🧘‍♂️ Bidding Begins

Auction Is Live. Who Will Place The Highest Bid?

Dear Meditators

Welcome back to your daily crypto update. Helping you build wealth in every market condition. Today we cover:

• Kusama Parachain Auctions 

• Crypto Shark Tank 

• HUMAN Protocol 

And we are delighted to also be sharing our latest podcast: 

• 7 Figure Losses, Prop Trading and Yield Farming with Glimmery

Read, enjoy and share with your network. Let’s all build wealth together.

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🌌 Kusama (KSM) Parachain Auction

Lots of hype in the DeFi space today around the first Kusama (KSM) Parachain Auction.

• Polkadot and Kusama are designed around two types of blockchains: Relay Chains and Parachains. 

• Relay Chains finalise network transactions. 

• Parachains are custom blockchains anchored to the Relay Chain that use its computing resources to confirm that the transactions are accurate. 

• Relay Chains alone do not support smart contracts.

• They achieve smart contract functionality from Parachains that plug into it. 

• So to launch a project on one of the Relay Chains (such as Polkadot or Kusama) projects must compete for one of 100 Parachain slots available. 

• They compete via the auction.

The auction gives power back to the community. And as we often say, the community is at the heart of the crypto markets. Retail investors can participate in new project launches and receive project tokens through the ‘crowdloan module’. To participate in the parachain auctions through the crowdloan feature, there are both centralized and decentralized options for users. 

1️⃣ Participants can contribute their KSM directly without leaving the exchange through Kraken, KuCoin and OKex. 

Taking Kraken as an example, users can begin by creating an account. Next, they must deposit or buy KSM. Then they can navigate to Earn > Parachains. Select the project you would like to support and enter the amount of KSM you wish to contribute. Select contribute and confirm. Kraken also provide a helpful roadmap:

2️⃣ Alternatively, participants can stake their KSM through decentralized options such as Bounce Decentralized Auction Protocol, MathWallet, FearlessWallet and Polkadot.js.

Additional features of the Parachain Auctions to be wary of: 

• As well as helping to ensure your chosen project wins a parachain slot, supporters receive a distribution of the parachain’s native token. 

• To participate, you have to unstake your KSM and lock it up. Therefore your opportunity cost lies in staking rewards no longer being generated.

• If the project loses the auction or the parachain slot expires, all funds are returned.

• New projects will never have access to the funds, they only win the opportunity to build on Kusama / Polkadot. This helps discourage lazy or scam projects from cashing in on investors without offering any value in return. 

• After the Parachain slot’s duration expires (48 weeks) all KSM is returned to supporters.

Like Polkadot, Kusama aims to be a completely decentralized project, so once the parachains are launched, the future of both networks will depend entirely on the on-chain governance of their respective communities. For those considering getting involved in the auctions, we suggest doing your due diligence on evaluating the project. You might want to review all projects with added scrutiny given market conditions are less bullish than they previously have been. 

If you’re wondering how to assess project metrics, check out our Fundamental Indicators Guide. We talk you through reading whitepapers, assessing tokenomics and more. For more guides and Market Meditations content, consider joining our free community.

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Crypto Shark Tank 

Which famous investor from the TV show Shark Tank said that DeFi is “the next great growth engine that this country needs”?

1. Kevin O’Leary

2. Mark Cuban 

3. Lori Greiner

HUMAN Protocol

HUMAN protocol is an organization with the goal of providing infrastructure to reshape how humans work by facilitating distributed job markets. They are the world’s largest provider of human-generated labels to help AI companies build, train and test machine learning models. HUMAN allows any job market to be securely tokenized, empower workers themselves as opposed to corporations, to control their opportunities and rewards. Today they launched “Proof-of-HUMANity,” a tool that helps “maintain the integrity of on-chain governance.”

• HUMAN is overseen by the HUMAN Protocol Foundation, an open-source community that wants to create a more ethical, private, and secure internet. 

• The team consists of fifteen employees with diverse backgrounds. 

• The protocol’s designer Alex Newman was an early employee at Cloudera and later built multiple companies including Ohmdata (acquired by WANDisco) whilst the Head of Operations Lonnie Rae Kurlander is a doctor who founded medal.com, a NLP & ML platform that helped scale healthcare, later acquired by CIOX.

So how is HUMAN different from a job board like AngelList or Indeed you might ask?

• One important distinction is that HUMAN is not the job market itself. Instead, it merely provides resources and tools to help AI companies build, train, and test machine learning models to simulate interactions between humans and machines. 

• One noteworthy application of the technology is hCaptcha, an antibot system that rivals that of Google with 200M+ MAU. 

• hCaptcha is not the only application for HUMAN’s technology. Put broadly, the goal is to catalyse and nurture distributed markets in any way possible.

7 Figure Losses, Prop Trading and Yield Farming with Glimmery

CLICK HERE TO LISTEN 🎧

Glimmery is a well known prop trader on twitter who has recently turned to DeFi and quantitative trading.   

2. Mark Cuban 

Mark Cuban has spoken on his thoughts on cryptocurrencies before, but today he delved further into the world of DeFi. On his blog he wrote an article titled:“The Brilliance of Yield Farming, Liquidity Providing and Valuing Crypto Projects”.

In this he talks about how bullish he is on DeFi and how he predicts in 10-20 years time we will see how many life and world changing companies were built during this time in a global pandemic, stating that  “Among those companies, [it’s] already a certainty that De-Fi and other crypto organizations will be at or near the top of the list”.

Cuban even went so far as to share DeFi solutions he is invested in such as Ethereum scaling solution Polygon and lending protocol Aave. This is good news to have major businessmen such as Cuban not only positive on DeFi but also investing in it themselves. 

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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision.