Kusama Parachain Progress: Where Do the Winners Stand Now?
11 August 2021 - 01:48AM
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As you might already know, parachains are different individual
layer-1 blockchains, running in parallel within the Polkadot
ecosystem, on the Kusama network – and soon to be Polkadot as well.
While they leverage the central Relay Chain to stay connected and
secured, they benefit from Polkadot’s other properties, such as its
security, scalability, interoperability, and governance. The uses
of parachains are multiple. Taking the advantage of Polkadot’s
cross-chain composability feature, any sort of data or asset can be
sent between parachains. While it makes Parachains eligible to
connect to external networks, such as Bitcoin and Ethereum, the
property also exposes a parachain to a host of new cases and
applications. These benefits are what make parachains the talk of
the town. Becoming a parachain allows your project to operate
without paying any fees, gas, or otherwise. You get unmatched
access to the relay chain and can write transactions whenever you
want. It gives parachains a striking edge over parathreads, which
are essentially pay-as-you-go parachains. Kusama Parachain Auctions
What is a Parachain auction? These are auctions held on the
Polkadot relay chain. They determine which blockchain will connect
to the parachain slot. Quite similar to the regular auctions we see
in the world of mainstream physical transactions, here too, the
teams bid on Kusama on Polkadot. Bidding on Kusama requires using
KSM tokens, the native ones of the platform. Generally, the party
who bids the highest Being Polkadot’s canary network, Kusama rolled
out five auctions during the period between June 15th, 2021, and
July 20th, 2022. The five winners of these auctions were Karura,
Moonriver, Shiden, Khala, and Bifrost. Here, we will have a look at
the progress made so far by each of these winners. However, we will
start with Kusama’s first featureful parachain, Statemine. The
inclusion of Statemine, a common-good parachain for digital assets,
dates back to its pre-auction time. Parachain Progress so Far
Statemine The latest update is that the Kusama community has just
voted to upgrade Statemine parachain’s runtime. It became
permissionless after successfully demonstrating its teleport
functionality, both to and from Statemine, and implementing the
security auditors’ recommendations. Earlier, the Kusama Council had
exclusive authority over asset creation. During the trial phase,
the Parity and Web3 foundation teams and the Kusama Council
evaluated Statemine’s performance. Subsequently, it lifted the
restrictions, allowing anyone to create assets. Karura Karura, a
DeFi-specific hub, was the first of the five to win a Kusama
parachain auction. Since winning the auction, it has crossed many
milestones. It has completed the Karura Genesis launch and
finalized the distribution of KAR tokens. On the governance front,
it has decided to govern via the Proof of Authority or PoA
consensus mechanism. It has also completed its tech verification
and runtime upgrade, the enabling of inter-Kusama KSM transfer from
Kusama to Karura, the enabling of appointed council governance and
token transfers. Currently, the work for the Claim KAR
functionality is in progress, along with the processes of enabling
the Karura DEX and kUSD borrow functionality. Moonriver Moonriver
has completed the launch of its Genesis block, simultaneously
bringing its network to a centralized model where the governance
and infrastructure will be run by the Moonbeam team. On July 9th,
2021, the Moonriver team made an announcement. It began with
decentralizing and adding third-party collators to the active set.
The third announcement came on July 23rd, 2021, as Moonriver
decided to use the Sudo Key to issue a runtime upgrade, along with
enabling governance. Shiden After winning the Parachain auction,
Shiden has upgraded the collator runtime to bring compatibility
with the latest Kusama version. It has also adjusted the
transaction fees for vesting tokens, enabling the batch utilization
module. It is also done with the Kusama PLO reward distribution.
Phala After completing the first round of Kusama Paradrop, Phala
has completed the PHA mainnet migration. It has also finalized its
token distribution model, with an allocation of 70% for the miners,
followed by provisions for private sale (15%), airdrop (9%), team
(5%), and incentives (1%). Leveraging Web3 analytics, you can now
tokenize your data to make profits for them. The decentralized dark
pool will allow free on-chain trading. It has also introduced Phala
DAO, a new concept council. Its liquid democracy capability
exhibits a Phala-empowered novel democratic voting mechanism,
realizable only on the power networks. It has also fixed the
chain-stuck problem, integrated Phala, rewarded crowd loan
contributors on Khala, and published the Khala wallet. Bifrost
According to the latest weekly report of Bifrost, the fifth winner
of the Kusama auctions and a DeFi protocol designed to stake
liquidity of different PoS chains, the mainnet is live with the
collator upgraded to version 0.98. In node developments, Bifrost
has fixed the SALP asset issue and added real-time refresh of
addresses and plug-ins, while combining the optimized connection
code load tokens. It has also optimized its Dapp code structure and
SALP code and solved the issues of data retention in the input box
and incomplete flexible fee data loading. Closing thoughts Now that
the initial winners are on track with their development, teams are
free to extend their lease by winning another auction before their
current slot lease period ends. Projects that have crowd loaned
KSMs can unlock and return the tokens to the contributor’s control
at the end of the lease period. It would be interesting to see how
many of these projects renew their lease by the end of their
tenure.
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