Tyrone Pan from Bifrost Network joins our host Brian after winning arguably the tightest race yet. Listen in as Tyrone tells us exactly how close it was and what their rollout plans are for the network. While there is a pause before auction six you can expect that the podcast will continue to deliver great parachain content!
Recorded July 20th, 2021
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🤔 What are Parachains? 🤔
Parachains are custom blockchains that are integrated within the Kusama network. They can be customized for any number of use cases and feed into the main blockchain and heart of its network, called the Relay Chain, thus benefiting from Kusama’s network security.
📚 Parachain slot auctions take advantage of Polkadot and Kusama’s ability to give developers ways to create new crypto assets and decentralized applications (dapps) on top of its blockchain.
📝 Importantly, only 100 parachain slots are expected to be available, a number that is flexible and subject to change by governance vote over time. To claim one of these slots, the parachain projects have to win a parachain slot auction.
📷 For Kusama auctions, the project with the most KSM bonded to support its bid, at the time the auction snapshot is taken, will generally be able to claim the auctioned parachain slot.
📣 Projects may, in their discretion, give rewards to contributors who support their winning bid.
📌 If the auction is lost, the KSM bonded by contributors may be re-claimed at the end of that project’s specified campaign duration, which may last for one or more auctions.
👨💻 Where to learn more about Parachain Slot Auctions:
👉 Kraken Learn:
📌 Kraken Blog:
📜 Kraken Support Centre:
📲 Kraken App 📲
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The following information is provided to you for your convenience and for illustrative purposes only. It is provided by a third party (“Candidate”), not Kraken. It may be wrong and is subject to change.
Kraken does not guarantee, and does not assume any responsibility for, the acts or omissions of Candidate, the performance of their products or services, or the performance of the Kusama network.
These matters may relate (but are not limited) to: (i) any aspect of the Parachain Slot Auction process, such as its operation, outcomes, or functionality; (ii) any aspect of a Candidate’s Parachain Slot Auction bid, such as its success or failure, or whether the corresponding parachain network will be launched, functional, or deemed satisfactory or successful; (iii) the amount, functionality, value, or date of delivery of rewards for participation in a parachain slot auction; and (iv) your ability to reclaim any KSM you contribute in a Parachain Slot Auction.
Kraken does not recommend that you support, and does not endorse, Candidate or any other Parachain Slot Auction participant, or Parachain Slot Auctions in general.
Before participating in a Parachain Slot Auction, you must understand the risks and determine that such participation is appropriate for you.
See our Terms of Service for more information.
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