Users can experiment with a range of real-world assets before they are released on Centrifuge Chain
Altair Network has become Kusama’s tenth parachain after being announced as the winner of the ninth parachain auction.
Details from the auction show that 11,201 contributors supporting Altair Network locked a total of 187,835 KSM tokens to back the project. At the time the winner was announced, those KSM tokens were valued at more than $61.3 million, putting Altair ahead of its competitors and securing the parachain slot on Kusama.
The 11,201 participants who locked their tokens will receive 430 AIR tokens as a reward for each KSM token they contributed. This reward is drawn from a pool of 79.8 million tokens and represents 15.8% of the total 505 million token reward allocation. The rewards distributed in this batch will constitute 25% of the planned 79.8 million and will be released and distributed immediately.
The remaining 75% of rewards will be distributed over the next 48 weeks, which corresponds to the lock-up period for users’ KSM tokens. According to parachain.info, this timeline runs from September 29 until August 5, 2022, when Altair’s parachain slot expires.
What is Altair Network?
Altair is built on the same codebase as Centrifuge Chain and operates as a decentralized network where users can create, test, and finance assets. The network provides an experimental environment—similar to Kusama’s relationship with Polkadot—and is often described as a “canary network” where assets can be trialed before they are published.
As a parachain winner, Altair is now positioned to offer an ecosystem where real-world assets can be tokenized and financed prior to being launched on Centrifuge. Assets that may be financed include rare artworks and NFTs, among others.
Altair plans to leverage its interoperability features to build bridges to Polkadot (DOT), Ethereum (ETH), and Kusama (KSM), enabling cross-chain interaction and broader access for asset financing and experimentation.