Altair Network wins the 9th Kusama Parachain Auction

Users can experiment with any number of assets before sharing them on the centrifuge Chain

Altair Network is the 10th Parachain on Kusama after being named the winner of the 9th Parachain auction has been announced.

Details about the contest show that Altair Network had 11,201 participants who blocked 187,835 KSM tOkens when they voted for the joint project. At the time of the announcement, the KSM tOkens had a value of more than $ 61.3 million, which made Altair outperform the competition and become the ninth winner of Kusama’s Parachain auctions.

The 11,201 participants who put money into the project will now receive 430 AIR tOkens for each blocked KSM. The reward is part of a pool of 79,8 million tokens, which is 15,8% of the 505 million in the reward pool. The allocations will account for 25% of the planned 79,8 million, with the tokens to be immediately unlocked for distribution.

The remaining 75% of the reward Pool will be released in the next 48 weeks, which is the same period during which the promised KSM will remain locked. Loud Parachain.info the schedule runs from September 29 to August 5, 2022, when Altair’s Parachain period ends.

What is Altair Network?

Built on the same code base as Centrifuge Chain, Altair provides a decentralized network where users can create, test, and fund assets. The network provides an experimental environment, just like Kusama for Polkadot, which is often referred to as the Canary Network because it provides a testing ground before the assets go into operation.

As a Parachain winner, Altair will now offer an ecosystem for real-world asset tokenization and financing before going live on Centrifuge. Assets to be funded include rare artwork and other non-fungible token (NFT) items.

Altair wants to use its interoperability feature to build a bridge to Polkadot (DOT), Ethereum (ETH) and Kusama (KSM).

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