Karura Wins First-Ever Parachain Slot Auction in Kusama & Polkadot Ecosystem, Brings DeFi Platform and Apps to Kusama

Karura wins auction with over 500k KSM contributed in the community-backed crowdloan — launch rollout process has begun

Updated June 29, 2021

After over two years of technical development efforts from the Acala team and almost a year of community and brand building, Karura has won the first-ever parachain slot auction on Kusama with 501,137.66 KSM contributed by the community! This was truly a global community effort, and we can’t thank everyone enough for the overwhelming and unprecedented support. Karura’s network is now live on Kusama and has begun producing its first blocks:

Karura has been built and launched to serve the DeFi demand of the Kusama community, while Acala will soon launch to serve the DeFi demand of the Polkadot ecosystem. By launching on Kusama, Karura can push the limits of what’s possible, giving the Acala Foundation team a place to launch bold new financial innovations, allow riskier financial parameters, try new collaterals, and foster innovation not possible on Acala. Karura will access Kusama’s plug-and-play security while enjoying high-capacity processing speeds, micro-gas fees, and interoperability between multiple networks, all ultimately bridged to Polkadot.

Crowdloan stats

  • Total KSM locked: 501,137.66 KSM
  • Total Contributions: ~20,000
  • On-chain contributions: 14,164
  • Contribution channels: 86.8% non-custodial wallets (e.g. Polkadot{js} extension, Polkawallet, Fearless Wallet, MathWallet, etc.) and 13.2% via exchange

Contribution distribution

<1 KSM: 2,893 (20.43%)

<10 KSM : 7,843 (55.4%)

<50 KSM : 2,383 (16.83%)

<1k KSM : 983 (6.94%)

1,001–9,999 KSM: 50 (0.35%)

>10k KSM: 6 (0.04%)

Reward Stats

Total base KAR reward: 10,000,000 (10% of total fixed supply)
Total bonuses: 1,548,000~ (1.5% of total fixed supply)
Total KAR reward to be distributed: 11.5%
Base reward: 19.95 KAR for every 1 KSM contributed

Individual Reward Details

  • Base reward : 19.95 KAR for every 1 KSM contributed
  • Referral bonus : 5% additional KAR for referee, 5% for referrer when a referral link used
  • Early Bird bonus: 10% additional KAR for contribution during the first 3 days of the Karura crowdloan
  • Auction Kickoff bonus: 5% additional KAR for contributing between 4 hours before the auction and the end of auction phase one
  • Other: 5% referral bonus are given to the keen ones who contributed in the first 2 hours of Karura crowdloan without a referral

Check your rewards here .

Launch Rollout Plan

The Karura team will now be immediately jumping into our network rollout plan as we work to get all of our products released and bootstrapped with liquidity — the Karura DEX, the kUSD stablecoin, and Liquid KSM (LKSM) staking. Similar to the launches of Kusama and Polkadot, Karura’s rollout will have no associated dates or timelines — the rollout will happen as soon as possible, with many technical dependencies along the way. Our newsletter is one of the best ways to keep informed.

All of Karura’s launch and governance phases can be viewed here . Please bookmark this page as your source of truth for tracking Karura’s launch process. The initial steps in the launch process will involve the following steps:

  • technical verification and a runtime upgrade
  • enable KSM transfer from Kusama to Karura
  • Distribute KAR to the community
  • Remove the sudo key
  • Enable the Karura DEX
  • Enable kUSD borrowing
  • Enable token transfers on Karura
  • Enable the initial version of LKSM staking

Meet Karura, the all-in-one DeFi hub of Kusama

Founded by the Acala Foundation, Karura is a scalable, EVM-compatible network optimized for DeFi, and built on Kusama. It’s an all-in-one DeFi platform that offers a suite of financial applications including: a trustless staking derivative (liquid KSM), a multi-collateralized stablecoin backed by cross-chain assets (kUSD), and an AMM DEX (the Karura DEX) — all with micro gas fees that can be paid in any token.

Karura also provides an ethical and sustainable token distribution model as well as an on-chain Karura Treasury, both of which support its community and longevity. Because Karura leverages the novel Acala EVM, which enables Ethereum compatibility with unlimited Substrate* functionality, the network is primed to support the deployment of leading DeFi projects who aim to expand their services beyond Ethereum.

Substrate is the blockchain-building framework for building on Polkadot and Kusama*

Want to head down the rabbit hole? Read more in the Karura deep dive here:

Watch a 14 minute deep dive video on Karura here:

Expect Karura,

The Karura Team

About Karura

Karura is the all-in-one DeFi hub of Kusama. Founded by the Acala Foundation, Karura is a scalable, EVM-compatible network optimized for DeFi. The platform offers a suite of financial applications including: a trustless staking derivative (liquid KSM), a multi-collateralized stablecoin backed by cross-chain assets (kUSD), and an AMM DEX — all with micro gas fees that can be paid in any token. Karura is a blockchain platform custom-built for DeFi and powered by KAR, which enables settlement for transactions and smart contract execution, incentivizes node operators, and empowers its holders to participate in governance.

Linktree | Newsletter | Discord | Website | Twitter | GitHub | YouTube

About Acala

Acala is an all-in-one decentralized finance network offering a blockchain platform secured by Polkadot, as well as a suite of cross-chain financial applications that let users trade, issue self-serviced loans, become liquidity providers, access trustless staking derivatives (liquid DOT — LDOT), and earn high-interest APY on their digital assets. The network is scalable, Ethereum-compatible, and optimized for DeFi.

Acala was founded in Oct 2019, has received several Web3 Foundation grants, has backing from Coinbase Ventures, Pantera Capital, Polychain Capital, Digital Currency Group, Arrington XRP Capital, and other top firms, and has a distributed team in New Zealand, China, Europe, Brazil, and the United States. As an open platform, Acala enables finance-oriented dApps to deploy for using smart contracts or built-in protocols with out-of-box cross-chain capabilities, security, and financial optimizations.

Linktree | Newsletter | Discord | Website | Twitter | GitHub | Wiki | YouTube

1 Like