PARACHAIN AUCTIONS – EXPLAINED SIMPLY

hello my name is brian hoffman and i am the crypto 
platform product lead at kraken today we're going   to be talking about parachain slot auctions and 
i'm lucky enough to be joined here by dan reecer   who is the vp of growth at akala and karura and 
has previously worked at web3 as a as a key part   of the kusama and polka dot launch teams uh dan 
thanks so much for joining us today yeah thanks   for having me on so why don't you go ahead and um 
just real quick before we get started i'd love to   hear a little bit more about your background and 
how you ended up at akala and um maybe a little   bit about what you learned at web3 and and and 
got you so excited about the polka dot ecosystem   yeah definitely so um like you mentioned i'm 
working on akala and karura i've been here   for about four or five months now 
started at the beginning of the year   um i'm leading all of our growth and community 
efforts here now and did previous work um at   web3 foundation working on the launches of 
kusama and polkadot i having been a part of   the kusama kind of growth effort and community 
from the very beginning in late 2019 it's been   pretty fun and exciting to watch this network 
really grow um beyond any of our expectations   um we've got a lot of a lot of exciting things 
coming up for both kusama and polkadot um being   2021 i think these these networks have now been 
under construction now for like three or four   years so a lot of brilliant developers research 
has gone into this and it's all been been kind   of leading up to this moment of kicking off um the 
parachain auction process which is basically how   a blockchain launches on kusama or on polka dot 
afterwards so looking forward to talking through   all of that process with you today yeah it's 
certainly pretty exciting to see this uh just   about to launch after watching gavin do everything 
with the evm and ethereum and now it's years later   and we're we're seeing another next generation 
network coming up uh pretty exciting stuff   so why don't you go ahead and explain to us a 
little bit about what like what is polka dot and   kusama what is the relationship between these two 
and you know give us some background on what were   you trying to solve here yeah so as you mentioned 
um gavin wood one of the original co-founders   the original cto of ethereum and the guy 
who kind of invented and built the evm   the ethereum virtual machine and the solidity 
programming language around 2016 i believe 2017   he he moved on to start building polkadot in 
the substrate blockchain development framework   his goal with this is to build a more scalable 
network of multiple blockchains that are all built   kind of specialized for a specific purpose rather 
than ethereum which is a kind of a single isolated   layer one blockchain that's done phenomenally 
well for for the technology that it is um what   polka dot is bringing into the into the crypto 
you know universe is this idea of a connected   set of 100 or more block chains which we call para 
chains you can see in this diagram here this is   kind of meant to show what that kind of looks like 
you've got the core of polka dot which is what we   call the relay chain and then all these customized 
block chains around connected in are called para   chains and then kusama on the left here is what 
we call polka dots cousin network it's really   introducing this new concept in between a test 
net and kind of a full bank grade network that   polka dot is which is this innovation network 
or an experimental network where developers can   launch products after they've been tested 
on testnet and get them into a real   environment sometimes they will build on 
kusama wanting to move to polkadot after that   but other teams are actually building exclusively 
on kusama because it moves a little bit faster it   allows some flexibility and you know some 
flexibility to try things out and um you   know test out new products so that's kusama and 
polka dot um part of kusama's kind of mantra is   to expect chaos it's this what they call a canary 
network which is um comes from this reference of   bringing the canary bird into a coal mine and 
seeing if the bird was affected by any gases in   the coal mine and if not then it was safe for the 
miners to come in and start their their work in   that same fashion kusama is going to be launching 
first with this parachain slot auction process   and then once that's um you know once we have 
a set of maybe five pair chains live on kusama   then polkadot will begin the parachain slot 
auction process and pair chains will begin to   launch on polka dot so that kind of leads into our 
conversation today around a parachain slot auction   what this actually is is this is how one 
of these on this diagram one of these   little gray squares that you see around here 
connecting into the relay chain that i mentioned   this is how they actually launch on kusama 
or launch on polkadot it's not like a free   open environment like you saw with erc20 tokens 
where anyone could just come and build and launch   a token this requires a team who's building 
one of these blockchains a parachain team to   actually win an auction against other teams who 
are also vying for that slot in the network so   you mean they can't just create a white paper and 
uh and push out a smart contract when they're done   exactly yeah so that obviously there's still 
there's white papers and then it goes into   significant amount of development that is required 
to build the blockchain and these teams i i guess   i didn't mention but what the teams are really 
coming here for like the reason why there's   teams willing to do all this work is mainly for 
two reasons with with polkadot and kusama you get   these shared security or plug-and-play security 
of the network so you don't have to go out and   recruit your own set of network validators and 
then the second reason is as you can see with   all these pink lines intersecting there's data 
and value um you know interacting between these   blockchains in this one unified network so it's 
this concept of interoperability that we've been   talking about in crypto for the last three to five 
years but it's really coming to fruition now with   these networks so i mean help me understand 
a little bit more about like what like why   is there such a thing as a slot auction like 
what what what problem is that even trying to   solve because it seems like there was plenty 
of capital that got sucked up through the icos   you know several years back and there was no 
problem you know raising money in that respect   um why why is this different in like like why 
or why is why is it like so much more um kind of   a detailed you know like why why 
is it so much more complicated   of a process yeah it it's really i think a 
factor of many things like one including gavin's   experience and and several of the developers were 
kind of early ethereum people seeing what happened   on ethereum with the icos that were so easy to 
just launch take money and then never deliver   on the promise what this this is really a big kind 
of game theory experiment with requiring teams to   have significant skin in the game um to launch 
a pair chain on this network to inherit that   security and the interoperability of the network 
and by creating skin in the game it significantly   reduces the risk of teams just coming in 
this to try to get a quick buck you know   so this process is it it requires quite a bit of 
work for not only building the blockchain itself   but also there's a whole process in in trying to 
figure out how you're going to get the funds to   actually put up um in the bid in this auction and 
i know we're gonna yeah we'll get into details on   that i mean my understanding here too is that 
the funds that people are putting up for these   um these slot auction bids they're not 
actually going to the teams themselves right   yeah so in in these paratrain auctions there's 
two ways to participate as a team one you can   just bid yourself if you already have um ksm or 
or dot in polkadots case to to bid but most teams   will do um this this kind of crowdsource pair 
chain slot auction process where they actually   gather support from their community and then 
use that support as their bid in the auction so   if i'm contributing personally to one of these 
pair chain slot auctions the tokens that i   contribute will be locked for the duration of that 
pair chain team slot but the team will actually   never touch it and then whenever that slot ends i 
will be my lot my tokens will kind of be unlocked   um yeah that's that's like super interesting too 
because i think in a lot of cases you know we've   always seen people have to give up those funds 
to those teams and they never see that again and   so there is that risk that whatever comes out of 
that that ico or whatever uh you know may not be   a one-to-one value transfer or whatever in 
this case you you're going to get those coins   back right they're the original ones that you 
contribute as well as whatever comes out of the   the parachute auction right yeah exactly so 
there's a couple of things to think about too   with the way the model works because you have to 
um contribute tokens to support the team there   are some trade-offs of course just like with 
any model so you've got this this parachain   slot action process solves many problems creates 
skin in the game for the team it reduces the risk   for contributors to these to these events that are 
basically bootstrapping new teams the other on the   other side of things there's also um quite a bit 
of economics to think about in terms of how these   networks work since they're proof of stake like 
kusama people are staking their ksm maybe earning   12 percent or 15 or whatever it is on that day um 
to contribute to these you do have to unstake so   there's also some um there's a requirement for 
these contributors to be evaluating kind of deeply   who they're supporting with their with their 
ksm because they know that they're giving up the   staking rewards in order to to contribute these 
to a team so they have to be sure that they're   backing a really solid team when making that 
decision yeah i think that will be interesting   because there will be so many options of different 
projects to see like how people actually measure   those projects against each other and and choose 
you know ones they want to support i think there's   a lot to that community building aspect of it so 
why don't you like i mean do you have this like a   pretty complex process like in your mind like is 
there any way that like you can kind of break it   down for like the average person to kind of like 
really understand how does this like work like yeah one analogy that i that i started using is 
um like i mentioned on kusama let's let's keep   to kusama for this example um you've got all 
these these parachain slots that a lot of people   want because of the value that that kusama 
brings to their their para chain um these are   these first slots are the the very first slots 
opening up on the network so obviously there's   high demand for those slots i've kind of 
compared it to a like a huge sporting event   if you can imagine like the world cup maybe 
the one in brazil where there's thousands   and thousands of people coming and people are 
probably parking miles or kilometers away um to   and then walking to the stadium and it's maybe 
farther so social distancing you know exactly   even farther so imagine there's but imagine 
there's like five spots five parking spots vip   they come with whatever all you can eat all you 
can drink and they're right next to the stadium   and you just have to walk 10 steps to get into the 
world cup it's you know very high demand a lot of   people would want those spots so um just imagine 
there's there's these five spots and how do you   determine who gets these spots of course you 
could you could sell them but in this case let's   let's just go with this example 
and imagine there's a there's an   auction in the parking lot for these five slots 
or these five spots um and people are bidding   on who gets the spot the highest bidder at 
the end of x amount of time wins the spot   and in this case on this slide the pink range 
over wins slot number one for the highest bid   this is very similar to how it works on polka 
dot and kusama because there's a limited amount   of space each spot has extremely high value in 
terms of what it brings to the team who wants that   spot and that is essentially what parachain slot 
auctions are and this process that we're about   to start seeing first on kusama this the first 
period of this will be five five slots opening up   in in sequence and then polka dot will start soon 
after that the reason why this is so important   for everyone to start learning about is because 
this is going to be an ongoing process on polka   dot and kusama in parallel for the foreseeable 
future for five ten plus years depending on how   governance takes these networks so this is 
it's a it's a really exciting process and   really important process for especially for the 
polka dot and kusama ecosystems yeah it is um   it's it's pretty like i said it's kind of complex 
but in a way it seems clear when you like look   at it closely um you know one thing that will be 
interesting too to see is you know each team has a   lot of flexibility in how they strategize around 
bidding on these slots timing you know rewards   all these different things and so understanding 
the core principles of how these auctions work   is going to be important for people who want 
to participate for sure yeah exactly because   when when people are supporting a team in 
this in this auction to help support their   bid like i said they need to evaluate the 
quality of the team the product that the   team is actually bringing to market but then they 
also there's part of the decision making around   what the team is kind of offering in terms of the 
rewards or the incentives for backing that team so   um some teams may be giving like a in 
a certain ratio of their native token   to the number of ksm that are contributed 
in that that paratrain auction process so   yeah a lot of kind of data points that people need 
to take into consideration um when they start this   process yeah yeah definitely well i mean so maybe 
uh maybe we can just dive in a little bit more   into like the actual auctions themselves 
like why why why are they even doing this   in like an auction format like why not just allow 
people to rush in and do all these slots together   at the same time you know if they're gonna do a 
hundred why not just do them now is there like   some strategy there around why they're doing 
it that way and like how does it even work   yeah um the i guess the reasoning behind 
why auctions especially um the type of   auction that this will be is which is 
called a unpermissioned candle auction   um this is something that i think you and i both 
might not have thought about or came up with but   these guys at web3 foundation the researchers 
there um like al jeff like these guys are you   know off the charts brilliant researchers like 
some of the best crypto researchers in the world   and came up with this um came up with this 
mechanism also with i know shawn tabrizi had   had a lot of um effort in this too um 
to to have this auction style where   the the reason why it's called an unpermissioned 
candle auction is because during the auction and   i can show you this on a slide in a bit but 
you don't actually know when the winner will   be determined that's randomly selected at the 
end of the auction they wanted a way to avoid   people trying to wait to the very last second 
and snipe in with a really high bid when you   don't know necessarily who what time the winner 
will be selected it it forces people again back   to game theory it forces people to to put in their 
highest possible bid as early as possible and try   to maintain that lead because they don't know when 
the winner will be selected yeah when i found out   about that mechanism i was very disappointed 
because like my absolute favorite part of ebay   is like when people come in and steal the item 
out from under you at the last second that's yeah   no no but in you know joking aside i think that's 
like actually a really interesting mechanic for   doing it i mean i know they had to go back to the 
1800s or whatever to pull in that uh that concept   but you know by randomizing it yeah it definitely 
does seem to make it a lot fairer yeah so   just going back to the um how how you can 
actually win these auctions because it's i guess   this is an important point so there's there's 
two ways that you can bid um let's imagine the   auction starts tomorrow and i'm a team planning 
on how to how to like strategize for the auction   if i have a lot of ksm as a team already i 
can use that ksm as my bid in the auction   going back to the parking lot 
example i i could be somebody who has   a lot of dollars and i can actually bid 
myself or what i can do is if i have   50 people behind me in the parking lot who also 
want to maybe get the benefits of that all you   can eat all you can drink that i'm gonna get 
for my spot i can raise all the money from them   those 50 people in bid with their with what 
they contributed to me and then we all kind of   share that that those are the two options self 
bid with one account or like a whale account   and then the other one is what is actually in the 
substrate code base is called a crowd loan module   so the crowd loan is a way to crowdsource ksm 
or dot in polka dot's case to bid in the auction now for how the actual candle action works so 
you're just asking about that and this slide   here helps a lot with how that's actually 
going to work this is specific to kusama   um today is may 27th this might change in 
a few months but as of now when kusama's   first pair chain auctions are starting 
this is what's going to happen   and it's fairly complex so this let's go through 
this this slide real quick so when when we finally   get the announcement about the beginning of pair 
chain auctions we're going to be there's there's a   two dates that i'm going to be looking for which 
is the opening time so this is the very start   of the auction and then the close time which is 
basically exactly seven days later so the auction   period will be seven days and throughout the time 
leading up to the event and even during the event   every team will be um kind of crowdsourcing ksm 
from their communities if that's how they chose   to to raise the or to bid some teams may 
have their own ksm and be bidding that way   but there will be a two day opening period and 
then a five day ending period and what that   means is that during the opening period here we 
know that the winner will not be selected during   that time but during the five day ending period 
the winner could be chosen at any time but that   time won't be known until the very end so the most 
exciting part the most like sporting event type   moment is the end of day seven because at this 
known close time this is when everyone will be   watching in the edge of their seats waiting to see 
which block was chosen as the ending time for the   auction and then who which parachain team had the 
highest bid at that moment in time so in a very   simplistic example where there's only what five 
bids in this auction the randomly selected time   was announced on this day on day seven and was 
this red line here which looks like maybe day what   three four five or six the highest bid before that 
ending time was 55 000 ksm from parachain a so   parachain a unknowingly won the auction at this 
point even though parrot chain e and f had higher   bids after that randomly selected time so it 
seems like it would be like you would prioritize   a bigger bid as quickly as you could within 
that ending period yeah um in order to you know   have the best chance of winning can a team bid 
multiple times in an auction yep so teams can bid   multiple times and like like i was mentioning 
the um people can contribute more to that   crowd loan module which is how the team is bidding 
so if if the team is at 55k somebody could put in   10 more 10 000 ksm and raise the bid to 65 000 ksm 
at this point um so that the i think like in terms   of how a team in the most ideal scenario you would 
basically start you would make sure that you're   winning at the beginning of day three and then 
you would maintain that lead throughout the entire   five-day ending period because then you know that 
you have zero percent chance of losing if you're   winning during that whole period well let me ask 
you this this is a like a weird question if if you   put in 55k and that was the winning bid but later 
in the auction past the randomly selected in time   you put in another 25k uh do you are you committed 
to put all those into the auction or is it just   where what value you had at the time the candle 
auction ends yeah so it's a great question as a   team it doesn't count towards our um winning bid 
because we didn't need it you know like if the bid   was after that maybe we ended with the total at 
85 000 was contributed to us but we won with 55   so it doesn't impact the auction result itself 
because it just kind of doesn't matter because   it was after but for the community for the 
contributors if if i contributed 10 000 ksm   after that point in time i would still be like 
eligible for the rewards and the the native token   of that team so that the teams it's probably 
going to happen that way for most teams they're   they're winning the team who wins their total 
amount contributed to them will could be more than   the amount that they actually won the auction with 
okay so anybody who is after that big red line   is not going to lose out on rewards potentially 
as long as they're with within the auction   period exactly okay that's great to know yep 
so maybe this maybe i can show you this real   quick just to summarize like this is a lot of 
information and i think these visuals help to   tie everything together so this is basically 
start to finish where um this module within   substrate called crowd loan opens up and this 
is how people can contribute these could be any   users these can be kraken users contributing their 
ksm to any parachain team in this example karua   and then this team once they win the auction 
in any auction this could be um then the   ksm that was contributed to that parachain 
team is locked like i mentioned before   and then at the same moment the native token of 
that parachain is distributed to any contributor   and right around the same time the network 
actually begins to launch so the whole point   of this auction process going back to the first 
slide is to win this slot and kusama's network and   then launch your blockchain and then potentially 
apps on top of the blockchain this is this is a   pretty presumptuous slide here you got you winning 
already uh no we don't know what would actually um so another question that people do ask 
is it's one of the one of the things that   is important to know is that you the ksm that's 
contributed is locked and then returned after the   duration of the slot in our case we're going 
for uh uh essentially one year it's 48 weeks   and there's a few things that can happen at 
the end of that period in time um number one   we any team who launches on kusama for for the 
most part will not want to give up that spot   so they'll need to win another auction after the 
the year so they can either do another um kind of   crowdsource event to raise ksm for the bid some 
teams um like us we have a treasury on chains so   we're actually going to be building up our own 
treasury so that in the future we can hopefully   bid in an auction with our own on-chain treasury 
instead of having to do a crowd loan again   and then the third piece is a little bit more 
technical but you can actually kind of downgrade   in a sense to what's called a para thread it's the 
same almost the exact same concept as a para chain   you can everything will look the same but the 
only difference is that it's kind of like a   pay-as-you-go model with with the amount of 
with the frequency of access you get to the   blockchain itself of kusama so you you could be 
doing like a specific number of blocks instead   of always having constant 24 7 access to the 
kusama relay chain yeah i think that those   concepts i think can be pretty hard to wrap your 
head around but you know you know realistically   that's all part of the shared security model 
right is like being able to have these leases   where people have a fair shot at using the 
finite resources of the blockchain um and that   that's really that's really uh pretty fascinating 
i think it separates what polka dot is doing from   you know a lot of these other projects out there 
yep yeah it's going to be fun to watch um another   just on this topic another question that people 
sometimes ask is so there's there's going to be   auction number one auction number two of course 
three four five and and so on but what happens   if a team does not win the first auction that 
they attempt to win does does the ksm that was   contributed to them immediately get returned to 
everyone and then that team has to go out and   do it again the answer is no because that would 
just be a pain and if you're supporting a team you   should be willing to support them through a series 
of auction attempts not just one because if you've   already done the research and you've decided 
that that's a team that you want to support   you should give them a chance to win um you know 
over the course of maybe three or four different   auctions so and only one can win right in in like 
a week period or they're going to be multiple well   the for the first ones it'll most likely just be 
one team yeah um when i mentioned it's a 48 week   slot that is actually eight six week slots that 
are kind of combined so i'm guessing that most   of the teams that launch um in the beginning will 
be going for the full amount of 48 weeks but in   the future if there is like a highly experimental 
parachain that doesn't want to stay on kusama for   too long they could actually bid for like one slot 
or two slots and just be on kusama for like six   weeks or 12 weeks instead of the full 48 so then 
in that case you could have two winners within   one auction but this is this is getting into the 
details that's really interesting i mean do you   do you think that there will be teams that really 
just kind of think of their their time on kusama   as like this short-term kind of test scenario for 
them or or will these things do you think continue   to survive on kusama and be also on polka dot 
because most of the projects you see in the space   they have like you know you have akala and karura 
and you have phala and khala you know there's all   these projects that have both or they're planning 
to do both but do you see them kind of co-existing   or like maybe only spend a short time on 
on kusama and then migrate to polka dot   yeah the so there's gonna be there's not 
just one rule there's gonna be multiple   kind of scenarios actually in the in the kind 
of what is kusama video i did with you guys   there's some slides in that video around these 
different paths that a developer team could take   one of those is akala kura moonbeam moon river 
like we're going parallel networks that are going   to exist together forever we plan on having 
both just because there's a lot of advantages   of doing that and both networks have demand for 
our products the other the other path is test net   to kusama to poke dot so this could be 
a team who's using kusama to like really   see how everything operates in the real 
world with real value and then once they   have kind of figured everything out then they move 
on to like maybe the big leagues you could call it   to polka dot um and then kind of you know 
don't have a network anymore on kusama   and then the third option is you could have 
a team who only launches on kusama like they   might be developers who love kusama's the way it 
moves fast it's experimental they can just like   iterate very quickly um this could be maybe 
like gaming applications social networking   things that don't need like crazy high bank grade 
security there's already a team zeitgeist who's   building a prediction market and they're building 
exclusively in the kusama ecosystem so i think   we'll see more of that but yeah there's not like 
one set rule for um how teams will approach that   and do you think that there's um like what would 
be the rationale for someone to want to support   both kusama and polkadot like why like someone 
watching this may say well i want bank grade   security i want to i want to support my team 
when they get to polka dot like what would be   the rationale for like supporting kusama as well 
or or you know is it just an individual decision   no like even for us as a team um we've 
chosen to go to support both networks because   for for d5 specifically there's this whole 
community of ksm holders um that is kind of   quite different and distinct from the polka dot 
community now so we're building karura as this   defi platform for the kusama community and that 
that demand won't go away and then the same goes   for polka dot we're building akala for the polka 
dot community and then just in the same in the   same kind of um train of thought of that gav gavin 
had with why kusama and polkadot these are the   same way they're both going to be coexisting too 
because kusama makes polka dot better and polka   dot makes kusama better so we see that we see 
our two kind of pair chains the same way we can   build and test things on test net launch them on 
the kusama based pair chain and then launch on   the akala chain after that so it they really 
make each other better yeah yeah i think i   i i completely agree with you and um so so 
right now it is may 27th and you know the   the auctions haven't been the time hasn't been 
declared yet when they're going to start those   the the crowd loans haven't started on chain 
yet um maybe we like you know a lot of people   watching this may be like well how am i going 
to get to participate in this and obviously i'm   a little bit biased here in this conversation 
because i do work at kraken and we're planning   on supporting um slot auction capabilities so um 
and when we've been going back and forth our teams   have been working together and talking to each 
other and like everybody's been sharing across   all the different communities you know along with 
all the other uh pair chain teams but like how do   you see this happening um maybe you can like 
walk us through how this might work on kraken   yeah um so it's actually pretty simple um and 
from from my understanding it's it's like a you   can really boil it down to three steps um i've got 
this this slide here like as i mentioned before   any portion any percentage of your total ksm 
that you are deciding to to move into this   parachain auction process will need to be 
unstaked so i know in kraken it's super quick   and nice it takes like a few seconds yeah we have 
instant unstaking yeah unlike a lot of projects   yeah i mean just real quick that that is a huge 
benefit of using kraken for staking uh kusama and   polka dot just to tout that because uh on chain 
right it's seven days i believe on bonding period   first taking so you get instantly sticking on on 
kraken just remember that yeah it's actually it's   huge for kusama it's seven days unstaking 
and then polka dot it's 28 on it on chain   so um yeah it's much much quicker on on 
kraken so but you just you do still have   to do it so you unstake um whatever you are 
deciding to put into the pair chain auctions   then um kind of in parallel to that i think people 
should be researching like looking up these teams   even going in like using their their apps that 
they've built um learning more about the teams and   then once once they've decided who to support then 
it's really a matter of waiting for the actual   process to begin and then choosing to 
contribute to that to whatever team that is um   once they contribute then you really it's a 
matter of kind of waiting for that team to   hopefully for the contributor for their team to 
win and then as soon as that team will win um   then the the ksm that was contributed will 
be locked and then um upon launch of whatever   parachain team or teams that is then the native 
token from that team will then be distributed to   the user yeah i think it's going to be 
really cool um you know we're you'll be   able to get those rewards right in kraken 
and and uh you know participate very simply   through that so it's we're really excited to 
be a part of this um yeah so like maybe you can   walk us through this diagram a little bit and uh 
explain to us like kind of how how it functions   yeah so this just basically breaks down what 
we just talked through so yeah if people have   kusama or ksm or or they can um acquire it then 
that would be in your kraken account and then   whatever is going to be contributed would need to 
be unstaked and then in this example karua would   be the team that the person has chosen if um in 
the in the green check check mark here if the   team wins the auction um it could be um a number 
of attempts um you'll see i think within the the   kraken interface it'll tell you like the campaign 
duration um something of that sort which tells you   how long cabra would have to win an auction 
maybe it's a few weeks four weeks six weeks   and then if the team wins then that ksm is bonded 
or or locked um and then the kar token would be   distributed to the team if kurura was to not 
win an auction within that specified duration   then the ksm would just simply be returned to 
the person who was supporting the project yeah   i mean it's a it's a pretty straightforward 
process and that that slide that you just saw   that diagram you can um find that in a little bit 
more information about uh the pertain auctions   if you go to kraken.com you can google kraken 
parachain auctions and you'll find a link there   with this diagram in a high-res version if you 
want to look at it closely so um so that was like   a really really comprehensive overview of like 
how the pair chain auctions work and i think   um hopefully this helped people watching this 
and listening to uh the video uh understand a   little bit more about how this works and what 
the benefits are and why it's different than   most of the other types of uh funding resources 
for for project teams i mean there's a lot of   teams in this space i think i heard you previously 
when we chatted uh there's like 100 teams at least   that are interested in participating on this 
doing different kinds of things in identity and   um you know different types of projects it's 
going to be really exciting to see how they work   because they all get to share the same core 
uh blockchain security and uh you know that   leaves these teams to be free and flexible to 
create really cool uh logic outside of that   so thank you so much for uh coming on 
today and explaining this to everybody   um we're really looking forward to the crowd 
loans and the auctions starting and i know that uh   you guys are super excited about karua and akala 
getting to participate in that so we wish you good   luck on that we'll i guess it'll be pretty soon 
we'll get to see uh how you do and we'll get to   follow up and see if you we're right on your guess 
that you guys are going to win that auction uh on   that one slide thanks for having me and i just 
wanted to say too um it's been really impressive   seeing kraken like really take the lead on um 
this whole like polkadot and kusama community   like being a part of even like this helping 
educate the community on how parachain auctions   work how this whole process works um you guys have 
a huge community and great reach and reputation   in the industry so thank you guys for for really 
stepping up and helping um spread the word on this   well on behalf of the team we thank you for that 
uh that that vote of confidence and uh yeah it's   been it's been quite a journey and we're we're 
looking forward to it starting anytime soon if   gavin's watching this right now come on get 
these things started let's go let's do this   so thanks a lot dan yep thank you guys   if you enjoyed this video be sure to check out the 
pair chain auctions podcast hosted by kraken where   we'll bring you to the cutting edge of crypto 
technologies with experts from around the world   come with us as we go behind the scenes 
and explore the technology of tomorrow today

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