Polkadot Ecosystem Hits a Milestone as Kusama’s First Functional Parachain Goes Live

The first real-world functional parachain of Kusama, Statemine, has started processing permissionless transactions.

After much hype for months, the auction for the parachain went off smoothly. The next step is to have slot auctions.

This comes after, “barely a week ago, the Kusama network made history by becoming the first fully-decentralized, secure heterogeneously-sharded blockchain, made possible by using technology developed for Polkadot,” wrote Polkadot founder Gavin Wood, who also co-founded Ethereum.

Statemine is an upgrade from Shell parachain over the weekend, which has now become Kusama’s equivalent of the Polkadot’s Statemint common-good parachain.

It now supports a low-cost place to hold and transfer KSM, transferral of permissioned fungible assets, and the creation of NFTs.

To increase Statemine’s utility, Kusama will be using its concept of Parachain Slot Auctions, a way to select which parachain gets added to the Kusama network.

The first parachain slot auction will commence on June 15, and five such auctions will continue back to back with a two-day period of initial bidding followed by a five-day ending period.

Kusama (KSM) is a $3.67 billion market cap coin trading around $370, down about 41% from its all-time high of over $621 last month. Meanwhile, DOT is a $21.8 billion market cap coin trading at $20.65, down 58.5% from $49.25 ATH.

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