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Polkadot and its Canarian network Kusama have rallied ahead of the second round of Parachain auctions, which go live later today.
The Polkadot Ecosystem Rallies
Lots of Layer 1 blockchains skyrocketed in August, and now Polkadot is stealing the limelight.
Both Polkadot and Kusama, the two cornerstones of the Polkadot ecosystem, made significant profits ahead of the second round of Parachain auctions. The DOT token has rebounded from recent lows of $ 23.90 last week and is up more than 25%. Kusama’s KSM token has done even better, up 50% in the last week before cooling off. They are two of the biggest winners in the crypto market in the past 24 hours, rising 16.4% and 28.4% respectively.
The bids for the first slot of the second round of the Parachain auctions will go live today at 11:00 UTC, so that participants can support their favorite project with KSM tokens.
Once assigned, the tokens are locked until one of two results is achieved. If the project wins the auction, KSM tokens are tied to the project until the end of the one-year parachain lease, with contributors receiving additional native tokens from the project. On the other hand, if the project doesn’t win the auction, KSM tokens will be returned to the contributors.
Since KSM tokens are needed to support projects in the auctions, demand has increased. Similar activity was seen in June, with Kusama rising 36% before the first round of parachain auctions.
The Kilt Protocol has already accumulated over 200,000 KSM tokens, close to the 220,000 contribution threshold, and it is likely to win. The winner of the first auction will be announced on September 8th.
Disclaimer: At the time this feature was created, the author owned BTC, ETH, and several other cryptocurrencies.
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