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Polkadot Network Ignores Market Crash! Founder: Kusama Deploys Parachain, Slot Auctions to Commence Soon

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Polkadot Network Ignores Market Crash! Founder: Kusama Deploys Parachain, Slot Auctions to Commence Soon

Founder Gavin Wood announced today that Kusama's parachain has started its launch and is expected to be completed in three phases over the next few days. Once Kusama completes the slot auction, Polkadot will follow suit.

Kusama Launches Parachains

Gavin Wood, the founder of Polkadot and Kusama, released a post today, stating that Polkadot's phased rollout is entering its final stage. Parity Technologies (the core development team behind Polkadot) has released Polkadot version 0.9, which includes necessary logic for deploying parachains, running them on the network, and conducting crowdloans. Currently, the majority of nodes on the Kusama network have upgraded to the new version, indicating that Kusama is now prepared for parachains.

Gavin Wood mentioned that the parachains on Kusama have started to launch and are expected to go through three phases in the coming days. The first phase involved deploying a non-functional shell parachain called "Shell" on the Kusama network (completed). The second step will be to upgrade the Shell parachain to Statemine parachain through governance voting, allowing it to issue fungible and non-fungible assets. Finally, once a parachain with transactional and consensus capabilities can operate smoothly under the 900 validators on the Kusama network, parachain slot auctions can begin.

Before the auctions start, Kusama will announce the start date of the first auction and the auction schedule a week in advance. Currently, Kusama is expected to conduct 5 auctions with a 7-day interval between each one. Additionally, Gavin Wood mentioned that following the successful completion of the first Kusama auction, Polkadot's auctions are also likely to take place shortly thereafter.

Polkadot Ecosystem Thrives Amid Market Volatility

The recent cryptocurrency market experienced significant price fluctuations due to Tesla CEO Elon Musk's comments on Bitcoin. However, the two major foundational networks of the "Polkadot ecosystem," Polkadot and Kusama, seemed to remain unaffected by the market turmoil and even saw notable increases compared to Bitcoin. In particular, Kusama's USD price reached $625 today, setting a new all-time high.