Kusama

Kusama

KSM
$30.52
-3.48%
$28.75

24H Price

$32.13


About Kusama

The Kusama price is $30.52, a change of -3.48% over the past 24 hours as of 1:36 a.m. The recent price action in Kusama left the tokens market capitalization at $274.09M. So far this year, Kusama has a change of -32.33%. Kusama is classified as a Smart Contract Platform under CoinDesks Digital Asset Classification Standard (DACS).

KSM is the native cryptocurrency of the Kusama Network (KSM), which is a “canary network” for Polkadot, meaning it serves as a nearly identical copy of the Polkadot blockchain to test new features before they are released on Polkadot.

KSM price

KSM is a proof-of-stake (PoS) cryptocurrency that distributes KSM as a reward for validating transactions via “staking.” The staking process involves users depositing an amount of KSM into a smart contract in order to stand a chance of being selected to validate new blocks and makes KSM an inflationary asset with an inflation rate of 10% per year.

In June 2019, the Web3 Foundation announced the private token sale of 500,000 DOT, or 5% of the total DOT supply. One month later, the Polkadot team announced the upcoming launch of the Kusama Network. To incentivize Polkadot users to participate on the experimental Kusama Network, DOT holders were able to claim one KSM for every DOT held. Eventually, the Polkadot developers plan to offer a fixed-rate conversion of KSM back to DOT.

Both Kusama and Polkadot offer on-chain governance protocols for KSM and DOT token holders. What makes Kusama different from Polkadot is that governance moves at a quicker pace. Because the two networks are standalone with different parameters for governance and different protocol votes, the governance structure of Kusama allows KSM holders to vote on protocol upgrades unique to the Kusama Network.

KSM hit its all-time low of $0.9143 in January 2020 just a few months after the token’s launch and amid a widespread market sell-off because of COVID-19 concerns. As the crypto market recovered, kusama outpaced the rest of the market and spiked in August 2020 following the launch of the Rococo parachain testnet. KSM’s price reached its all-time high of $623.75 in May 2021 during the buildup to the first parachain auction on the Kusama Network.

How does KSM work?

Because the Kusama network serves as an experimental version of the Polkadot blockchain, Kusama shares the same white paper as Polkadot. Kusama uses a nominated proof-of-stake (NPoS) consensus algorithm that enables users to stake their tokens (deposit them into a smart contract) and receive transaction fees and block rewards for blockchain validation. Returns via transaction fees are distributed proportionally to the amount of KSM a user stakes.

At the center of Kusama sits the “relay chain,” a central blockchain that connects all other participating blockchains together. The relay chain processes all transactions taking place in the ecosystem at the same time, with the goal of improving scalability. The relay chains enable parachains, which are blockchain networks created within the Kusama network that communicate via the relay chain. Parachains enable specific use case blockchains that can run independently of Kusama, but share in the data, security and availability of the other blockchains.

Key events and management

Kusama was founded by former Ethereum co-founder and Polkadot founder Gavin Wood in 2019. During his time at Ethereum, Wood was most notably known for creating Ethereum’s smart contract and decentralized application (dapp) language Solidity as well as for serving as the chief technology officer of Ethereum.

Following his departure from the Ethereum network as CTO in 2015, Wood and Jutta Steiner co-founded Parity Technologies, an open-sourced, shared protocol that was designed for building and scaling Web 3 applications. Several projects have been developed under Parity, including Polkadot, Substrate and Parity Signer.

In 2017 Wood founded the Web3 Foundation to support decentralized web software protocols and Web3 development. While the development of the Kusama Network is based on technology developed by Parity, the Web3 Council serves as the governing body responsible for the maintenance and development of Kusama. Alongside Wood, Aeron Buchanan and Reto Trinkler serve as the three members of the Web3 Foundation Council.

Starting in June 2021, the Kusama Network opened up parachain slots for blockchain projects to use Kusama’s relay chain functionality and build on the network. Decentralized finance (DeFi) network Karura won the first parachain auction for the Kusama Network.

Read less...
Sponsor LogoBuy crypto on a secure, trusted platform.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to lose all the money you invest.

Latest About Kusama

(lido.fi)
DeFi Platform Lido to Cease Staking on Polkadot, Kusama in August

The service will be terminated on Aug. 1 with automatic unstaking occurring in June.

(lido.fi)
(Lido Finance)
Lido Finance Weighs Sunsetting Liquid Staking on Polkadot, Kusama

The proposal comes as MixBytes, Lido’s partner developer firm for Polkadot and Kusama liquid staking, announced it would stop supporting the networks.

(Lido Finance)
The Polkadot pavilion on the Promenade at the World Economic Forum in Davos, Switzerland (Sandali Handagama/CoinDesk)
Polkadot Builder Parity Technologies Adds 3 Executives

The new executives are Chief Operating Officer Eran Barak, Chief Marketing Officer Peter Ruchatz and Chief Financial Officer Fahmi Syed.

The Polkadot pavilion on the Promenade at the World Economic Forum in Davos, Switzerland (Sandali Handagama/CoinDesk)
Polkadot founder Gavin Wood (Parity Technologies)
Polkadot Chief Gavin Wood Announces Blockchain Governance Upgrade

The platform's “Gov2” is set to launch on Kusama “imminently,” following a final professional audit of its code, he said.

Polkadot founder Gavin Wood (Parity Technologies)

CoinDesk's Helene Braun speaks with Eddy Gifford, a TACTIVE Wealth Advisor, who shares his insights on the potential impact of the ETF approval on bitcoin and the market as a whole Read more...

CoinDesk Indices

View All
Top Indices including Kusama
Logo
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 05/24/24 1:36 AM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.