Kusama flips legacy projects EOS and TRON as parachain auctions launch draws near 🚨 This article is 4 years old...
Kusama flips legacy projects EOS and TRON as parachain auctions launch draws near
Kusama is turning a lot of heads as a cryptocurrency project these days.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Thanks to solid price momentum, Kusama has overtaken legacy projects such as TRON and EOS recently. On the technical front, there is a lot to look forward to as well.
Kusama can be seen as a developer-oriented environment for coders looking to get acquainted with Polkadot’s technology, as both networks share the same code.
All of the features that will eventually make their way to Polkadot will be tested on the Kusama first. One such development is the upcoming launch of Parachains Auctions, a much-touted feature that will set Polkadot apart from the competition.
The main draw of Kusama – referred to as Polkadot’s canary network – is how it will see Parachains Auctions’ launch before Polkadot. Once the Parachains Auctions’ testing phase has been completed across Rococo, the technology will activate on Kusama first. It is this upcoming service launch that seems to spark enthusiasm among KSM traders as of late.
By flipping legacy projects such as TRON and EOS in market cap, Kusama has attracted a lot of attention. Currently, at a market cap of $4.824 billion, the project is quickly rising the ranks.
To traders, the upcoming developments hold a lot of potentials to push the KSM price further. Cryptocurrency and blockchain ecosystems thrive when developers are on the verge of incorporating crucial upgrades, such as Parachains Auctions.
From a long-term perspective, it seems plausible to assume that Kusama will be a rather agile ecosystem. Although Polkadot will remain the primary network, there are lots of opportunities for developers via Kusama.
Especially when it comes to innovative features and services that may not be integrated into Polkadot directly, launching them on Kusama can prove beneficial to ensure everything is working optimally before porting it to the main network.
Acala Network wins a parachain slot on Polkadot testnet
Recently, Acala Network became the first-ever project to win a parachain slot auction on Rococo, the ‘testnet’ of high-speed blockchain network Polkadot. The project now occupies the first public parachain slot on Rococo.
The project aims to issue an Acala Dollar (USD), a stablecoin pegged on a 1:1 basis with the US dollar, meaning it always holds that price with users receiving awards for every Acala Dollar they hold. This would allow users to send and receive USD across any blockchains connected to the Polkadot network.
Kusama Market Data
At the time of press 12:55 am UTC on Nov. 3, 2021, Kusama is ranked #24 by market cap and the price is up 8.96% over the past 24 hours. Kusama has a market capitalization of $4.59 billion with a 24-hour trading volume of $593.73 million. Learn more about Kusama ›
Crypto Market Summary
At the time of press 12:55 am UTC on Nov. 3, 2021, the total crypto market is valued at at $1.82 trillion with a 24-hour volume of $125.53 billion. Bitcoin dominance is currently at 59.15%. Learn more about the crypto market ›
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
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