Produced by the Polkadot Ecological Research Institute, it must be a boutique
(The article is very long, it is recommended to bookmark it before reading)
background
Produced by the Polkadot Ecological Research Institute, it must be a boutique
(The article is very long, it is recommended to bookmark it before reading)
background
Perhaps when most people are paying attention to the auction of Polkadot slots, they have forgotten the little brother Kusama. Even from the third round of slot auctions, it is possible that even which items are connected to its parallel The chain does not know why, but Kusama has unknowingly connected to 16 parachains, showing a good development trend.
Data recovery
Although the Polkadot parallel chain will also usher in normal operation soon, it is still necessary for us to understand the current development situation of Kusama, and perhaps find some footholds for Polkadot’s ecological development. Of course, some teams choose not to participate in Kusama’s parallel development at all. chain, while directly challenging the Polkadot parachain auction, in any case, these different Kusama parachains constitute a gradually developing ecology.
For this reason, this article will sort out in detail the status of the 16 parachains connected to Kusama in the past, and see what kind of interesting projects those teams have developed because they have not been paid attention to. It is also a small year-end summary of Kusama’s ecological development. The following, We start the retrospective tour of Kusama.
Data recovery
At present, all the 16 parachain slots in the third stage of Kusama have been auctioned. A total of 2,892,512 KSMs participated in the slot auction. The current total supply of Kusama is 11.7648 million, which means that 24.5% of KSMs participated in the slot auction The slot is auctioned and locked. At present, there are 5.265 million KSM participating in Kusama's staking, accounting for 44.7% of the total supply, and the remaining KSM in circulation is 30.8% of the total supply.
The official has an ideal ratio of 50:33:17 for the amount in staking, the amount locked in slot auctions, and the amount in circulation. Among them, the best staking ratio on Kusama is 50%, and reaching this ratio can get the most staking rewards.
Therefore, combined with the data, the current user expectations for KSM are low, and more people are in a wait-and-see state, resulting in a relatively high proportion of KSM in circulation. However, the current ratio is not far from 50:33:17, and Kusama’s ecology has just begun to develop. With the normalization of Kusama parachain slots, more projects will participate in slot auctions, which will attract more KSM participates in slot auctions, and these parachains that have been connected to Kusama continue to develop their own ecology, thereby empowering the entire Kusama ecosystem and improving users' confidence in Kusama. I believe that after a period of time, this ratio will be closer to the ideal ratio envisaged by the official.
1. Judging from the number of auctions
Let's take a look at the number of auctions for each parachain slot in turn. The whole is divided into three stages. In the first stage, the first five slots are from Karura to Bifrost. The background at that time was that everyone only knew that there would be 5 parallel chains. Chain slots are about to be auctioned, but I don't know when the next round of slot auctions will start after the auction, and I didn't expect the sixth to eleventh slots to come so soon.
Therefore, there are various special circumstances in the first five slots. One is that Karura, a very early and solid Acala pioneer network, has received far more support than other projects. The second is that some projects are still in preparation, so there is no Participate in the first round.
After the end of the first round, soon ushered in the second round of slot auction, six slots from KILT Spiritnet to Kintsugi. The performance of each project in this round is relatively good, basically in the range of 180,000 to 230,000.
Some of the reasons, in addition to the good operation of the project itself and the support of a lot of users, are also because some projects in the first round of slot auctions have been connected to Kusama and have opened transfers and transactions, allowing users participating in their Crowdloan to get Crowdloan that attracts these users to continue to participate in new projects with good returns.
As we mentioned in the previous article, the project party’s participation in the Kusama slot auction is not to participate in the first few slots as soon as it comes. Some are not ready, and some are still relatively early and are still working hard to obtain In more consensus, this will feel a little more pronounced in the third round of slot auctions.
We have always had a conclusion that the cost of slot auctions will not remain high forever. With the opening of the third round of Kusama slot auction, to be precise, it is a normalized slot auction. The entire Kusama will provide 48 parachain slots participating in the auction. It will take one year after the auction, and when the 48th When the auction of the first slot is completed, the lease of the first slot expires, and the auction can be continued seamlessly.
Kusama's entry into the normalized parachain slot auction also means that slots will no longer be so scarce and there will not be so much competition for a period of time, and the cost of slots will naturally decline slowly. In fact, this will also be dynamically balanced with the development of Kusama. It’s too early to tell how the balance will be. We will disassemble it in detail later, and let the development of Kusama fly for a while.
2. From the perspective of the number of supporters
If you combine the number of supporters with the number of auctions, some friends may find that there are many projects supported by a small number of people, but the number of bids is large, and they may quickly conclude that such projects are not good enough. In fact, we should not rush to conclusions, because there are several important players behind this phenomenon.
One is the project party itself. Some project parties themselves are very optimistic about Polkadot and are also early investors of Polkadot. Since KSM is airdropped based on the number of Polkadot in the hands of early Polkadot investors, these project parties have many KSM can participate in slot auctions. Of course, Polkadot does not have such a problem, because Polkadot’s chip distribution is more dispersed, and there is no such easy way to obtain airdrops.
Therefore, some projects can get high support on Kusama, but it is not so easy on Polkadot. The second is the KSM giant whale, needless to say. Sany is the capital behind these projects, and they often have many KSMs to support their favorite projects.
For a project to develop well, it must either have a solid user base, or have sufficient financial support to develop the follow-up ecology, or have access to many resources. Therefore, for a project, it is not possible to draw simple conclusions based on the number of users alone. Combining the number of auctions, you can actually see the funds and resources behind it.
1、Karura
However, it should be noted that the most important factors that ultimately determine the success of a project are still the business logic of the project and the number of users. Therefore, for those projects that have not achieved a good consensus during the auction, and the user support is not enough, but have funds and resources, more efforts need to be made to convert funds and resources through better operations Only by building a user base can we become more stable and successful.
So, how are these projects developing, and what new trends in the future deserve our attention? Please see the specific situation of each project below.
16 Kusama slot winner development at a glance
2、Moonriver
Karura is the first project to win the Kusama network slot auction. Like the relationship between Polkadot and Kusama, Karura is also the testing ground for Polkadot’s ecological financial center Acala. Karura has the same code as the main network, and all functions of Acala will be implemented first. Live on Karura. Similarly, Karura also has the characteristics of fast development and rich gameplay changes.
Acala is a one-stop Polkadot DeFi center, and Karura is a one-stop Kusama DeFi center. It is a scalable and EVM-compatible network specially customized for DeFi. At present, Karura has been launched. The KAR/KSM trading pair has been launched on Karura Swap through the bootstrap program, and the kUSD stablecoin minting mechanism with KSM as collateral has been enabled. The core product LKSM has also been launched, which is gradually being launched.
Recently, the Karura community and the Acala Foundation launched a proposal to open a two-way HRMP channel between Karura and Statemine, which means that cross-chain communication between Karura and Statemine is possible to achieve various scenarios including asset cross-chain experiment.
Moonbeam's pioneering network Moonrive won the second parachain of Kusama, and Moonbeam is a smart contract platform compatible with Ethereum in the Polkadot ecosystem, which can provide a mature development environment and rich developer integration for multi-chain protocols, helping them Enter the Polkadot ecosystem.
3、Shiden
At present, Moonbeam has successfully integrated more than 70 projects, and there is still an increasing trend. The projects cover assets, bridges, oracles, DeFi, etc. Moonriver is a smart contract parachain based on Kusama and compatible with Ethereum. The code of newly launched projects will be deployed to Moonriver first, so as to be tested and verified in the actual economic environment. Once the verification is completed and passed the test, the project code can be officially deployed to Moonbeam on Polkadot.
After the launch of the Moonriver network, it has maintained a steady growth trend. For example, the activity on the chain and the frequency of use by users are more obvious. It can be said that it is the most active project on Kusama.
We can feel it from the following data: the market value of Moonriver is about 3.5+ billion US dollars, the number of network transfers exceeds 2 million, and an average of 101 on-chain interactions occur on each block. The support of these activities lies in the DeFi applications within the ecosystem. Moonriver’s DeFi TVL has reached 357 million US dollars and has been developing steadily.
Shiden Network is the third parachain of Kusama Network. Shiden Network is the leading network of Astar Network and also the dApp center on the Kusama network, which is a multi-chain centralized application layer. Astar (formerly known as Plasm) is a smart contract platform developed based on Subatrate that supports Layer 2 expansion solutions. And Shiden can provide smart contracts for the Kusama network.
4、Khala
Currently, Shiden supports solutions such as Ethereum Virtual Machine, WebAssembly, and Layer2, as well as DApps such as DeFi, NFT, and games.
After Shiden goes online, it will gradually launch core functions, such as upgrading the runtime version, cooperating with Kylin Network to build the XCMP cross-chain call function, launching the test network Shibuya, upgrading the main network from PoA to PoS, and starting the token transfer function. In October 2021, dApp staking will be launched on Shiden Network, which is a unique advantage that only Astar and Shiden have in the Polkadot ecosystem.
The Kusama network needs a smart contract layer, which is where Shiden comes in. It provides smart contracts for Kusama, supports solutions such as Ethereum Virtual Machine, WebAssembly and Layer2, and has good scalability and diversity. At present, Shiden is still in the preparatory stage for EVM and WASM smart contracts.
Khala Network is the leading network of Polkadot privacy computing parallel chain Phala Network, and is a trusted computing protocol developed based on Substrate. It separates the consensus mechanism from the computing itself, ensures that the network has highly scalable processing capabilities, and is committed to providing a trustless computing layer for massive, private cloud computing.
Khala Network will participate in the Kusama parachain slot auction from the second slot, auctioning slot slots for 8 time periods, that is, the lease period is 6 weeks*8=48 weeks. Khala has been successfully connected to the Kusama parachain slot on July 13, 2021.
5、Bifrost
At present, Khala has entered the Holocene period, and has launched the Ethereum-Khala PHA one-way bridge on August 2, 2021, enabling token mortgage functions, transfers and other functions. In its current state, the Khala Ethereum bridge operates under a trusted federation model.
Currently, the Khala Ethereum Bridge has passed the audit of the top blockchain security company CertiK. According to the audit report, there are no critical or critical errors or known vulnerabilities; some minor issues have been resolved.
On September 3, Khala Network released the first Khala democratic governance referendum, and Khala Network officially launched Secure Worker Mining and Staking. Since October, Khala has written a SubQuery project to index data for their new bridge dApp. These data are used to collect transfer events, proposal approvals, etc., and then presented in the dApp for analysis by all users.
Bifrost has successfully obtained the first batch of parachains in Kusama on July 20, 2021, and launched three derivatives such as vsDOT, vsKSM, and vETH, and jointly established an AMM liquidity pool with Zenlink, with a total liquidity scale of more than $10 million In US dollars, the total TVL has exceeded 170 million US dollars.
6、KILT
Bifrost is positioned as a bridge and asset agreement in the Polkadot ecosystem. By providing derivatives for Staking, it connects Polkadot ecological parachains and parachains, and parachains and heterogeneous chains.
At present, Bifrost has opened up the two-way cross-chain interoperability function with Karura, the Acala pioneer network, through XCM. BNC/kUSD has successfully launched Karura Swap at around 21:00 on October 19, Beijing time, becoming the first cross-chain transaction pair of Karura Bootstrap. This means the opening of a new era of parallel chain cross-chain DeFi combination.
Bifrost will open vETH transactions in the near future and launch the vsBond trading market. Next, it will promote XCM cross-chains of more parallel chains, such as Statemine, Moonriver, Phala, etc., and bring more assets into the entire Polkadot ecosystem.
7、Calamari
On September 8th, KILT won the sixth slot of Kusama, and then entered the Kusama network relay chain. KILT is a decentralized digital identity project established by a German team. It is an open source blockchain protocol for issuing autonomous, anonymous and verifiable credentials for Web 3.0. Unlike peer-to-peer solutions, KILT uses blockchain technology to provide self-exclusive data and revocable credentials.
The equivalent of bringing the traditional trust process of real-world verifiable credentials (passports, driver’s licenses, education certificates, etc.) into the digital world, while keeping your data private and owned. KILT can also be used to create identifiers for machines, services, and anything that can establish an identity.
KILT is designed using Substrate framework technology. Besides that, the KILT protocol comes with a simple JavaScript SDK that makes it possible to build useful applications without requiring any blockchain development skills. In the future KILT has the potential to build new business models around trust.
8、Basilisk
Calamari Network is Kusama's seventh parachain slot, and Calamari's crowdfunding contributors have the largest number of community contributors among all Kusama parachain auction projects. Calamari Network is the leading network of Polkadot's ecological privacy project Manta Network, and it is also a privacy protection parachain on Kusama. Generally speaking, new functions will be firstly launched and verified on Calamari before being migrated to the Manta network. Therefore, Calamari has the characteristics of Manta Network: providing privacy protection for cross-chain infrastructure.
At present, the Calamari Network project token KMA is now online and the governance module on the community chain has been opened. Calamari Network’s roadmap will run from Calamari V1 to Calamari V3. Eventually, both Calamari and Manta will become smart contract platforms, and better on-chain privacy products can be developed through Calamari’s contracts.
The first product launched by Calamari Network is MariPay privacy payment. Users can participate in the test network to obtain early airdrops or wait until the main network is launched for privacy mining. Calamari may also launch its own products in the future, and these products may not necessarily match Manta.
9、Altair
On September 22, Basilisk won the 8th slot on the Kusama network. Basilisk is a liquidity bootstrap protocol and an LBP platform on Kusama. Basilisk is the leading network of HydraDX, Basilisk and HydraDX together create a synergy to meet the different liquidity needs of encrypted assets throughout the life cycle.
Although most of the Pioneer Networks are used to test the code stability of new projects, Basilisk is not only a parachain of Kusama Network, but also an independent and modular Automated Market Maker (AMM) chain with the goal of Enable frictionless liquidity onboarding for new crypto assets.
Basilisk allows participants to choose different AMM models for price discovery, including the XYK model supported by the first version, and the auction and bonding curve models that will be supported in the future. In the future, it will also support stable currency, synthetic asset AMM, cross-AMM order matching, NFT market, etc.
10、Parallel Heiko
Altair is the pioneer network of Centrifuge on Kusama, and it is also a bridge between Centrifuge and Kusama. As one of the first projects to launch a parachain on Kusama, its main network Centrifuge has realized the tokenization of real-world assets, and the invoice , Houses and other commodities are placed on the blockchain and provided to users for loans.
Altair combines the infrastructure built by Centrifuge to provide funds for real assets on Centrifuge Chain. As a brand new DeFi model, Altair will inject trillions of dollars of real asset value into the DeFi segment of the entire ecosystem.
Built using Substrate, Altair will have an almost identical codebase to Centrifuge, offering an experimental network for users who want to test the scope of financing. In the future, Altair will use KILT's KYC mechanism and verification of our real-world Assets to further realize its vision, provide financing channels for any asset, and further promote the development of Web3.0 financial services and inclusive finance.
11、Kintsugi
Heiko Finance is the leading network of Parallel Finance on the Kusama network. Parallel is a decentralized money market protocol built in the Polkadot ecosystem. It provides margin collateral, auction loans, mortgage derivatives and AMM functions, which can significantly increase DOT and KSM Fund efficiency for holders.
Parallel provides users with multiple functions such as leveraged pledge, auction loan, interest rate swap, decentralized credit score, etc., which can well solve the borrowing needs of DOT/KSM holders. In addition, Parallel Finance’s product line also has the KSM/DOT Staking derivatives agreement, which can generate corresponding derivatives assets and introduce new liquidity for funds.
As a comprehensive DeFi platform, Heiko Finance is currently producing stable blocks, and will launch the Heiko mainnet in the near future, so as to ensure the integration of basic functions into a complete platform including necessary deployment, runtime upgrade, testing and technical certification. Every deployment is stable. At the same time, Parallel Finance released the Auction Loan product to help users who participate in Kusama and Polkadot's Crowdloan through Auction Loan obtain more liquidity.
12、Picasso
Kintsugi is the pioneer network of Interlay, committed to creating a future of seamless connection and interaction of blockchain, anyone can use any digital asset on any blockchain, without trust and without restriction.
Its star product, InterBTC, allows users to mint Bitcoin-backed assets PolkaBTC 1:1 on the Polkadot blockchain and use these assets in a wide range of applications, including decentralized exchanges, stablecoins, and loan agreements.
As the leading network of Interlay, Kintsugi will launch all the functions of Interlay and launched the product KintsugiBTC (kBTC). After Kintsugi is launched as a parachain, it will be guided by Sudo and the corresponding functions will be enabled to ensure the successful minting of kBTC, and then the deployment and expansion of community governance will be carried out. And eventually become a real Bitcoin decentralized exchange and EVM-Support.
13、Bit.Country Pioneer
Picasso is the pioneer network of Composable, a cross-chain, cross-layer, comprehensive DeFi infrastructure, and supports Ethereum and Polkadot, providing supporting infrastructure for the seamless interoperability of DeFi. At present, Composable has successfully integrated a series of Layer 2 expansion solutions including Arbitrium, Avalanch C-Chain, Polygon, Moonriver and Ethereum mainnet through its innovative and efficient cross-layer asset transfer solution Mosaic.
After Picasso is connected to Kusama, assets between different parachain projects will be traded more smoothly, enabling developers to participate in the instantly available and wider DeFi ecosystem through Picasso.
At the same time, Picasso will provide developers with the opportunity to maintain Parachain, and users can build modules on it, thereby reducing the cost and effort of acquiring and maintaining Parachain. Ultimately, a complete DeFi ecosystem with simplified and improved functionality is formed.
14、Quartz
Bit.Country provides users with an Ethereum-compatible smart contract platform and protocol, so that users can start their own metaverse with token economy and non-functional currency, and bring community interaction to a new dimension of Web3.0 .
As Bit.Country's test network, Bit.Country Pioneer will have most of the functions of the main network and create the world's largest decentralized community to jointly govern the future of the Metaverse.
15、Genshiro
After Bit.Country Pioneer went online as a parachain, it produced the first batch of blocks. At the same time, the integration of blockchain and DApp is stabilized, ensuring the entire process of creating metaverse, casting NFT, market transactions, social token exchange, etc., and achieving stable operation. Currently, Bit.Country Pioneer is working on ensuring the scalability and consistency of block production, and will implement transfers and adopt NEER's TGE thereafter.
Quartz is the pioneer network of Unique Network. As the first NFT chain of Kusama and Polkadot, Unique Network is committed to building a set of infrastructure, allowing users and developers to efficiently create NFTs with high interoperability and scalability application. Built on Substrate, Quartz provides a new, more accessible model for the NFT ecosystem and marketplace.
After Quartz is connected to Kusama, it will provide the Kusama community with necessary and advanced NFT tools, cooperate and communicate with the Kusama parachain community, and further optimize the Funding and governance models.
16、Subsocial
Genshiro is Equilibrium's DeFi parachain, not just a copy of Equilibrium, Genshiro is a testing site for Equilibrium's future products before they are deployed to Polkadot.
Genshiro will iteratively implement some new functions, such as derivatives, perpetual contracts, futures contracts for gold, ETFs, commodities and stocks, etc. This has a positive effect on unlocking the potential of the DeFi market.
Subsocial is a decentralized social network open platform built using IPFS technology, dedicated to building a decentralized social network. Subsocial is an open platform for decentralized social networks and markets. It is the oldest and relatively mature social application network in the Substrate ecosystem. In simple terms, Subsocial can be considered a decentralized Medium.
postscript
Subsocial can currently implement common functions of social networks, such as posting blogs, building communities, publishing articles or pictures, and making comments.
Subsocial is currently working on the integration of user Kusama identity. Once the user has a Subsocial account, the account will display the user's information on Kusama, such as whether the user is a validator or other roles in the community. And integrate other digital identities such as Polkadot into it.
postscript
But we need to understand how long the process of building an ecology is, especially a grand ecology like Polkadot, which is destined not to be a fast process, but we have to accept this reality in the face of tactics and strategies, as The development of Kusama is the same, it seems to have a sense of twists and turns, but this kind of "chaos and uncertainty" is its symbol. Fortunately, the Polkadot ecology may not be described in this way, and it is relatively "stable and certain".
*The information provided by the Polkadot Ecological Research Institute does not represent any investment hints. The published articles only represent personal opinions and are for reference only. Since there are no policies and regulations related to digital assets in China, users in mainland China are requested to pay close attention to the development of Crypto.
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