How to Participate in Kusama Parachain Auctions - Top Project Proposals
Kusama Parachain auctions are incoming. Different competing projects will participate in the auctions to win a slot in the Kusama Relay Chain. Winning a Kusama slot will mean that the project’s blockchain will now be able to leverage the governance and security features of Kusama. This reduces the load on the parachains and makes them faster.
Kusama recently updated itself to be parachain compatible. The first common good chain (Shell Parachain) was launched. The next stop is the parachain auctions where the different projects will participate in a candle auction to win a slot.
To win, each project must bid the highest possible amount in the earliest possible time. To gather more bidding power, the concept of Crowdloans has been introduced. Through crowd loans, projects will be able to add up KSM from delegators to strengthen their bid. Note that the process is decentralized and the KSM is only locked for the period of the won slot.
Each of these projects is now trying to woo the holders to participate in crowd loans with them. They are offering rewards and benefits to the holders. Here are some top projects and what they are offering:
Karura is Kusama’s implementation of Acala. It is one of the most popular Parachain projects, with a popular front-face as Dan Reecer. Acala recently entered into a partnership with Current, a leading US Fintech company. The aim is to bring in a synergy between traditional and decentralized finance. The project aims to be the decentralized financial hub of Kusama. The token is known as KAR.
For new users, exchanges like Kraken are a good place to participate in crown loans. Advanced users can use Polkadot.js.
· Kusama will be locked for 6,12 or 24 months.
· In return for KSM, KAR will be distributed to the participants
· Tokens will be returned after the parachain lease is over
· The distributed KAR will be vested for a particular time.
· For 1 KSM minimum of 12 KAR will be rewarded.
Register to Karura Crowdloan
Bifrost is a decentralized cross-chain network that provides liquidity to staked assets. It provides staking derivatives to users who stake. These derivatives, in turn, can be used in different applications. In summary, it provides staking rewards and Defi interests at the same time.
The official token of Bifrost is BNC.
Bifrost plans to release user’s crowd loan KSM liquidity in the form of derivatives. It has built the Slot Auction Liquidity Protocol (SALP) to enable this.
· Get BNC airdrop in return for KSM crowd loan
· Additionally, get vsDOT/vsKSM and vsBond, two derivatives
· Get 1vsKSM for every 1KSM your bond. The vsKSM can be traded and also be used to get back KSM.
· Get 1vsBond for every 1KSM your bond. The vsBond is proportionate to the lease period of different parachains and can get the bidding rewards.
Register to Bifrost Crowdloan.
Details of parachain incentives are yet to be out. We know that the earlier participants will be rewarded more, Shiden will keep 30% of its total supply for the auctions.
Robonomics is a platform on which automated robot services would be built. The dapps built on Robonomics will provide direct user access for ordering products from autonomous factories and services of urban sensor networks.
· Robonomics will provide 1XRT for 1KSM.
· 25% XRT will be released immediately after the win, 75% will be released after the successful launch of parachain
· Get increased staking rewards of 125%
A detailed guide is provided here.
Moonriver is an Ethereum compatible smart contract parachain in Kusama. It requires minimum configuration changes and provides pre-built integrations. This will enable Ethereum Dapps to easily onramp to Kusama.
· 3M MOVR Token will be rewarded during crowd loan
· Rewards Formula: (Your KSM Contribution/Total KSM Contributions) * 3 Million MOVR
· 30% of the tokens will be immediately unlocked
Participate in Moonriver crowd loan.
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