Polkadot Kusama’s parachain first ever slot auction has been set to commence next week.
During the Polkadot Kusama council meeting held on Tuesday, a motion confirming the commencement of her first slot auction on the Kusama network was passed. According to the reports shared on the Polkadot governance platform Polkassembly on the council’s proceedings, 13 out of 19 seats votes were in favour of the commencement of the slot auction process.
As earlier reported by Polkadot, Cointelegraph, and Kusama co-founder Gavin Wood had published a provisional schedule for the Kusama slot auctions as of June 8.
The slot auctions will decide the parachains that will be added to the Kusama relay chain, and those that won’t be added. Kusama functions as a stoolpigeon network for Polkadot, which according to Wood helps to secure Polkadot by āPermitting functionality to exist in the wild for as long as possible.ā
As stated in Woodās initial schedule, the first slot auction will last over five days, with the first two days being set aside for preliminary bidding.
Hence, a winner should emerge by 11:00 am UTC on the 22nd of June, while the second slot auction commences an hour later. In general, Wood suggested the first set of five consecutive slot auctions over five weeks before a temporary break to assess network performance and proceeding to the next round of auctions carried out using the same schedule.
Crypto trading platform Kraken announced a parachain auction platform to allow her clients partake in the process from the exchange itself earlier in June,. According to Krakenās announcement, clients will be able to support bids for Kusama decentralized finance (DeFi) hub Karura and smart contract protocol Shiden.
In terms of pricing, the start of the slot auction has not made mention of any major price rally for Kusuma’s token. In the last 24-hour trading period, Kusuma is up to about 2% on the price chart. Similarly, Polkadot has equally seen a much larger price rally within 24 hours, with DOT securing a 15% gain as of the time of writing.
An announcement was made by Coinbase Pro on Monday, about the addition of Polkadot’s DOT coin to its altcoin listing catalog. This is a great fit for Coinbase Pro. Moreover, the announcement also stated that DOT trading commences on 16th of June in all Coinbase supported jurisdictions with the exception of Singapore.
