Another first for Polkadot as Kusama board approves first parachain slot machine auction

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Polkadot’s council in Kusama adopted Motion 310 on Tuesday, confirming the start of the first slot auction on Kusama’s network.

According to details shared on the Polkadot Polkassembly governance platform, 13 of the 19 “seats” on the Kusama board voted in favor of starting the slot auction process.

The first slot auction on the Kusama network is approved. Source: Polkassembly

As previously reported by UKTN, Polkadot and Kusama co-founder Gavin Wood had released a tentative schedule for Kusama’s slot auctions on June 8.

These slot auctions will decide which parachaines will be added to the Kusama relay chain. Kusama functions as a canary network for Polkadot, which Wood says helps secure Polkadot by “allowing features to exist in the wild for as long as possible.”

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As per Wood’s original schedule, the first slot auction will take place over five days, with the first two days allowing for a preliminary bid.

Thus, a winner is expected to emerge by 11:00 UTC on June 22, with the second slot auction starting an hour later. In total, Wood offered the first round of five consecutive five-week slot auctions before a temporary hiatus to assess network performance and conduct another round of auctions on the same schedule.

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Earlier in June, crypto trading platform Kraken announced a parachain auction platform to allow clients to participate in the process from the exchange itself. According to Kraken’s announcement, customers will be able to support offerings for Kusama Karura’s Decentralized Funding (DeFi) hub and the Shiden smart contract protocol.

Related: Polkadot Creator Gavin Wood Offers June 15 For The First Kusama Parachain Auction

On the pricing side, the start of the slots auction has yet to trigger a major price hike for Kusama’s KSM token. KSM has only risen around 2% in the last 24 hours of trading. Meanwhile, Polkadot has seen a much larger price hike over the same time frame, with DOT securing a 15% gain at the time of writing.

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On Monday, Coinbase Pro announced the addition of Polkadot’s DOT coin to its catalog of altcoin listings. According to the announcement, DOT trading will begin on Wednesday in all jurisdictions supported by Coinbase except Singapore.