Karura Crowdloan has Ended!

By November 7, 2021Polkadot
Click here to view original web page at acala.network

Karura is the decentralized financial hub of Kusama, a scalable multi-chain network for radical innovation and early-Polkadot deployments. With a trustless staking derivative, a multi-collateralized stablecoin backed by cross-chain assets, and a DEX, all with micro-gas fees, Karura is optimized for DeFi and powered by KAR.

Jun 08Jun 12Jun 15Jun 220 KSM300k KSM600k KSM

parachain

Tokens will be returned to holders following parachain lease, with a guarantee of receiving the KSM principal back. It can be seen as a community-backed launch for individuals looking to contribute to the evolution of Kusama’s network and parachains.

The KAR distributed to participants will be vested over a period of time, but the full balance can be used to participate in governance and other activities besides transferring. This helps us to build a strong and well-intentioned community from the ground up.

Kusama is a sharded, multi-chain network that allows blockchains to connect for interoperability, scalability, and plug-and-play network security. Kusama is the cousin network of Polkadot. To join Kusama’s network, all parachains must participate in and win a unpermissioned candle auction to secure a slot on the network. Parachains can choose to raise KSM in a variety of ways in order to participate in the auction.

Karura has chosen to host a Crowdloan to trustlessly crowdsource KSM, which will be used to participate in the Kusama parachain auction. These KSM will be bonded, or ‘locked’, in the Kusama Relay Chain for the duration of Karura’s parachain lease.

In the event Karura succeeds in its auction bid and secures a Kusama parachain lease, and network genesis of Karura occurs on Kusama, Karura will gift KAR to Karura supporters’. Kusama supporters will be distributed KAR in the same account they used to bond KSM in support of Karura’s parachain lease. The amount of KAR distributed is dependant on the level of support provided.

Acala will operate its DeFi parachains on Polkadot and Kusama to serve both communities. Acala and Karura will operate in parallel, and will eventually be interoperable once Polkadot and Kusama are bridged.

Not necessarily. You need to contact your exchange to find out how to participate directly on the exchange. In case it is not supported on your exchange, you would need to unbound, transfer your KSM to polkadot-js extension wallet and use one of the aforementioned methods to participate.

If Karura does not win the initial auction, it will continue to bid in the subsequent auctions. If Karura fails to win any auction for six weeks after the beginning of the crowdloan, then it will end the crowdloan and return all funds to holders.

Karura’s Crowdloan is on Kusama will help bootstrap the launch of Acala’s sister network on Kusama. For participants, the key differences are that the parachain lease duration for Karura may be different and likely to be shorter than Acala. Also, participants in the Acala Crowdloan on Polkadot will receive ACA, whereas participants in the Karura Crowdloan on Kusama will receive KAR tokens.

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