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The Kusama team has announced via Twitter on June 22, 2021, that Karura (KAR) has emerged as the winner of the first-ever Kusama (KSM) parachain auction. The team says over 15,000 participants locked up their KSM tokens in favor of Karura.
Karura (KAR) Becomes First Kusama Parachain
The months of hard work and dedication of the Karura team have finally paid off, as the project has now won a parachain slot on Kusama, laying a solid foundation for its product launch on the network.
Karura tweeted:
Karura has officially secured the first public parachain slot on @kusamanetwork and is now successfully producing blocks 🚀
Kusama’s DeFi hub has arrived. pic.twitter.com/VWCPHBql7t
— Karura – DeFi Hub of Kusama (@KaruraNetwork) June 22, 2021
Though the team has not talked about the immediate next steps of Kurara, the announcement has attracted positive reactions from Kusama faithful on crypto Twitter nonetheless and the team has hinted that key members of the Kurara project, will be live on #TwitterSpace on June 23, 2021, to answer questions and shed more light on the way forward.
Karura Aiming to Revolutionize DeFi
For those who are unaware, Kurara (KAR) was created by the Acala Foundation and it’s aiming to develop a robust decentralized finance (DeFi) ecosystem in Kusama. When Kurara finally launches, members of its ecosystem will enjoy a plethora of DeFi offerings, including superfast and cost-efficient token swaps, staking, liquidity mining, and more.
At a time when “rug pull” incidents are increasing at an alarming rate in the DeFi space, Karura will definitely provide investors with a reliable platform through which they would enjoy the goodies of decentralized finance, as the platform is backed by highly reputed entities including Coinbase Ventures.
Notably, investors’ confidence in the Karura project is very solid at the moment as evidenced by the overwhelming support Karura got from members of the cryptoverse during its crowd loan event.
Specifically, on June 10, 2021, the team announced that it had successfully raised more than 200,000 $KSM tokens ($100m at the time) from over 8,500 contributors that took part in its crowd loan event via its portal.
According to Karura, contributors will get 12+ KAR tokens for every 1 KSM contributed, early birds will earn an extra 10 percent bonus and on top of that, there’s a five percent referral bonus for eligible participants.
At press time, the price of KSM is hovering around $175.40, with a market cap of $1.51 billion, as seen on CoinMarketCap.