MXC is always committed to supporting the development of polkadot ecosystem. The year 2021 is sure to be important to Polkadot with many events about to happen. MXC will be one of the first exchange in supporting slot auction for Polkadot and Kusama's parachains.
What is Kusama (KSM) Parachain?
Kusama was the testnet for Polkadot before the launch of the mainnet. After mainnet launching, Kusama become the pioneer network for polkadot, where many new features will first be run on Kusama network. If no issues found, then they will be deployed on Polkadot network. The following are the slot auction roadmap:
1. Launch Rococo V1 and run it stably
2. Launch system parachain of Kusama
3. Start slot auction on Kusama network
4. Deploy the successfully auctioned parachain on Kusama
5. Deploy Polkadot system parachain after the audit complete
6. Start slot auction on Polkadot
7. Deploy the successfully auctioned parachain on Polkadot
What is parachain slot?
The slot is the interface to connect parachains and the relaychain. At start, Polkadot will be the first relay chain to validate the parachains and enable communication in between. As the relay chain (polkadot) has to maintain the safety of several parachains, the number of slots is limited.
Why the number of slot is limited?
As maintaining the safety of parachain demands resources, while the polkadot network's resources are limited, so the number of slot is limited. It is the same logic of other public chain that charges handling fees to save resources.
That how many parachains will be deployed on Kusama or Polkadot network has not yet determined. According official information, parachain projects will have to stake KSM or DOT to win the use right of slots on Kusama or Polkadot network respectively. Therefore, the limit number of slot sets the threhold to exclude the meaningless parachains.
What are the steps of slot auction?
The slot auction is also called the parachain slot auction. Users who want to participate in the slot auction can just choose a parachain and stake their DOT (KSM) position. The staked users can receive relevant airdrop reward from the parachain.
As the staked assets are locked up on polkadot mainnet module, the safety of the assets is ensured even if the parachain project is failed. (Please note that this part of staked assets will not generate staking yield.)
The auction module is under preparation and has not launched yet.
When slot auction will start?
It is not determined yet, but it probably will start in February or March in 2021 on Kusama network first based on the developing progress.
The slot auctions on polkadot and kusama are independent from each other, DOT for Polkadot slot auction and KSM for Kusama.
What are the parachains that will participate in the slot auction?
If you are interested, you can visit polkaproject.com and click "SubstrateBased" to view the parachains that are about to connect the slots. There will only 10 slots in the first batch, so the competition gonna be fierce.