Composable Finance has been declared the winner of the 12th parachain auction organized by Polkadot’s canary network, Kusama.
“We at Composable, are elated to announce that our efforts to obtain a Kusama parachain for Picasso have been successful — thanks to the immense support from you, our Community,” the project said in a Medium post.
Building a Simplified DeFi Platform
With Composable declared the winner in the recently concluded auction, its Picasso parachain will be rooted in Kusama’s relay chain starting November 28, 2021, through November 6, 2022.
Before its official deployment in the new setting, Composable Finance noted that it would need to test the performance of its parachain before launching further community development and opportunities.
Picasso is part of Composable’s ready-to-go decentralized economy for developers and users, as the team plans on making decentralized finance (DeFi) more user-friendly, interoperable, and flexible.
Backed by German-based blockchain organization Advanced Blockchain AG, Composable Finance is a cross-chain, cross-layer interoperability platform that plans on reducing barriers in the decentralized finance sector.
The winner of the Kusama 12th parachain auction offers a hyper-liquidity infrastructure layer powered by Ethereum and Polkadot Layer 2 protocols.
Composable Finance Raises $45 Million
On October 18, Composable Finance reopened its crowd loan for contributors to pledge their KSM and stablecoins.
Per the auction data, Composable Finance, which was grouped as one of the third batch candidates, successfully raised 115,071 Kusama (KSM) worth over $45 million from 10,304 contributors.
Contributors were awarded 2.5 billion PICA, the native token of Picasso, while their pledged KSM will be locked throughout the duration of the Composable Finance slot.
Kusama Parachain Auctions
In a bid to improve its utility, Kusama established a parachain auction that will be connected to its network. Since there are a limited number of available parachain slots, Polkadot’s canary network chose to award each auction slot to the best parachains.
So far, Kusama has awarded 12 slots to different projects, with the network gearing up for the 13th auction exercise.
As reported in September, KILT Protocol was announced the winner of the sixth Kusama auction after raising $85.8 million in KSM from 7,997 contributors.
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