Eleven projects joined the race when Kusama parachain auctions started on June 15. A few more got in during the latter auctions of the first batch. With impressive gains to the tune of 900,000 KSM (approximately $180 million, at the time of writing), are Kusama auctions still fair and democratic, or is everything already decided by whales? Let’s analyze the available data and attempt to illuminate the current standings.
As announced on June 8, the first batch of parachain auctions on Kusama includes five events, each of them one week long. During the auction, projects are bidding in Kusama’s native token, KSM, for their parachain slots, and it requires roughly 100,000 KSM (or about $20 million) to win. To fund their bids, projects run crowdloan campaigns. A crowdloan is an innovative crowdfunding mechanism that lets ecosystem participants stake KSM for their favorite parachain candidates and get rewards in their utility tokens.
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