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Kraken launches Kusama Parachain Auction platform as KSM defies downtrend

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U.S. cryptocurrency exchange Kraken has announced a “first-of-its-kind” Parachain Auction Platform enabling clients to participate directly from the exchange.

In a blog post on June 8, Kraken revealed the new platform will enable users that qualify to pledge support for Kusama projects vying for a Parachain slot by staking Kusama’s KSM tokens.

The rewards for contributors who support a winning bid vary and can include referral bonuses, early participation bonuses, and airdrops.

Polkadot’s multi-chain ecosystem will use sharded sidechains to process transactions in parallel. These Parachains are acquired in the auction process whereby projects try to outbid each other for the right to use the slot for 48 weeks with KSM tokens. Kusama is the testing and development network often dubbed Polkadot’s “Canary network.”

Only 100 Parachain slots are expected to be available, but this may change through protocol governance votes over time.The post stated:

“For Kusama auctions, the project with the most KSM bonded to support its bid, at the time the auction snapshot is taken, will generally be able to claim the auctioned parachain slot.”

The platform is not available to residents of the US, Canada, Japan, and Australia.

In its first Parachain auction, Kraken will allow clients to support the bids of at least two projects, starting with Karura and Shiden.

Karura is a DeFi hub and stablecoin platform for the Kusama network offering a crypto-collateralized stablecoin, a decentralized exchange, access to liquid staking, and an EVM (Ethereum Virtual Machine) compatible blockchain.

Shiden is a smart contract layer for the Kusama network upon which developers can design and build new DApps. It will be a cross-chain platform that also supports Ethereum and layer two protocols.

As reported by Cointelegraph, Polkadot creator Gavin Wood has proposed June 15 for first the Kusama Parachain auction. Following the first five weekly auctions, Wood recommended a pause to evaluate the performance of the network before commencing another batch of auctions.

In late March Acala Network was the first project to secure a Parachain slot on Polkadot’s Rococo testnet. On May 17, Polkadot announced that Kusama was finally ready to host Parachains.

The impending auction launches have given a boost to Kusama’s KSM token which has defied the market slump and surged 28% over the past fortnight. According to CoinGecko, KSM is up 12% over the past 24 hours, trading at $410 at the time of writing.



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Tiger King star and convicted animal abuser to launch NFT from prison

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The nonfungible token industry isn’t over yet as “The Tiger King” star Joe Exotic is set to launch his own NFT drop from prison with some external assistance.

New York-founded cryptocurrency club More announced Tuesday its foray into the celebrity NFT space with an auction on behalf of former zoo operator and TV star Joseph Allen Maldonado-Passage, known professionally as Joe Exotic.

With support of Rozenfeld Meyer & Susman’ entertainment attorney Brad Small, the convicted animal abuser plans to sell some of his belongings alongside digital items and tokens from a federal prison in Fort Worth, Texas. The physical items include Maldonado-Passage’s favorite pistol and holster, jackets commonly worn on the “Tiger King” series, and authentic audio recordings from prison.

Starting this Friday, the public can bid on “The Tiger King” NFT auction hosted on major NFT marketplace Mintable. The auction winners will acquire physical items with authentication papers as well as 3D digital models of each tangible collectible.

The Tiger King was convicted on multiple felony counts, among them murder-for-hire and violating laws protecting endangered species. Maldonado-Passage killed five tigers to make room for other cats at his petting zoo in Oklahoma. He was also convicted for soliciting two hitmen to kill his sworn enemy and animal sanctuary owner Carole Baskin. 

According to National Geographic, Maldonado-Passage even attempted to broker the illegal sale of lion cubs on the telephone as he was awaiting trial in Grady County Jail. 

Maldonado-Passage views the NFT drop as a chance to give back to his loyal fan base. “It’s great to have a voice via blockchain technology and I’m honored to be the first to kickoff MORE’s celebrity NFTs,” he said, adding, “Whether you love me or hate me for what you think I’ve done, there’s no doubt that everyone wants a piece of The Tiger King!”

More CEO and founder Peter Klamka said that the initiative will help the firm to drive the mainstream adoption of blockchain technology, noting that the NFT industry provides people with access to authentic unique goods that they would otherwise not be able to access. “There’s no better way to engage the mainstream in blockchain technology than to tie in familiar faces and names,” Klamka noted.

 More did not immediately respond to Cointelegraph’s request for comment.