Karura DeFi Center will be the first winner of the Kusama Parachain Slot Auction June 22, 2021

Karura Network appeared as the winner of the first Kusama Parachain slot auction.

According to a notification Karura was published on Tuesday and has obtained the service of over 15,000 institutions which have employed Kusama (KSM) as the first Kusama parachain to prepare a decentralized financial centre.

In complete, Karura has secured over 500,000 KSMs currently valued at $90 million according to Kusama’s market price in the period of writing. In ancient June, the US crypto market Kraken established a parachain auction platform for consumers to encourage bids for Karura.

First @kusamanetwork Parachain place auction obtained by @KaruraNetwork with 501.137.6619 $ KSM #EakenKarura pic.twitter.com/VjnDZPvGKR

– Dan Reecer ️⚪️ (@danreecer_) June 22, 2021

As Cointelegraph previously mentioned, the Kusama board accepted the first parachain place auction per week ago. The endorsement is based on a preliminary program drawn up by Polkadot and released two weeks past by Kusama Creator Gavin Wood.

Karura is the Polkadot execution of the Acala Protocol – a decentralized fiscal centre that’s believed to be the de facto DeFi ecosystem for the Polkadot chain.

Karura was busy the Rococo test system alongside other jobs such as Moonriver, Shiden and Kilt, together with the community greatly involved in those protocols. )

After Karura won the first Parachain slot auction, the DeFi heartbeat is currently set up to take part in the Kusama relay series.

Connected: Another first for Polkadot as the Kusama Council Requires the first voucher of the Parachain ranking

Based on Wood’s program, a second four Parachain place auctions will be held over the following four months. Each weekly voucher has a first two-day bid period and an extra five days to finish the procedure, using a winner emerging at the end of the seven-day cycle. )

After the first five positioning auctions, a critique occurs to test the functionality of the system in the procedure before another round starts, which lasts another five months.

These positioning auctions will decide the first set of parachains into be added to the Kusama relay series, which will function as the sister system for Polkadot.