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Brace Yourself: Whales are coming for Kusama Crowdloans

Published date: September 3 2021

Fresh Alpha brought to you from the Kusama relay chain

The second batch of Kusama auctions is well underway. Teams are competing to get a slot on the Kusama relay chain to start their own individual parachains. We as Interlay are aiming to win a slot with our Kintsugi canary network — bringing BTC liquidity via a trustless bridge to the entire Kusama ecosystem. While the first batch of auctions was already very exciting to watch, the second batch is set to become quite interesting.

Almost the same amount of KSM that is locked in the second batch auctions is being unbonded from staking

Our friends from HydraDX shared a little script with us to look into how much KSM is being unbonded from staking at the moment. This was a great start for us and we decided to extract a bit more on-chain data and do a little analysis. As a community-oriented project, we are happy to share our findings with all of you.

Summary (as of 3 Sept 9.00 CEST)

  • 488,905 KSM are being locked in auctions right now (~5% of total KSM circulating supply)
  • 473,180.86 KSM are currently being unbonded (~5% of total KSM circulating supply)
  • 1902 KSM addresses are unbonding their KSM stake
  • 50% of the KSM is coming from 8 KSM addresses
  • 75% of the KSM is coming from 18 KSM addresses

Note: A single person/organization might control more than one KSM address.

Majority of Accounts unlocking between 100 and 0.1 KSM

The majority of users are unlocking KSM amounts that are in the range of 100 KSM to 0.1 KSM. However, when we saw that data we wanted to know what share of the KSM is coming form large accounts.

18 Whales control 75% of the KSM being unlocked

The majority of the KSM being unlocked is coming from whales with one account controlling almost 20% of the KSM being unlocked, eight accounts controlling ~50% and 18 accounts controlling ~75% of the KSM unlocked.

Don’t ignore the small guy

However, that does not mean small KSM holders are not relevant! 25% of the KSM is still being brought in by the majority of people that have way less KSM.

If we look at all accounts holding less than 100 KSM, this still accounts for ~13,888 KSM. These might just be the KSM needed to tip the scale in a what is expected to be a tight race. Especially when we consider the fiercy competition between Basilisk and Bifrost in the first batch.

Support Kintsugi

We would of course find it awesome if you would help us to get some of that KSM into our own crowdloan.

Kintsugi’s kBTC brings radically open Bitcoin to Kusama to kickstart liquidity for parachains like Karura, Shiden and Moonriver.

Feel free to contribute here:

More info about the crowdloan and why Kintsugi is awesome:

Got Questions?

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Summary of resources and social media channels:

Brace Yourself: Whales are coming for Kusama Crowdloans was originally published in Interlay on Medium, where people are continuing the conversation by highlighting and responding to this story.