What is Karura (KAR)
The Acala Foundation has created Karura, a decentralized finance platform and stablecoin platform for the Kusama network. It will operate as a parachain on Kusama.
The Kusama network uses parachain chains that relays transactions within the main KSA network. If you’re unfamiliar, parachains are custom blockchains that feed into the main blockchain and heart of the Kusama network, called the Relay Chain.
Kuzama is using the Relay Chain that combines Proof-of-Work consensus, transaction settlements, and security at a shared set of rules. That means these features are not only available to themselves but also to their network of parachains who are also able to benefit from them.
The team has chosen to launch Karura (KAR) on Kusama to provide decentralized financial products and is also releasing the Acala platform, a similar hub for Polkadot, later in 2021.
Karura’s native cryptocurrency is expected to be airdropped to community members who use their KSM, Kusama’s cryptocurrency, to vote for the parachain to go live on Kusama in a process called a Parachain Auction.
Karura is a new DeFi system that features an EVM-compatible network and supports near instant transactions.
Kovan is a platform that offers a suite of financial applications, including one that offers mutual staking with faithless collateral (liquid KSM) and another that offers cross-blockchain assets backed by stablecoins (kUSD). All these can be paid in any cryptocurrency such as ETH or BTC.
Karura and Acala are called the “Sister” or “Cousin” networks, as Karura is building what is thought of as the DeFi hub for the Kusama community while Acala is building what is thought of as the DeFi hub for Polkadot.
Where and How to Buy Karura (KAR)
- Sign up to an exchange
- Fund it with cryptocurrency
- Trade your crypto for Karura (KAR)
Sign up to an Exchange
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Fund your Binance account
Now you need to transfer BTC in order to trade Karura (KAR) with it.
It’s really easy to buy BTC with your debit card on binance.
You can transfer your funds from your bank account or use our other options to make the process easier for you.
You can also setup recurring orders! which is another great option for Binance which other platforms don’t offer. In order to make it easier for customers to set up recurring orders on Binance, the company released an official guideline which makes it clear.
Trade your BTC for Karura (KAR)
We now need to get into our trading section of the guide.
Once you have found the trading pair on the exchange you are ready to go!
Is Karura (KAR) is good invesment?
Karura is designed to be an example of how decentralized finance and NFT can function. The platform has these advantages: greater transparency, lower costs, increased openness & involvement, and rich data for research.
- To own the latest technology stack and to iterates quickly
- In order to continue to innovate products, such as NFTs, collectibles, and collateral etc
Acala aims to become a new global financial infrastructure by providing financial infrastructure API and other aspects of docking work based on legal compliance while bringing innovative financial products on the blockchain to ordinary users.
- To iterate quickly while owning the latest technology stack
- To serve the Kusama Community of Japan
- “In order to continue to innovate products, such as NFTs, collectibles, and collateral etc.”
Acala is a company that aims to provide financial infrastructure while also bringing innovative products on the blockchain. By providing legal compliance and traditional banking services, Acala has the potential to add value in the financial lives of more than 1 billion people living outside of traditional banking regions.
The company is not taking risks by going with a partner that provides conservative, stable governance, risk control, and upgrade as well as high-quality assets.
Karura and Acala are complementary in nature and provide the technical stability necessary for the Polkadot ecosystem to grow.
How Does Karura Work?
With the globalization and growing demand for financial services, it is important to build a web platform that easily serves more than 35,000 users worldwide. Karura aims to provide its users with more convenient terms on loans with trust-free on-chain staking liquidity products (LKSM), multi collateralized cross chain stablecoin token kUS. and a DEX based on the automatic market maker mechanism and to the best convenience for the users, any tokens within the platform can be used for its payment
Karura is launching a sustainable token economic model, an on-chain treasury, and the Decentralized Sovereign Wealth Fund (dSWF) to promote the sustainable development of communities and networks.
Karura is also computer hardwired with technical systems and has adopted the world’s first compatible Acala EVM which runs on Ethereum. It retains Substrate’s functionality so it is ready to read development tasks for lead sellers.
Who Created Karura?
Karura’s founders have a lot of experience in product engineering.
Ruitao Su is a Co-founder of Karura and CEO of Laminar Protocol, an awards-winning engineer, entrepreneur, investor and advisor. The work includes founding her company, Karura, and co-founding Polkawallet.
Bette Chen is the Co-founder & COO of Karura and also the COO at Laminar. She has 10 years of experience as a Product Manager overseeing software and high-tech products.
Bryan Chen, CTO of Karura, helped build the company from its inception. His leadership skills and stature as a Substrate developer allow him to constantly help the next generation stardust new developers understand and succeed in their careers
The project has been funded by some of the most successful names in leading crypto, including Pantera, Polychain, Coinbase, Arrington XRP Capital, and Digital Currency Group that owns Grayscale and Coindesk
Is Karura worth investing in?
Yes! because the tech is so strong.
Karura tokens have a fixed amount of supply and a certain amount of Acala tokens are reserved to back the value of Karura.
The KAR token has wide-ranging uses across the Karura ecosystem. It can be used for transaction fees, node incentivization, community governance, algorithmic risk adjustment, pallet deployment and smart Contract deployment
Karura Network users are able to pay the transaction fee with any tokens in your wallet.
Owner of KARDEX will swap the Karura token into the Karura Network token. In addition, the founding team has planned to use a majority of tokens generated from sale on airdrop and bounty programs for community governance.
The Karura and Acala blockchain exist to unite the two communities of DTN and DPoS, provide DeFi hub services, and allow the free flow of data between them.
Built on top of the foundation layer of Kusama’s blockchain, Karura will be able to easily use and integrate existing Kusama ecosystem for future-upgrades. It is anticipated that it
Karura’s blockchain leverages the validator nodes to provide reliability by plugging in Karura’s parachain, deploying the existing on-chain console for governance, and self-upgrading the blockchain without having a hard fork.
By winning the first-ever Parachain Slot Auction in the Kusama ecosystem with over 500,000 KSM contributed in the community-backed crowd loan, Oguchi has been able to ensure that her bonds work.
Karura has been officially live on the Kusama network and now provides an opportunity to receive KAR tokens as well as be one of the first to use its new features.