Karura launches decentralized exchange on Polkadot and Kusama

By July 23, 2021Polkadot
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Karura, the Polkadot implementation of the Acala protocol, has launched its Decentralized Exchange (DEX) platform, Karura Swap.

According to the announcement on Friday, the DEX platform is now live, with KSM / KAR being the first trading pair on the exchange.

According to the details provided by the announcement, Karura Swap has been brought online with a total initial value locked in north of $ 3.4 million, with over 1,000 Unique Liquidity Providers (LPs).

The team revealed that the launch of DEX highlighted the benefits of its ‘Bootstrap feature’ which provides a liquidity sandbox for pairs trading with the closed environment, apparently preventing running and manipulation. of the market during the initial launch of a trading pair.

“With Bootstrap, Karura aims to enable trustless commerce at the fair market rate to reflect the principles of fair and open finance for all,” the blog added.

Indeed, the inaugural KSM / KAR pair went through the bootstrap phase and only entered service after reaching the mandated liquidity target. With the launch of DEX, Karura Swap becomes the first decentralized exchange on Polkadot and Kusama and the first avenue for trustless trading of Kusama tokens on a DEX.

Other trading pairs that will be launched on Karura Swap can also use the Bootstrap feature. LPs can choose to provide one or both tokens to the pool during the process, while trading remains suspended until the set liquidity target is reached.

Related: DeFi hub Karura becomes first winner of Parachain Kusama slots auction

With Karura envisioned as a decentralized financial center on Kusama, the team said other features such as stable kUSD lending, staking and cash extraction programs are underway. These added protocols are part of plans to grow the network under the guaranteed 48-week network lease by winning a parachain auction slot.

As previously reported by TBEN, Karura became the first winner of the Parachain Kusama slot machine auction on June 22, with over 501,000 KSMs put into play in the crowdfunding process. These slot auctions determine which parachaines will be added to the Kusama relay chain, which serves as Polkadot’s companion network.

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