Decentralized finance hub Acala Network’s sister network, Karura, has won the first parachain lease auction on Kusama, Polkadot’s pre-production network, and is now successfully producing blocks, according to an announcement today.

Fast facts:

  • The successful completion of Kusama’s first parachain slot auction and Karura’s launch brings Polkdot ever closer to its rollout.
  • Karura raised more than US$100 million in Kusama (KSM) tokens from its community, with funding coming from over 900 different addresses on the Kraken exchange and more than 7,600 backers via the Karura portal, according to Karura.
  • Karura is a scalable, Ethereum virtual machine-compatible network for DeFi that allows users to build DeFi applications without high gas fees. The applications on the platform include a staking derivative (liquid KSM), a multi-collateralized stablecoin backed by cross-chain assets (kUSD) and an automated market maker decentralized exchange.
  • “This level of support for our launch of Karura on Kusama, and later Acala on Polkadot, is proof of the positive demand for interoperable, decentralized financial products,” said Ruitao Su, a co-founder and CEO of Karura and Acala in an email to Forkast.News. “We are grateful for such incredible support, and are excited to introduce our DeFi products to the world.”
  • Kusama’s second auction commences today, with the third, fourth and fifth auctions taking place on June 29, July 6 and July 13 respectively.

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