Kusama soars over 110% as crypto ‘canary’ sings profitable tune

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As a researcher with a background in blockchain technology, I’ve seen my fair share of crypto market fluctuations, but the recent surge of Kusama (KSM) has truly left me astounded. The parallels between this meteoric rise and a falcon soaring through the skies are uncanny.

Kusama has experienced a significant surge, flying over 112% on Saturday, sparking excitement among investors and supporters as they ponder the factors driving this extraordinary ascent for the experimental counterpart of Polkadot.

Kusama (KSM), often referred to as Polkadot’s (DOT) “canary network,” is living up to its moniker.

The coin’s rally signals a new wave of activity in the blockchain ecosystem. Designed for developers and startups to test ideas in a live environment, Kusama’s rise suggests a surge in experimentation and innovation.

What is Kusama?

Kusama serves as a practical playground for developers and teams to try out fresh concepts, functionalities, and decentralized applications (dApps), prior to their implementation on Polkadot, a prominent layer-1 network. In simpler terms, Kusama is a place where innovations are tested before they go live on Polkadot.

Just last week, it was shared by crypto.news that even with its less robust foundations, analysts remained optimistic about Polkadot’s future prospects.

Currently, it’s becoming apparent that cashing out on Polkadot and Kusama when prices reached their lowest points was an error, given that these robust projects seemed poised for a resurgence.

See below.

To those who believed $DOT and $KSM were no more, it might be beneficial to revise your perspective. Many who succumbed to the pessimism sold at rock bottom—yet watched as these ventures miraculously rebounded.

— 𝙺𝚊𝚣𝚞𝚢𝚊 𝙺𝚞𝚜𝚊𝚖𝚊 (@kazuya_kusama) November 23, 2024

The Polkadot connection

In preparation for significant advancements, Kusama, much like a trailblazer, frequently sets the pace. This means that Kusama’s actions can often be seen as early signs or indicators of broader shifts happening across the entire ecosystem.

It’s been suggested that the increase in Kusama’s worth could be linked to expectations surrounding upcoming announcements from Polkadot, as Kusama (KSM) may be benefiting from the positive momentum of its more established partner.

A potential reason might be the resurgence of enthusiasm towards web3 development, driven by blockchain initiatives intensifying their work on creating scalable and compatible platforms.

Through Kusama’s pioneering spirit, it has attracted developers eager to explore new frontiers. This growth might be interpreted as investors strongly backing Kusama’s position as a hub for groundbreaking web3 innovations.

As a crypto enthusiast, I’m excited to share that SubQuery Network, a key player in the Web3 landscape, has just revealed two novel Decentralized Remote Procedure Calls (RPCs) designed specifically for the Polkadot ecosystem.

These RPCs mark the first decentralized RPCs on Substrate-based networks.

SubQuery functions as a global, decentralized network of indexers and RPC providers, spanning close to 200 networks. This system enables Decentralized Applications (DApps) to quickly and reliably gather blockchain data, doing away with the reliance on centralized access points.

In the world of blockchain, RPCs (Remote Procedure Calls) act as a vital link, connecting outside systems with the blockchain’s networked nodes.

Through their capabilities, they facilitate data extraction, run smart contracts, and manage transactions. The integration of SubQuery’s decentralized Remote Procedure Calls (RPCs) has made it simpler and safer for developers working within the Polkadot and Kusama ecosystems to access these crucial functions.

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2024-11-23 21:23