Karura wins Kusama’s first Parachain auction

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Karura crowdfunded its winning bid of over 500,000 KSM and will soon begin the rollout of its application package for the financial sector

Kusama’s first Parachain auction is officially over. Yesterday, the Defi hub Karura became the first winner announced.

Kusama is the” Canary Network ” for Polkadot. Both have a heterogeneous blockchain architecture from “Home“, each of which can host its own project. Auctions for slots on Kusamas Parachains started last week. Polkadot will also hold auctions later this year.

Yesterday, the first auction ended, with Karura emerging as the winner with a bid of KSM 501,137.66. The amount was raised through crowdfunding from the community and will be blocked for the duration of the Parachain lease. The Karura network is already active on Kusama and has started production of the first blocks.

Karura is the sister network of Acala that is looking to win a Parachain slot at the upcoming Polkadot auctions. Both projects provide an all-in-one platform for Defi applications. Karura offers the Acala Foundation team the opportunity to try out new innovations and riskier financial parameters that they cannot use on Acala.

The Karura network is scalable and EVM compatible, while its Defi platform allows its users to exchange, earn, lend and borrow, among other things-all for micro gas fees that can be paid with any cryptocurrency. Karura’s product range includes a decentralized exchange (DEX) with automated market making (AMM) called Karura DEX, a staking derivative called Liquid KSM (LKSM), and the multi-collateralized stablecoin kUSD backed by cross-chain assets.

Karura does not have a fixed schedule for its rollout. However, the launch of Karura Genesis is already underway and the team intends to release kUSD, Karura DEX and LKSM-Staking as soon as possible.

The launch process involves releasing token transfers to Karura and distributing KAR – the project’s native token – to the community and begins with technical verification and a runtime upgrade.

Kusama’s second parachain auction has already begun, with decentralized smart contract platform Moonriver on the verge of victory. It has already raised a crowd credit worth more than 120,000 KSM-over 30,000 KSM more than the DApp hub Shiden Network, which has received the second largest crowd credit to date.