Polkadot and its canary network Kusama is now moving forward quickly to unleash its full potential as the next phase of 48 Kusama parachain auctions will commence on Saturday, October 23.
On Monday, October 18, the official Twitter handle of Kusama announced the schedule for the next phase of parachain auctions with some minor changes to the auction procedure.
According to the announcement, on October 14, the team posted a proposal that proposed continuous auctions for the next 48 parachains.
Based on the community’s response to this proposal, a member of the Kusama Council submitted motion 377 to the council to vote on scheduling the next auctions. Kusama wrote:
The proposal aims to schedule 1 auction per week for the next 7 leases, which means 1 auction per week for the next 48 weeks. The Council will be able to pause the schedule if any issues arise.
All information can be found on Polkassembly: https://t.co/QDpNLDpTLl
— kusama (@kusamanetwork) October 18, 2021
“The proposal aims to schedule 1 auction per week for the next 7 leases, which means 1 auction per week for the next 48 weeks. The Council will be able to pause the schedule if any issues arise.”
Motion 377 was passed by the Kusama Council that means the next 48 Kusama parachain auctions will be conducted continuously on weekly basis for the next 48 weeks. The 12th auction will start on Saturday, October 23rd, at a block height of 9,777,777.
All the mechanisms for an auction are the same as was for the first eleven auctions. However, changes have been made to the parachain onboarding procedure. Unlike previous auctions where winning parachain were connected to their slots immediately, parachains will be onboarded in batches at the start of a leasing period. The announcement reads:
“Unlike previous auctions, winning parachains won’t be onboarded immediately, but at the beginning of the next lease period. As always council will be able to pause the schedule if any issues arise. Let the soɐɥɔ begin!”
This means after 7 auctions, 7 parachains will be onboarded at once. However, not everyone is ok with the decision. Some community members raised concerns that there were not many KSM tokens left to participate in crowdloans. This would allow spam projects to get a parachain slot with just a few KSM tokens.
Adam Clay Steebar, a Twitter user who runs a Kusama validator node, wrote:
Might not be a popular opinion but I really don't think the ecosystem is ready for an auction every week for a year.
— Adam Clay Steeber (@AdamSteeber1) October 18, 2021
“Might not be a popular opinion but I really don’t think the ecosystem is ready for an auction every week for a year.
People have already crowdloaned 20% of the total $KSM supply and @Web3foundation anticipated 25%. Staking is at 42.8%. If it goes < %30, security is “compromised””
Nevertheless, the decision has been made by the Kusama Council and auctions for the next 48 parachains are all set to start on Saturday.
As Crypto Economy reported, parachain slot auctions for the main Polkadot chain would start on November 11, 2021. Furthermore, the team has also announced that a Polkadot-Kusama bridge will also be ready by the end of this year.
This, in my opinion, makes $KSM more important than ever before.
— Donnie (@DonnieBigBags) October 13, 2021