Home CryptoCurrency News The First Round of Kusama Parachain Bidding has Ended with Bifrost Finance...

The First Round of Kusama Parachain Bidding has Ended with Bifrost Finance as the 5th Parachain

Polkadot Network is steadily moving towards launching the much-awaited parachain functionality as the first round of parachain slot auction for its sister network Kusama has ended.

The fifth and the last parachain slot auction for the first batch of 5 Kusama parachain has been concluded on Tuesday noon, July 20th. Bifrost Finance, a Substrate-based parachain designed for staking liquidity, is the winner of 5th parachain slot auction and now a parachain on Kusama network.

The official Twitter handle of Kusama network made the announcement on Tuesday, July 20th. The announcement reads:

“Welcome to the cₐₒ @bifrost_finance!

After winning the fifth parachain auction, Bifrost is now being onboarded as my sixth parachain. Approximately 1,000 network stakeholders locked up KSM in favor of Bifrost being added to yours truly.”

According to Bifrost Finance, 5,205 contributors contributed 142,431 KSM tokens to help Bifrost win the 5th parachain slot auction. According to the reports, the 5th parachain slot auction was fierce competition between Bifrost Finance and Basilisk Finance, a protocol for bootstrapping permissionless liquidity on Kusama Network. The competition was fierce that once Basilisk surpassed Bifrost but at the end, the winner was able to lock more KSMs than its competitor.

With this, Bifrost is now the sixth and the fifth external parachain on Kusama Network. The parachains currently connected to Kusama are Statemine, Karura, Moonriver, Shiden, and Khala.

kusama-parachain

Recap of Parachain Slot Auctions

As Crypto Economy reported, Kusama parachain slot auctions commenced on June 15th. The first auction ended on June 22nd and Acala’s cousin Karura Network became the first parachain on Kusama. The auction for the 2nd parachain slot began that same day and ended on July 29th with Moonriver Network, the sister network of Ethereum-compatible smart contract platform Moonbeam, as winner. The auction for the third slot ended on July 6th with Shiden Network becoming the third external parachain.

As reported earlier, forth auction ended on July 13th and Phala’s canary network Khala Network, a Substrate-based interoperable cross-chain confidential smart contract platform, became the fourth parachain on Kusama.

Bifrost Finance has won the fifth auction and will occupy the fifth parachain slot for the next 48 weeks. The Bifrost lease period will be valid until May 13, 2022.

The auctions for the next batch of five Kusama parachains will start after some days or weeks but no exact schedule is announced yet. According to reports, 100 parachains slots are available on Kusama and Polkadot chain. 30 parachain will be onboarded on Kusama in 2020. Auctions for main Polkadot chain are also expected in 2021 once parachain functionality is fully tested on Kusama.


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