kusama staking community enough time to unstake KSM for their auction bids.
- Auctions commence back to back with a two day period of initial bidding followed by a five day ending period.
- Five auctions happen over five weeks with a pause for evaluation of overall network performance before a second batch of five auctions begin in a similar schedule.
The following is the case assuming that no significant and unexpected issues are found with the relay-chain logic. (In such a case all options should remain on the table for network governance including pausing or postponing any scheduled or on-going auctions.)
If these recommendations are followed then the schedule will look like:
- 2021/06/15, 12:00 GMT:First Kusama Parachain Slot auction commences. Bids may be placed.
- 2021/06/17, 09:00 GMT:First Kusama Parachain Slot auction ending period begins. Only bids made prior to this point will certainly be considered in the final result. Bids made following this point have a linearly reducing chance of being considered.
- 2021/06/22, 09:00 GMT:First Kusama Parachain Slot auction bidding ends. No bids may be made on this auction following this point.
- 2021/06/22, 11:00 GMT:First Kusama Parachain Slot auction winner selected. The auction winner is determined as the highest bidder at some randomly selected point over the past five days.
- 2021/06/22, 12:00 GMT:Second Kusama Parachain Slot auction commences.
- 2021/06/29, 12:00 GMT:Third Kusama Parachain Slot auction commences.
- 2021/07/06, 12:00 GMT:Fourth Kusama Parachain Slot auction commences.
- 2021/07/13, 12:00 GMT:Fifth Kusama Parachain Slot auction commences.
It is now in the hands of the Kusama council.
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