Weekly news from Kusama & Polkadot #5
Weekly summary from 11th–17th October 2021
1. Polkadot auctions announced
Polkadot council proposed the exact date of when the parachain auctions will start — November 11th, 2021. The projects will compete in the candle auction to reach the parachain slot on Polkadot, similarly as it happened in recent weeks on Kusama. The details we described in a separate article, but the main information is that there will be two batches of auctions. The first (auctions 1–5) will occur each week, the second (auctions 6–11) will occur every two weeks.
2. Kintsugi BTC won the parachain slot in auction # 11
The 11th auction won Kintsugi BTC, so this project secured for itself parachain slot #12 in Kusama — because the first parachain was Satemine — a common good parachain, for which there was no auction. Statemine allows token minting both fungible and non-fungible (NFT). Kintsugi BTC reached their cap of 200k $KSM, so the TVL is around $71,2 M.
So what is Kintsugi BTC? A canary network of interBTC (Interlay), that will bring the decentralized equivalent of Bitcoin into Polkadot. So with Kintsugi BTC, you can bridge Bitcoin 1:1 into the Kusama ecosystem, so projects like Karura can use it in its DeFi.
3. Khala enables bridging into Ethereum
Khala Network approved the proposal which enables Khala-Ethereum Bridge. So beginning by 14th October, it's possible to use bridged ETH on the Khala Network, which is a canary of Phala Network — a project that brings trustless computation into Polkadot and Kusama.
4. Polkadot runtime upgrade deployed within 8 hours
On the 12th of October, Polkadot history was made when a runtime upgrade v0.9.11 was created, voted on, and deployed within 8 hours! This upgrade contains a new feature that allows an offset to be configured to the release, enabling better control of when a lease period starts and also pallets needed to launch parachains on Polkadot.
5. Acala revealed Liquid Crowdloan DOT
Acala Network revealed last week the Liquid Crowdloan DOT, which is tradable 1:1 to DOT and that after 2 years will be turned into the original DOT again. You will be able to contribute your DOT and receive both ACA and LCDOT. For Acala, it's another important step to get the first parachain slot on Polkadot in the auction.
6. DOT is available on the Nexo platform
DOT is now available for deposits and withdrawals on the Nexo Platform. You can earn up to 8% for your deposits or borrow other assets against your DOT by using their instant Crypto Credit Line.
If you want to use decentralized swaps of DOT or lending/borrowing, you just need to wait until the parachains go live on Polkadot so you can use then platforms such as Acala, HydraDX or Parallel Finance for it. Until then, Nexo can serve your needs.
If you like this article, consider supporting us by the nomination of your tokens to Kusama or Polkadot validator going by the POLKADOTTERS name.