Kusama native currency, KSM, has soared by more than 30% in response to the heightened interest surrounding Kusama’s 6th parachain slot auction.
There has been a surge in activity on the Kusama parachain as investors rush to acquire KSM, allowing them to participate in the protocol auction set for Wednesday, September 1st.
Ahead of the auction tomorrow, digital identity solution KILT has already raised over 147,000 KSM, worth over $55 million, and is likely to win the auction.
In comparison, the second-highest bidder, Calamari, is contending for the same slot, but at a KSM value of around $30 million.
While KILT has a very high chance of winning the auction, it is also the runner-up for the 6th edition of the Kusama parachain slot auction which doubles as its second attempt.
The progress made so far is built on the KILT community, where investors’ interests are also focused on the ongoing race to win the 6th Kusama parachain slot auction.
“KILT’s bid for the 6th Kusama parachain slot auction is going quite well, largely due to the support of the community who has continued to rally behind us.
We are looking forward to seeing developers build great applications using the KILT’s identity protocol once our goal is achieved,” says Ingo Rüebe, BOTLabs CEO, and project lead at KILT.
Kusuma is an alternative blockchain system that launched as a fork version of the Polkadot. On the other hand, Polkadot is a relatively new host blockchain, and a variant of the likes of Ethereum, Binance Smart Chain, IBM (NYSE:IBM) blockchain, etc.
Specifically, Kusuma is a testnet i.e sandbox for blockchain initiatives like KILT which are preparing to publicly launch on mainstream blockchain like Polkadot itself and other compatible blockchain systems.
Kusama blockchains share the same codebase as Polkadot, and have an almost identical underlying architecture such as multichain and heterogeneously-sharded design based on Nominated Proof of Stake (NPoS).
Most notably, Kusuma operates less stringent governance regulations, further enabling a seamless trial period for hosted projects.
By auctioning its parachain slot, various blockchain initiatives and their community can purchase KSM tokens which makes them eligible to compete for a position on the Kasuma network.
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