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The decision is due to declining usage of USDT on these networks over the past two years and as the company moves its focus to newer platforms such as Layer 2s.
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Kusama FAQ
Kusama is Polkadot's sister network with specialized blockchains built using Substrate. It provides a testing ground for developers to deploy new projects with a faster governance cycle. Projects can also choose to use Kusama or Polkadot as their primary environment. Many choose to run parachains on both, with Kusama as a pre-production environment. KSM is the native token of Kusama. Holders of KSM, along with an elected council, make governance decisions in a democratic process.
Developers can rent space at a low cost to build projects on Kusama using slots allocated in three ways. First, users can book them through a permissionless auction by locking up their KSM tokens for a specified period. Smaller projects that may not be able to inhabit an entire parachain can opt for parathreads, a smaller version of parachains with the same API but executed on a pay-as-you-go basis with an auction for each block.
Dive deeper into Kusama
Kusama is an open-source and experimental version of the Polkadot blockchain, built using the Substrate network. It offers a relatively lenient governance system, thus allowing developers to build and upgrade new blockchain projects quickly. KSM is the name and ticker of the project's native token.
Kusama utilizes a multi-chain network with a relay chain, parachains, and bridges. While Polkadot focuses on maintaining high levels of security, Kusama is designed to absorb the risks of early experimentation by acting as a testnet. It is also cheaper to deploy projects on Kusama than on Polkadot, making it attractive for early-stage projects. The minimum requirement for staking as a validator is also lower, increasing its accessibility to users. However, Kusama supports a limited number of parachains, currently 100, booked through slots and allocated through an open auction for high-value bidders.
The three main ecosystem governance participants are the KSM token holders, the council, and the technical committee based on the Nominated Proof of Stake (PoS) consensus. The on-chain governance model uses simple, stake-based voting schemes to make any required changes to the network. As a result, Kusama is four times faster than Polkadot, with the voting and enactment process executed within 15 days.
KSM price and tokenomics
KSM has a total supply of 10 million and is subject to an annual inflation rate of 10%. Therefore, the token allocation of newly minted tokens depends on the proportion of KSM staked by network participants. If upheld, the ideal staking ratio is set at 50%, giving KSM validators new tokens. The excess goes to the treasury if this ratio has a positive deviation. However, validators will receive fewer tokens with a negative deviation, affecting the KSM price.
The quicker governance structure and rapidly expanding Polkadot ecosystem drive demand for KSM tokens. Polkadot price fluctuations also affect KSM's price. KSM was initially released through an airdrop and distributed to accounts that participated in the sale of DOT, Polkadot's token, at a ratio of 1:1. It also had a sale option for those who did not hold any DOT tokens at the time.
About the founders
Backed by strong players in the crypto ecosystem, Kasuma shares the same founders as Polkadot - Gavin Wood, Peter Czaban, and Robert Habermeier. Wood, the co-founder and former CTO of Ethereum, invented several fundamental elements of blockchain development, including Solidity, Whisper, and Proof of Authority (PoA) consensus. He also currently serves as the president and founder of the Web3 Foundation.
Czaban, an Oxford alumnus, is the chief technology officer at the Web3 Foundation, while Habermeier, a fellow at Thiel, is a longtime member of the Rust community. KSM also has a team of over 100 blockchain engineers and strategic advisors helping shape the project's future. Kusama is funded by the Web3 Foundation and private investors such as Master Ventures, who funded the entire Polkadot ecosystem.
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