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Altair Network Reaches 187,000 KSM Raised and Becomes 10th Parachain on Kusama

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Wed, 09/29/2021 - 13:29
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Arman Shirinyan
Altair Network joins Kusama by becoming the 10th parachain
Altair Network Reaches 187,000 KSM Raised and Becomes 10th Parachain on Kusama
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The Polkadot ecosystem explorer DotMarketCap has released an announcement about the 10th Parachain slot winner, Altair Network, that collected more than 187,000 KSM with almost 20,000 contributors.

At the last moment, the crowdloan witnessed the breakout of Altair Network, which became the most successful campaign on the network. After winning the 9th parachain auction, Altair Network has taken the place of the 10th parachain on Kusama Network with 11,200 network stakeholders holding locked-up KSM.

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About Altair Network

Altair is part of the infrastructure built by Centrifuge, which is designed for financing real-world assets (RWA) on Centrifuge Chain, with the newest experimental features. Once Centrifuge is live on Polkadot, Kusama will be used for mintings, funding of various assets or anything else that Kusama's community proposes.

What are parachains?

Parachain and a separate Layer 1 blockchain work simultaneously in the Polkadot and Kusama ecosystems. Parachain shares and benefits from the security, scalability and governance of Polkadot. By utilizing cross-chain complementarity, any type of data or asset can be sent between two parachains. In addition to the aforementioned benefits, parachains can also connect and utilize external networks like Bitcoin or Ethereum by using cross-network bridges.

Parachains on Kusama include numerous advantages over legacy blockchains, such as independent token economies, additional optimization, scaling and more. In order to become a parachain, teams agree to lock up present and future KSM tokens, which will be unlocked after the crowdloan takes place.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.