We are excited to announce that Acala’s Karura Network secured the first ever parachain slot on Kusama – Congratulations!
Slot 1 Winner
Karura (KAR) – Described as a Decentralized Finance (DeFi) hub and stablecoin platform for the Kusama network, Karura will operate on Kusama as a parachain and aims to host several different functions on its platform, including a crypto-collateralized stablecoin, an automated market maker (AMM) decentralized exchange, access to liquid staking, and a blockchain compatible with Ethereum’s code.
The candle auction for the first parachain slot ended on block 12,096,001 and Karura won the auction with a total amount of 501,137.6619 KSM bonded to its project.
The reward ratio is 23.5+ KAR per KSM (30% vest on project launch, 70% vest over 48 weeks).
Note: Rewards are subject to a 10% administrative fee (calculated in the Reward asset) upon receipt.
Please see our Support Center article for an illustrative breakdown of the potential rewards per KSM contributed, percentage of tokens issued to parachain auction contributors, campaign durations, token vesting schedules and more.
When will Karura be live?
Possibly in the following weeks. We will update this blog and email all clients who contributed when Karura provides more details.
What happens to the other projects I supported that didn’t win?
KSM contributed to other projects will continue to support the bid of those projects to win Slot 2, which is now open. For more information about the second slot and additional FAQs please see our initial blog.
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