The ongoing Kusama (KSM) parachain slot auctions have crossed another milestone with the emergence of Moonriver (MOVR) as the winner of the second round. Five slot auction rounds will happen in the first phase to determine the maiden parachains added to the Kusama relay network.
Moonriver Joins Karura in the Kusama Relay Chain
Moonriver, the Kusama version of the Ethereum-compatible smart contract network Moonbeam, has emerged as the second winner of the ongoing parachain slot auctions. Tweeting on Tuesday (June 29, 2021), the Kusama team revealed that about 6,000 network participants locked up KSM tokens to support Moonriver’s bid to win the second round of auctions.
As previously reported by BTCManager, Karura — the Kusama version of the Polkadot (DOT) decentralized finance (DeFi) hub Acala — won the maiden parachain slot auction held a week ago.
Like Karura, Moonriver has been one of the more active projects on the Rococo testnet. Indeed, along with Shiden and Kilt, these four projects have significant participation from their community members and may most likely be with winners of the early auction rounds.
The possibility of Shiden, a smart contract protocol, becoming one of the early parachain slot auction winners is further boosted by support from crypto exchange giant Kraken. The crypto trading platform launched a platform for users looking to bid in the auctions earlier in June with support going for Karura and Shiden.
Commenting on the success of its slot auction bid, the Moonriver Network team remarked that the next phase is the deployment of its parachain on Kusama. As previously stated by Polkadot and Kusama creator Gavin Wood, the former acts as a canary network for the latter, “enabling functionality to exist in the wild for as long as possible.”
Three More To Go in the First Round
According to a tentative schedule offered by Wood and passed by the Kusama council before the start of the parachain slot auctions, the process will proceed over five weeks with five auctions happening during that time. Each period will run for a week with the first two days slated for initial bids and the winning network emerging at the end of the subsequent five days.
The end of the first five slot auctions will trigger a brief pause for network participants to examine the performance of the process before beginning another five-week cycle.
Meanwhile, KSM token price has seen a significant uptick since the start of the slot auction process and is now trading at $220 as of the time of writing.
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