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Highlights
- Termed as Polkadot’s cousin, Kusama is primarily an experimental blockchain platform, which is built to offer an interoperable and scalable framework for developers.
- Also called the Canary Network, Kusama helps the users to warn and remove issues in the Polkadot code base.
- Kusama is governed by its native token KSM and is ranked 76 on CoinMarketCap and was trading at US$ $115.07 with a trading volume of US$66,597,355 over a day.
Termed as Polkadot’s cousin, Kusama is primarily an experimental blockchain platform, which is built to offer interoperable and scalable framework for developers. Using the same code as the Polkadot network, it offers fast features that are highly scalable and interoperable sharded network. Also called the Canary Network, Kusama helps the users to warn and remove issues in the Polkadot code base.
The blockchain network was built by the Polkadot developers led by Gavin Wood, who also happens to be the co-founder of Ethereum blockchain. On 25 February, the Kusama protocol was impressing the crypto enthusiasts with a rally of over 8%.
Also read: How high will stablecoin supply go after crossing US$180 billion?
Reason for rally
One of the reasons for the rally is largely due to Ethereum co-founder Vitalik Buterin’s support of the Kusama Network. At the ETHDenver conference, Buterin voiced his support for Kusama by saying that ETH needs Kusama-like network for its ecosystem.
He added that he would love to have a testnet network, which holds the real value of the coins and would provide economic incentives, thus making it valuable. Kusama allows the developers to launch various ambitious projects on a quick scale.
Kusama uses the Nominated Proof-of-Stake (NPoS) consensus, which works as an alternative to Proof-of-Work (POW) consensus. By using the NPoS, it can enable quicker and faster on-chain upgrades without a fork and fastens the communication between other parachains on the Kusama network.
Also read: Russia-Ukraine crisis: How crypto mining will get impacted?
What Makes Kusama A Unique Blockchain Network?
How is Kusama’s price faring?
Kusama is governed by its native token KSM and is ranked 76 on CoinMarketCap. The KSM token at the time of drafting was trading at US$ $115.07 with a trading volume of US$66,597,355 over a day. The token was up by 8.71% in the last 24 hours with a live market cap of over US$989,363,155 and 8,470,098 KSM coins in circulation.
The recent gain is encouraging considering that it has witnessed prolonged period of lull. In fact, over the past month, it was trailing by 32.5%, 34.5%, 24.2% in the 30 days, 14 days, and weeks chart, respectively, as per CoinGecko.
Overall, this support from Buterin couldn’t come at a more opportune time considering that the entire crypto market has been reeling under the Russia-Ukraine crisis. This rally would help the Kusama network to cover up for some of the losses it incurred over the past month.
The market participants will be hoping that this would help the protocol to gain momentum. Having said that, it needs to be realised that in a volatile crypto environment one can’t predict how will it perform in the coming days. Therefore, the investors need to be vigilant about the market developments.
