Kraken Unveils Parachain Auction Platform

Kraken clients can securely participate in Kusama’s Parachain Auctions without having to leave the exchange.

Kraken, the largest cryptocurrency exchange in Europe by euro trading volume, has announced it will support Parachain Auctions in time for the first rounds taking place on Kusama, the “canary network” for Polkadot.

“Parachain Auctions open up a whole new vista for cryptocurrency holders so they can back projects that will likely make substantive changes to various aspects of our lives. Kraken is proud to support these activities, as our role is to be a key infrastructure provider for the space.”

Kraken clients, excluding those in select jurisdictions, will be able to participate in Parachain Auctions in the next few days. They can contribute Kusama to a project’s parachain slot auction from today. The “Staking” vertical on the Kraken platform has now been renamed to “Earn,” and eligible clients will be able to easily participate in auction rounds with just a few clicks.

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“Kraken is not just an exchange: it’s a platform that enables clients to seamlessly and securely participate in a whole range of cryptocurrency-related activities,” said Jeremy Welch, Kraken’s Chief Product Officer. “Parachain Auctions open up a whole new vista for cryptocurrency holders so they can back projects that will likely make substantive changes to various aspects of our lives. Kraken is proud to support these activities, as our role is to be a key infrastructure provider for the space.”

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Parachain Auctions are an innovative new mechanism that allows projects to compete for slots on Kusama’s Relay Chain, enabling token projects to launch on their own individual layer-1 blockchain but with their security rooted into Kusama’s ecosystem. Parachain Auctions are set to launch on Polkadot sometime later this year.

In a Parachain Auction, KSM holders effectively vote for the project they want to succeed by locking their KSM on the Kusama network. The projects with the most KSM locked on their behalf will generally win a Parachain slot for up to 48 weeks. Once the lockup period is over, holders also get their contributed KSM back.