Karura has completed its crowd loan campaign with over 500,000 KSM committed. That’s about $100 million! Thus, Karura has won the first-ever parachain slot auction.
Karura becomes the first Kusama-based parachain.
What is Karura?
Karura is an all-in-one DeFi hub of Kusama. It was founded by the Acala Foundation and is a scalable, EVM-compatible network.
- a trustless staking derivative
- a multi-collateralized stablecoin
- AMM DEX
Acala and Karura were founded in Oct 2019. Some giants from the crypto industry back Acala and Karura:
- Coinbase Ventures
- Pantera Capital
- Arrington XRP Capital
But also other big firms are backing Acala and Karura.
Bette Chan, Co-Founder of Acala and Karura, stated:
“Even though the crypto market has been under pressure, we are extremely happy with the results of our crowd loan, which allowed us to become the first-ever parachain in the Kusama and Polkadot space. Collecting over 5% of KSM supply is no small feat, and we are honored to have such a strong community of DeFi supporters.”Bette Chan, Co-Founder of Acala and Karura
Karura aims to become a big player in DeFi. Now, Karura marked an important milestone in the history of Kusama.