Kusama (KSM) Demand Rises for Crowd Loans

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2021-06-10 11:00:08

Kusama (KSM) is turning into the basis for a new crypto economic activity – buying the right to a network slot. Until recently, all networks relied on free competition for new projects. But Kusama aims to build a curated selection of projects, to avoid the chaotic competition. The auctions are expected to launch within a few days, with a tentative June 15 date based on Kusama network final voting.

This is the chief reason KSM is once again above $500 – the launch of crowd loans increases demand for KSM. The coins will be locked for various durations, further driving the scarcity.

The news drove the KSM price to $503, before a slide to $493.63. Trading volumes remain above $800M in 24 hours. KSM is also near its peak price in Satoshi terms, rising to 0.013 BTC.

The launch of crowd loans means owning KSM is a ticket to choosing one of a new array of projects. All those projects will compete to buy into a side chain slot on the Kusama network, offering the chance to perform fast parallel operations and support new DeFi projects.

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