Kusama soars 110%, crypto ‘canary’ sings profitable tune

Kusama soared over 112% on Saturday, leaving investors and enthusiasts wondering what fueled this meteoric rise for Polkadot’s experimental sibling.

Kusama (KSM), often referred to as the “canary network” of Polkadot (DOT), lives up to its name.

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

Source: CoinGecko What is Kusama?

Kusama serves as a live testing ground where developers and teams can try out new ideas, features, and distributed applications (dApps) before deploying them on Polkadot, a top-tier layer-1 network.

Earlier this month, crypto.news reported that despite its weak fundamentals, analysts think Polkadot will take off.

Now observers note that selling Polkadot and Kusama at all-time lows was a mistake because these “solid projects” are ripe for a comeback.

See below.

To everyone who claims $DOT And $KSM We were dead, it’s time to rethink. Many followed the downside and sold at all-time lows; but they watched these projects come to life.$KSM It increased by 82% in one day, proving once again that solid projects in the crypto space are not dead. pic.twitter.com/EHEkIzYME3

— 𝙺𝚊𝚣𝚞𝚢𝚊 𝙺𝚞𝚜𝚊𝚖𝚊 (@kazuya_kusama) 23 November 2024

Polkadot connection

As Polkadot prepares for the next big developments, Kusama often acts as a trailblazer, making her actions a leading indicator of broader trends in the ecosystem.

Some speculate that the rise in Kusama’s value may be tied to expectations of Polkadot’s future announcements, with KSM going after the more stable one.

Another factor could be renewed interest in web3 development as blockchain projects increase efforts to create scalable and interoperable solutions.

Thanks to Kusama’s experimental approach, it has become a magnet for developers looking to push the boundaries. This increase can be seen as investors doubling down on Kusama’s role as a hotbed of web3 innovation.

For example, SubQuery Network, a Web3 infrastructure provider, recently introduced two new decentralized Remote Procedure Calls (RPCs) for the Polkadot ecosystem.

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

Supporting nearly 200 networks, SubQuery operates a globally distributed network of decentralized indexers and RPC providers. Dapps can retrieve blockchain data efficiently and reliably over this network, eliminating the need for centralized access points.

RPCs play a crucial role in blockchain and act as a communication bridge between external entities and nodes on the blockchain.

They help with data retrieval, smart contract execution, and transaction processing. With the introduction of SubQuery’s decentralized RPCs, these core functions are now more accessible and secure for developers on the Polkadot and Kusama networks.