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Kusama (KSM) has announced via Twitter on June 2, 2021, that its network council has successfully passed a vote to upgrade Shell to Statemine and make it the network\u2019s first live and fully functional parachain. If all goes as planned, projects will be able to bid for a slot in Kusama\u2019s Statemine parachain in a few days, via a parachain auction.<\/strong><\/p>\n Kusama (KSM), Polkadot\u2019s canary network, has achieved a significant feat in its development, as its governing council has voted unanimously to upgrade Shell, Kusama\u2019s first common good parachain, to Statemine.<\/span><\/p>\n For the uninitiated, the primary function of the <\/span>shell parachain<\/span> is to test the functionality of the Kusama parachain system. However, with the upgrade to Statemine, the parachain will be able to support a vast array of functions, including the minting of both fungible and non-fungible tokens on the Kusama network.<\/span><\/p>\n As stated in a <\/span>tweet<\/span> by the Kusama team, once the upgrade is successful, with no significant frictions after a three-day enactment period, it will release details about its parachain auction, which will enable projects to bid for a slot to launch their solutions on the Statemine parachain.<\/span><\/p>\n These are exciting times indeed for holders of KSM and DOT tokens, as the ecosystem is now beginning to take shape. It\u2019s worth noting that a successful Statemine parachain upgrade will serve as a green light for projects interested in going live on Kusama to start making preparations to conduct their crowdloan activities or parachain loan offerings (PLO)<\/span><\/p>\n While PLOs are similar to initial coin offerings (ICOs), as they both require participants to make financial commitments (in the form of established tokens) in exchange for the project\u2019s native crypto, (which could even end up as a \u201cshitcoin\u201d) the former is, however, less risky than the latter.<\/span><\/p>\n Specifically, in PLOs, participants will be given back their initial tokens (in this case KSM) plus the project\u2019s native crypto immediately after the parachain auction is concluded, provided the project emerges as the highest bidder.<\/span><\/p>\n<\/span>Kusama\u2019s First Parachain Auction Imminent<\/strong><\/span><\/h2>\n
<\/span>A Great Time for Kusama (KSM) & Polkadot (DOT) Holders<\/strong><\/span><\/h2>\n