Polkadot (DOT) canary test network Kusama (KSM) is down 13% over the last 24 hours despite a listing announcement from Coinbase.
Yesterday, the US-based exchange giant announced upcoming support for KSM once appropriate liquidity conditions are met.
“Trading will begin on or after 9AM PT Thurs June 2, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our KSM-USD, KSM-USDT trading pairs will launch in phases. Support for KSM may be restricted in some supported jurisdictions.”
New Asset: Coinbase will add support for Kusama (KSM). Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported. pic.twitter.com/YbKGdbDcD4
— Coinbase Assets (@CoinbaseAssets) June 1, 2022
Despite the good news, Kusama is down 13% over the last 24 hours, trading for $73.63 at time of writing.
Kusama is a public network where developers can experiment. The platform supports projects designed for the Polkadot blockchain. DOT connects multiple blockchains into one unified network in order for different blockchains to send and receive transfers of any type of data or asset. Kusama allows new blockchains to be tested and fine-tuned on Kusama before being launched, acting as a canary in the coal mine for developers.
According to the project’s whitepaper,
“Kusama is a canary network for Polkadot; an earlier release of the code that is available first and holds real economic value. For developers, Kusama is a proving ground for runtime upgrades, on-chain governance, and parachains.”
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Source: https://dailyhodl.com/2022/06/02/polkadot-dot-test-network-kusama-ksm-falters-despite-surprise-coinbase-listing-announcement