A brief introduction to Crowdloans

The very basics of parachain auction of the Polkadot ecosystem

As stated on the Kusama website, parachains connect to the network [that is Polkadot or Kusama] by leasing a slot on the Relay Chain via permissionless auctions. Parachain slot auctions follow a modified candle auction format, with each auction lasting approximately 1 week. To prevent auction sniping (the strategy of bidding at the last moment) and promote more accurate price discovery, the exact endpoint of a particular auction remains unknown until after the auction’s close.

For additional information, you may take at our "Beginner’s Guide to Parachain Auctions".