KuCoin Will Support the Kusama Parachain Slot Auction

2021-06-09 20:53:09--

Dear KuCoin Users,

KuCoin will officially support the Kusama Parachain Slot Auction, taking place at 10:00:00 on June 9, 2021. Users can stake KSM to participate and support their favored Polkadot ecological project! (All times in this announcement refer to the UTC time zone)

Participation Methods 

1. Deposit/transfer KSM to your Pool-X account.

2. Log into your account and click “Participate Now” to support Polkadot projects you favor. (Web)

Timeline

1. Crowdloan Period

During this period, users can deposit/transfer KSM to their Pool-X account to participate. If you participate, your KSM assets will be locked. The minimum stake amount is subject to the participating page.

2. Bidding Period

The slot is bid on in the Candle Auction. The slot auction will be completed on the chain and will be terminated randomly. Please pay attention to the auction results in time.

3. Lease Period 

If the auction succeeds, the staked assets will be locked in accordance with the lease period of the project. If it fails, the system will automatically return the KSM back to the users' Pool-X account.

Rewards:

1. On-Chain Rewards: If the supported project successfully bids, all users who supported this project will share this on-chain reward pool. The amount of the rewards is subject to the announcement of the project party.

2. KuCoin Rewards Pool: If the project provides an additional rewards pool, once the bidding of the assisted project is successful, all users who participate through KuCoin to support the project can share the rewards pool.

The details of the supported projects and rewards are as follows:

ProjectsOn-Chain RewardsKuCoin Rewards Pool
KaruraKAR50 Co-Branded NFTs
Shiden NetworkSDNN/A
SherpaXKSX5,000 KSX
MoonriverMOVRN/A
KhalaPHA20,000 PHA
GenshiroGENS1,200,000 GENS

* Reward calculation method: (user’s staked amount of KSM / total staked amount of KSM) * corresponding reward pool

*If Karura wins the slot, the top 50 users based on their staked KSM amount will receive Karura x KuCoin Co-Branded NFTs.

Notes:

1. If the bidding of the supported project is successful, the KSM assets participating in the bidding will be locked until the slot lease period is over, and there will be no on-chain staking rewards. If the bid of the supported project fails, the staked KSM will not be automatically returned until the end of the project Crowdloan period.

2. KuCoin only serves as the platform to provide users with services for participating in the auction, and does not bear any financial losses caused by the project party or the security of the chain.

3.Please visit the Pool-X official website for the follow-up supported projects and details.

About Polkadot Parachain Slot Auction

The purpose of the Polkadot Parachain Slot Auction is to allow each parachain to enter the Polkadot Relay Chain, so that the parachains can enjoy the extremely high security of the Polkadot network and achieve cross-chain operations with other parachains. Kusama, as the canary network of Polkadot, the parachain slots auction will be launched on it first.

Risk Warning: Staking is a risk investment channel. Investors should be sensible in their participation and be aware of investment risks. The KuCoin Group is not liable for users’ investment gains or losses. The information we provide is for users to conduct their own research. It is not investment advice. The KuCoin Group reserves the right of final interpretation of the activity.

Thank you for your support and understanding!

The KuCoin Team


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