August 5, 2021

Crypto exchange Kraken reveals Kusama Parachain Auction Platform

2 min read

Kraken, a popular bitcoin and cryptocurrency exchange company, today announced it will support Parachain Auctions in time for the preliminaries taking place on Kusama, the “canary network” for Polkadot.

Customers, omitting those in choose jurisdictions, will have the ability to take part in Parachain Auctions on Kraken in the next few days. They can contribute Kusama tokens to a job’s parachain slot auction from today.

Even more, Kraken revealed its “Staking” section on the platform has been renamed to “Earn” and eligible clients will have the ability to easily take part in auction rounds.

“Kraken is not just an exchange. It’s a platform that makes it possible for customers to seamlessly and firmly take part in an entire range of cryptocurrency-related activities. Parachain Auctions open up a whole new vista for cryptocurrency holders. So they can back tasks that will likely make substantive changes to different aspects of our lives. Kraken is proud to support these activities; as our function is to be a crucial infrastructure supplier for space.”
– – Jeremy Welch, Kraken’s Chief Product Office

Parachain Auctions are a system that permits tasks to compete for slots on Kusama’s Relay Chain; making it possible for token jobs to launch by themselves layer-1 blockchain however with their security rooted into Kusama’s ecosystem. Parachain Auctions are set to introduce on Polkadot at some point later this year.

In a Parachain Auction, KSM holders choose the project they wish to see prosper, via locking their tokens on the Kusama network. Projects with the most KSM locked on their behalf win a Parachain slot for approximately 48 weeks. Once the lockup duration is over, holders likewise get their contributed KSM back.

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