Karura Swap Launches First DEX in Polkadot Ecosystem
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Karura has implemented the Polkadot ecosystem’s first decentralized exchange.
Karura Swap Becomes First DEX on Kusama
The Polkadot ecosystem has got its first decentralized exchange (DEX).
Karura Swap, an automated market maker on Polkadot’s canary network Kusama, is now functional. The DEX was created by Acala, a DeFi project backed by Coinbase Ventures.
Karura Swap is the first DEX to settle transactions via its own DEX-specific parachain connected with Kusama’s mainnet.
Prior to this launch, Acala and other teams had demonstrated DEXs built using Polkadot’s SDK, substrate. However, they were only experimental as they were built without a parachain.
The DEX currently lets users trade Kusama’s native token (KSM) with Karura (KAR) tokens in a permissionless, decentralized manner, with other token pairs expected to be listed later on.
The KSM/KAR trading pair has quickly amassed $3.4 million in total value locked from more than 1,000 liquidity providers, the team noted in a blog post announcing the update.
Besides functioning as a DEX, the parachain offers other decentralized products such as staking derivatives through liquid KSM and a multi-collateralized stablecoin called kUSD.
Karura Swap has become functional just a month after the team won a Kusama parachain lease auction. The team locked $100 million in KSM tokens that it raised as a loan from its supporters and acquired a 48-week period lease to build its DEX on Kusama.
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OKEx lists KAR – the utility token of Karura, the all-in-one hub of Kusama
Karura is a one-stop DeFi platform that has multiple features, such as cryptocurrency swaps, borrowing, lending, earning and more — all with micro gas fees. Karura won the first auction on Kusama, the Polkadot enabled parachain, which is also known as a canary network.
OKEx CEO Jay Hao commented:
“We are extremely happy to bring Karura to our users. We see similarities in our platforms, as we both prioritize user experience. What could be better than being able to do everything in one place? OKEx is one of the first crypto exchanges to provide both spot and derivative trading in one place. Similarly, Karura’s comprehensive platform allows users to swap, borrow, lend, earn, etc. Only by sharing the same vision can we create a better ecosystem, together.”
To celebrate the launch, all of the Karura supporters during the launch of OKEx’s early bird voting for the Kusama parachain slot auctions will get a piece of a limited-edition OKEx–Karura NFT. Learn more here .
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About OKEx
Founded in 2017, OKEx is one of the world’s leading cryptocurrency spot and derivatives exchanges. OKEx has innovatively adopted blockchain technology to reshape the financial ecosystem and offers some of the most diverse and sophisticated products, solutions and trading tools on the market. Trusted by more than 20 million users in over 180 regions across the globe, its mission is to empower every individual through the promotion and advancement of cryptocurrencies globally. In addition to the exchange, it serves its users with OKEx Insights, a research arm that is at the cutting edge of the latest trends in the cryptocurrency industry. With its extensive range of crypto products and services, its unwavering commitment to innovation, and its local operations to serve its users better, OKEx strives to eliminate financial barriers and realize a world of financial inclusion for all.
SOURCE OKEx
Karura launches decentralized exchange on Polkadot and Kusama By Cointelegraph
Karura launches decentralized exchange on Polkadot and Kusama
Cryptocurrency Jul 25, 2021 01:20PM ET
Karura launches decentralized exchange on Polkadot and Kusama Karura, the Kusama implementation of the Acala protocol, has launched its decentralized exchange (DEX) platform, Karura Swap. According to the announcement issued on Friday, the DEX platform is now live, with KSM/KAR being the first trading pair on the exchange. Continue Reading on Coin Telegraph
Karura launches decentralized exchange on Polkadot and Kusama
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