The recent reports for Kusama are turning out to be very promising for the protocol as well as the investors. The digital asset KSM powered by Kusama has experienced significant growth in its price. According to reports, the price for KSM experienced a surge prior to the launch of the parachain auction for Kusama.
According to several data analyzing firms from the crypto-verse, the price of KSM has experienced a 30% surge.
The rise in the price for KSM was experienced due to the much anticipated parachain auction that was powered by Kusama. There were many investors who wanted to take part in the auctioning service, which is why the platform experienced a lot of rallies.
As the demand and anticipation for the parachain auctions for Kusama grew in size, the price of KSM, Kusama’s native token went skyrocket. Therefore, the token price for KSM grew 30% and hopefully, its price will continue rising.
The on-chain data analyzing firms have revealed that the price of Kusama has experienced a two-month high. As a result of the 30% surge in the last 24-hours, the price of KSM has come almost close to $400.
It was at the beginning of August when Kusama had announced that it was in the process of launching its parachain auctions. So far, Kusama has gained a tremendous amount of prominence and success in the cryptocurrency and blockchain industry.
So far, Kusama has successfully held six auctions that have proven to be extremely successful for the protocol. As a result, Kusama has become rivals with many major platforms that are already offering auctioning services through their platforms.
As the competition and rivalry among the protocols continue to grow, the anticipation from the investors’ end for the protocol is also on the rise. Therefore, the platform is observing a much higher growth rate than it previously did for its former auctions.
The previous (six) auctions that Kusama held were scheduled between the periods of June 15, 2021, to July 20, 2021. In a matter of around 30 days, Kusama successfully held six auctions and observed a tremendous amount of participation.
One of the major auctions that Kusama held back in July was for Acala, one of the major hubs for the decentralized finance sector by Polkadot.
From the auction, the project managed to generate a large number of KSM tokens. The figures show that the platform managed to generate $100 million in the form of KSM tokens. According to figures, the platform, more than 8,000 addresses were able to generate a figure of $100 million through the auction.
Kusama has announced that the current auction taking place is for Calamari, which has already accumulated more than 80,000 KSM.