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If you want to know the time of Kusama's second round of slot auction, you can check "When will the Kusama Network start the second round of Auction?" "
If you want to know the time of Kusama's second round of slot auction, you can check "When will the Kusama Network start the second round of Auction?" "
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Karura is already a decentralized network with on-chain governance! After 7 proposals, Karura is currently open:
Enable cross-chain transfer function: about 138,800+ KSM cross-chain to Karura network
Launch the first decentralized DEX Karura Swap in the Kusama ecosystem: As of the publication, the TVL (total lock-up value) has reached 21 million+ USD (only 3 native assets)
Launched the first decentralized cross-chain stablecoin kUSD on the Kusama network: a total of 4.4 million+ kUSD was minted (only KSM collateral is open)
The Bifrost parachain has been producing stable blocks for three weeks now! According to the roadmap announced by Bifrost during the parachain auction, the launch of the Bifrost mainnet will be divided into five phases, the first phase has been completed, and the full-featured launch of Phase 0-4 is expected to be completed in September:
Phase 0 Phase 1: Token Distribution (Completed ✅ )
Phase 1 The second stage: Prepare for the start of on-chain governance, launch the Council and Technical Committee modules, and determine the first members of the Council and Technical Committee, and enter the Bifrost network into the POA governance stage. (in progress)
Phase 2 The third stage: remove the sudo module and realize the decentralized network! Open vsKSM & vsBond transfer through referendum. (waiting for execution)
Phase 4 Phase 5: Open BNC transfer through referendum, open treasury, parliamentary elections, and finally open Swap liquidity mining. (waiting for execution)
The TVL (total value locked) of the entire network has reached 160 million US dollars
Karura's next key work will be to open LKSM, Bitcoin Bridge, and Ethereum Bridge!
full details version
Karura
full details version
On June 22, Karura officially won the first parachain slot in the Kusama ecosystem. The total number of KSM supports reached 501,137+, and the total participating addresses on the chain were 14,164+, of which 92.66% of the participating addresses on the chain were less than 50 KSM. Complete data review See "Full Version | Karura Parachain Slot Auction Data Review".
On June 23, Karura successfully produced blocks within just three hours after the auction ended, and it was officially launched.
On July 1st, Karura completed the Runtime upgrade at block #55032 after a week of operation of the genesis block. XCM tokens available and first KSM transfer from Kusama to Karura completed.
On July 16, the Karura network launched a proposal to remove Sudo and enable transfers. This time, the Karura network will launch the first referendum - remove Sudo and enable transfers. After the proposal is passed, the network will be governed in a decentralized manner. The future development of the network is determined by the three democratic governance institutions on the Karura chain.
On July 19, Karura launched the second governance proposal. The new proposal is mainly aimed at opening and providing KAR/KSM liquidity for Karura DEX.
On July 23, the second proposal was passed and took effect, and Karura Swap, the first decentralized DEX in the Kusama ecosystem, announced the official launch of the KSM/KAR asset pair and opened the KSM/KAR swap.
On August 2, the third on-chain proposal of the Karura network was passed and took effect. The proposal includes supporting KSM as a transaction fee, enabling the kUSD function (allowing KSM to be pledged to lend kUSD), enabling the NFT module and other updates. For the complete video tutorial, see "TheDeFiant | How to use Karura network? "
On August 4th, the fourth proposal came into effect. The Karura network enabled KSM as the first collateral. For details on the initial parameters, see "Gauntlet Report｜Initial Parameter Recommendations for the Karura Stablecoin System"
On August 6th, the seventh proposal (#4/#5/#6) was passed and took effect together. The Karura community launched the Kusama network’s first decentralized cross-chain stablecoin kUSD through on-chain governance, and supported KSM mortgage lending kUSD, launch KSM/kUSD and liquidity incentive plan. At present, users can earn KAR liquidity incentives by adding KSM/KAR and KSM/kUSD liquidity and staking LP Tokens. For reward details, please refer to: "Karura Network Officially Launches kUSD/KSM and KAR/KSM Liquidity Incentive Plan"
The next main work will focus on:
Open the initial version of LKSM and asset bridges such as BTC & ETH
And is connecting with other parachain assets to launch Karura Swap and formulate related liquidity plans
To sum up, as of this writing, Karura is already a decentralized network, and all changes to the network are done through on-chain governance (council + stakeholders)! Currently, the overall Karura network data:
There are currently 138,800+ KSM for cross-chain transfers to Karura
With only 3 assets, the total lock-up value (TVL) of DeX has reached 21,855,290+ USD, of which the kUSD/KSM pool is 9,507,106+ USD, and the KAR/KSM pool is 12,348,183+ USD (Chain State: dex.liquidityPool )
At present, the TVL of the kUSD stablecoin has reached 19,400,154+ USD, and a total of 4,424,375+ kUSD has been issued (Chain State: loans.totalPositions & tokens.totalIssuance)
The timing and details of specific functions to be enabled and added are subject to the on-chain proposal of the Karura network
Online phase query: https://www.notion.so/acala/dcabf9ba7c6246c69b913d5972503227?v=4121894373fd43d98ffcac260803928d
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Bifrost
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On July 10, 2019, Bifrost gave birth to The First Line of Code. Since then, Bifrost has taken root in the Polkadot ecosystem, accumulating strength for the day when the parachain opens.
After two years of development, Bifrost successfully won the fifth parachain slot of the Polkadot canary network Kusama Network on July 20, 2021. The next day, Bifrost Parachain was successfully launched and started to generate blocks.
As the first batch of Bifrost to become a parachain, everything is a new challenge. Deploying Council, technical committees, selecting the first batch of council members, deleting Sudo, etc. will push Bifrost step by step to a completely decentralized and open network. Everything is going on in an orderly manner, and high-quality completion of each job is the prerequisite for ensuring the safe and stable operation of the network.
According to the roadmap announced during the parachain auction, it will now be divided into five phases. After nearly three weeks of stable block production, the Bifrost parachain has completed the first phase of Phase 0, processing nearly 57,000 BNC addresses and 20 10,000 pieces of data on the chain are currently in the first phase of Phase 1!
Phase 0 (Completed)✅
1. Access Kusama parachain
Participated in the auction and succeeded, detailed review [Bifrost wins Kusama’s fifth parachain slot]
Parachain lease period: July 20, 2021 - May 13, 2022
2. Bifrost has become a stable parachain for two weeks
Verify parachain block generation and relay chain block verification stability
3. BNC balance details reconciliation period
Online BNC detailed query: apps.vtoken.io
Bifrost Asgard BNC voucher for export reconciliation
4. BNC balance distribution and settlement on the chain
Final on-chain distribution after the reconciliation period ends
1. The council and technical committee modules are online
2. Determine the first members of Council and Technical Committee
3. Implement the POA governance phase
POA (Proof of Authority) is the semi-centralized governance stage before the Bifrost mainnet removes the super administrator status (Sudo) and opens the Council (Council) public election
At this stage, the on-chain governance process will only be carried out between the first batch of BNC holders (BNC has not yet opened the transfer)
1. Support the use of KSM to pay Bifrost main network fees
2. Referendum No. 1: Remove Sudo and upgrade Runtime completely through the governance module
Remove super administrator status (sudo)
3. Second referendum: vsKSM & vsBond transfer
Open vsKSM & vsBond transfer through motion
4. Complete the audit work of SALP and SWAP module (Zenlink) code
1. Referendum No. 3: The SALP module is launched, open to support other parachain auctions
The SALP module is enabled to support multi-parachain auctions
Parachain pledge (Contribute) through ump transact
2. Referendum No. 4: Start vsKSM & vsBond mining
vsKSM & vsBond mining modules open
3. Referendum No. 5: Open SALP Bancor Liquidity Exchange
4. Referendum No. 6: Complete the code audit of the Swap module and launch the referendum
Bifrost Swap module (Zenlink) completes the audit.
5. Referendum No. 7: open the vsBond market
1. Referendum on the 8th: open BNC transfer & open treasury
The motion (Motion) enables BNC transfer (Trasfer); the multi-currency fee function (Flexible Fee) is reserved.
BNC Vesting enters the countdown.
2. Open parliamentary elections
3. Referendum No. 9: Open Swap Liquidity Mining
Bifrost Foundation runs 4 Collators
Verify runtime upgrade stability
The user confirms the query and reconciliation
Go to https://apps.vtoken.io/wallet or Polkadot JS to switch to Bifrost mainnet to check BNC balance and Vesting status.
Phase 1 (Ongoing)
Deploy Council and Tech. comm. modules via sudo
Elect the first 7 members of the Council (Council) and 3 members of the Technical Committee (Tech. comm.)
Council has yet to open an open election
Phase 2 (waiting for execution)
Support the bottom layer to automatically exchange KSM=>BNC through the multi-currency fee module (Flexible Fee) to pay the parallel chain fee (Parachain Fee).
All Runtime upgrades are implemented by Democracy & Council
Support the subsequent opening of the SALP vsBond market and the Bancor liquidity exchange pool. 【Learn what is SALP】
>Since the parachain is a network that is continuously upgraded and iterated, the corresponding audit work is also a continuous process. Before the launch of the SALP and Swap modules (Zenlink), the code audit will be the last step before launching a referendum proposal, which includes the following: Completed developed modules:
>Bifrost Parachain Related: Bifrost Runtime Multi-currency Fee Module Asset Module Governance Module Mining Module
SALP Related: SALP Module Relay Chain Cross-Chain SALP BancorvsBond Market
Phase 3 (waiting for execution)
Generate derivative vsKSM & vsBond
>Open two mining modes:
>Pre-voting rewards: Mining incentives for vsKSM & vsBond before the candidate parachain (Parathread) conducts crowdloan (Crowdloan).
Reward for successful bidding: The candidate parachain (Parathread) enters the crowdloan (Crowdloan) stage and becomes a parachain (Parachain-onboard) to provide mining incentives for vsKSM & vsBond.
Release the 5,613.129 KSM reserved during the Bifrost auction (Auction) as the initial liquidity of vsKSM. For details, please refer to: https://wiki.bifrost.finance/learn/vtoken/salp#bancor-algorithm
Motion opens the Swap module, supports BNC, vsKSM, KSM exchange and Liquidity Provider, and will add stable coins, vETH, and other heterogeneous blockchain assets in the future.
Motion opens the vsBond market module to support vsBond's pending order transactions. Learn about vsKSM & vsBond: https://wiki.bifrost.finance/learn/vtoken/salp#solutions
Phase 4 (waiting for execution)
The parachain fee (Parachain Fee) enters the treasury.
BNC can be used to vote for elections (Submit Council Candidacy) or election committee members (Vote For Current Candidates).
The motion (Motion) opens the liquidity mining module, and the liquidity pledge certificate (LP Token) can participate in mining to earn additional Token rewards such as BNC. in conclusion:
Two weeks after the launch of the Bifrost parachain on July 21, 2021, Phase 0 has been completed, and Phase 1, the first referendum, is about to begin.
In the future, Bifrost will start to organize a series of proposals and voting procedures for the launch of functions, including "opening vsKSM & vsBond transfer", "SALP launch", "vsKSM&vsBond mining", "vsKSM liquidity exchange", "BNC transfer and Swap launch" Wait for important Runtime upgrades. From this stage, BNC holders will go through the whole governance process from PoA governance to NPoS governance, and then to the board election after BNC opens the transfer. Overall, it is expected that the full-featured launch of Phase 0-4 will be completed in September.
In the future, the fully decentralized governance module will open functions such as Grant and Bounties one after another to encourage thoughtful community developers to develop based on the Bifrost business framework and apply for Bifrost parachain rewards, so stay tuned.
Follow the PolkaWorld public account, we will soon release the next part of the progress of the first batch of parachains, the progress of Moonriver, Shiden and Khala!
