Karura Wins First Kusama Parachain Auction!

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.

Karura offers:

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
ParaFi

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.