Karura Raises $100 Million for Parachain Auction

Karura is an Acala sister project on Kusama. They raised more than $100 million in KSM loans to buy Kusama’s upcoming parachain auction.

Karura Raises $100 Million for Parachain Auction

Karura to Bid $100 million in Parachain Auction

Karura Network has raised $100 million from its community to bid for a parachain on Kusama.

The team announced that 200,000 KSM tokens were lent to the team came from more than 8,500 contributors, mostly via Karura’s own portal.

Karura is hoping to run a parachain that provides a full suite of DeFi services on Kusama, including a cross-chain automated market maker and a stablecoin collateralized by various cross-chain assets. Karura is the sister project of Acala Network, one of Polkadot’s key DeFi hubs. Both Karura and Acala are backed by some of the biggest venture funds in the crypto industry, including Coinbase Ventures.

Polkadot and Kusama are designed to connect 100 application-specific parachains plugged into a central Relay Chain. However, there are a limited number of parachains, meaning that projects planning to launch on the network need to win a slot via auction.

Kusama will start selling slots on June 15. The first slot is the Kusama Canary Network. Projects will need to give tokens in order to buy a slot.

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