Home CryptoCurrency News Composable Finance’s Canary Network Picasso Will be the 13th Kusama Parachain

Composable Finance’s Canary Network Picasso Will be the 13th Kusama Parachain

Composable Finance’s canary network Picasso will now be onboarded as Kusama’s 13th parachain at the start of the next lease period as it has won the 12th parachain auction.

Kusama’s Twitter handle made the announcement on Monday, November 1st. According to the announcement, more than 10.3K participants locked KSM to help Composable Finance win the 12th Kusama parachain auction. It reads:

“Welcome to the cₐₒ @ComposableFin’s #Picasso!

After winning the 12th parachain auction, Picasso is now being onboarded as my 13th parachain [12-auction winning parachains, plus #Statemine]. Over 10.3K network, stakeholders locked up KSM in favor!”

According to the auction tracker Polkadot.js, these network stakeholders locked 115,080.7288 KSM tokens on Picasso’s crowdloan. With the conclusion of the 12th parachain auction, the next auction has also begun on Monday, November 1, which will end on November 8.

Unlike the previous 11 auctions where winning parachain were connected to slots immediately, Picasso, along with the next three winners, will be connected to its Kusama parachain slot at the beginning of lease period 17. As Crypto reported earlier, this is the third batch of Kusama parachain auctions in which 24 auctions will be held the winner be onboarded in groups of 4,5,5,5, and 5 at the start of lease periods 17,18,19,20, and 21 respectively.

To participate in a parachain auction, users require to lock the KSM tokens on a crowdloan created by the project. However, it requires users to purchase the native tokens of these parachain networks, which are projected to become very expensive. The best thing about Picasso’s crowdloan was that it allowed users to deposit stablecoin on its crowdloan, instead of having to purchase and deposit KSM tokens.

compostable-finance-parachain-kusama

If a user desired to deposit a stablecoin into Composable’s crowdloan, they simply locked it up in a Composable vault for 48 weeks with a standard 1% fee. Composable itself then converts these stablecoins into KSM for participation in the crowdloan. Now the crowdloan has ended, stablecoin depositors get back KSM, in addition to the native token of Picasso, PICA.

Composable Finance is a DeFi infrastructure project aiming to provide liquidity infrastructure for DeFi assets powered by Layer 2 Ethereum and Polkadot. The project is devoted to making DeFi truly interoperable, user-friendly, and flexible. At its core is an “Innovation Availability Layer (IAL)” that will “serve as a new and powerful fabric that can orchestrate and compute smart contract functions across a multitude of L1 and L2 technologies seamlessly and without compromising security.”

The most important product from Composable Finance is Mosaic Bridge that has integrated Arbitrium, Avalanche C-Chain, Polygon, Ethereum Mainnet, and Moonriver network, which allows users to transfer assets between any of these networks.

Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
- Advertisment -
#NamePriceChanges 24H