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The second round of Kusama parachain slot auction is in full swing, what is the current auction "battle"? What should I pay attention to when participating in Crowdloan?

Summary of latest auction situation

The auction for the sixth slot of Kusama (the first slot of the second round) is currently underway.

Each Kusama auction has a total of 7 days and is divided into two stages, namely the 2-day start period and the 5-day candle period.

Today (September 3) at 4pm, Kusama's sixth slot auction officially enters the candle period, which is the random end period.

Kusama Auction Phase Schematic

At this stage, the auction may end at any time, but the final end block will only be known through a random number after the candle period ends.

During the random ending period, the project with the highest bid for each block will be displayed on the Auction page in Polkadot JS.

KILT is currently leading the auction.

https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fkusama-rpc.polkadot.io#/parachains/auctions

View real-time auction status:

• ⚠️ Note:

• The top-ranked KILT has a Crowdloan cap of 220,000 KSM, which has already been reached, so no contributions will be accepted.

The second-ranked Calamari uses a ladder hardcap (ceiling) reward strategy. The first hardcap (100,000 KSM) has been reached and the second hardcap has not yet been opened. In order to avoid that your contributed KSM cannot receive rewards, it is recommended to contribute again when Calamari opens the second hardcap on September 8th.

Considerations for Participating in Crowdloan

1. Understand the principle and rules of slot auction and Crowdloan

Slot Auction Rules: Latest | About Polkadot’s slot auction and crowd lending, this article is enough

Kusama's second round of auction items: Kusama's second round of slot auctions, what are the items?

Crowdloan Tutorial: Tutorial | How to Crowdloan in polkadot.js!

2. Conduct a comprehensive research on the project of interest (DYOR)

• Including but not limited to the following:

• Direction: What is the project doing? What need does it solve? How to solve it? What track does it belong to? How is it different from other similar projects?

• Team: Who is the team behind the project? Is the team member information true? Have you ever had a background in blockchain and the industry you have worked in? Have you worked on other projects before? How is the team reputation?

• Token: What is the function of the token? What is the total amount? Is the total amount fixed/inflationary/deflationary? What is the circulation? What is the initial distribution ratio? What is the mortgage rate? How many currency holding addresses are there? How concentrated is the currency holding?

• Progress: What stage is the project currently in development? Is the mainnet/testnet online? How is the core functionality development going? Is the product ready to use?

• Ecology: Who are the important participants in the ecology (such as Dapp developers, node operators, users)? What is the quantity? How many addresses are there? How big is the community? How about the following and reading on social media (such as Official Account/Twitter)?

• Relationship with Polkadot: Have you ever received a W3F Grant? Do you participate in projects of official organizations such as Substrate Builder Program? Is it based on Substrate development?

Crowdloan Rules: What are the rewards for participating in Crowdloan contributions? What are the reward criteria? When will it be issued? Is there a lock-up? Is there an upper limit on the amount? Are there any eligibility restrictions? Can liquidity be released?

Project official website

• Project official website

• white paper

• white paper

• Github

• Wiki/Documentation

• Blog/Public Account Articles

Project weekly/monthly report

• Third-party channels:

• Research Institution Report

• LinkedIn of team members

• Team Member Interview/AMA

Web3 Foundation Grant

• Information on the chain:

  https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fkusama-rpc.polkadot.io#/explorer

• Polkadot.JS interface:

  https://www.subscan.io/

Subscan Browser:

• 3. Choose the right Crowdloan participation channel

• Polkadot.js: official channel, high security, the user's KSM is locked in the original address through the official Crowdloan module, and the KSM is automatically returned after the slot expires, and the project party cannot touch it.

• Zenlink SlotVault: You can get the double reward of "project party token + Zenlink token ZLK" at the same time. KSM is locked in Polkadot's official Crowdloan module, and the funds are safe and secure. Currently, the projects supported by SlotVault are: Calamari (up to the upper limit of the first stage, suspended), Sakura, SherpaX, Crust Shadow, Altair.

• Bifrost SALP: Most projects bidding for parachains require contributors to lock KSM for one year, and using the Bifrost SALP protocol can release the liquidity of these KSM. SALP is decentralized, and funds are safe and reliable. The project parties currently supported by SALP include: Calamari, Basilisk, and Altair. The SALP protocol will go live during the seventh Kusama slot auction at the earliest after the audit is complete.

Other channels: Before participating, you can check the announcement of the project party and choose other officially recognized participation channels.

• 4. Beware of scams

• Do not trust netizens, do not transfer money to anyone to participate in Crowdloan;

• Beware of phishing websites, and double-check the URL in multiple channels before participating;

• Do not participate in Crowdloan through channels not approved by the project party;