HomeLatest NewsAltair Network wins auction to become 10th parachain on Kusama

Altair Network wins auction to become 10th parachain on Kusama

Users can experiment on any number of real-world assets before releasing them on Centrifuge Chain

Altair Network has become the 10th parachain onboarded on Kusama after it was announced as the winner of the 9th parachain auction.

Details about the contest show that Altair Network had 11,201 stakeholders lock 187,835 KSM tokens as they rooted for the community project. At the time of the announcement, the KSM tokens accounted for more than $61.3 million, putting Altair ahead of the competition and making it the ninth winner of Kusama's parachain auctions.

The 11,201 participants who have put funds into the project are now set to receive 430 AIR tokens for every locked KSM. The reward is part of a pool of 79.8 million tokens representing 15.8% of the 505 million in the reward pool. The allocations will constitute 25% of the slated 79.8 million, with the tokens to be unlocked immediately for distribution.

The remaining 75% of the reward pool will be released over the next 48 weeks, which is the period for which the pledged KSM will remain locked. According to Parachain.info, the timeline runs from 29 September to 5 August 2022, when Altair's parachain slot ends.

What is Altair Network?

Altair is built on the same codebase as Centrifuge Chain and provides a decentralised network upon which users can build, test and finance assets. The network offers an experimental environment, just like Kusama does for Polkadot, the former often called a canary network for providing a testing ground before assets go live.

As a parachain winner, Altair is now set to offer an ecosystem for the tokenisation of real-world assets and financing them before launching live on Centrifuge. Assets to be financed include rare art and other non-fungible token (NFT) items.

Altair is looking to leverage its interoperability feature to provide a bridge to Polkadot (DOT), Ethereum (ETH) and Kusama (KSM).

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