Decentralized finance protocol Karura announced that its crypto community contributed over 200.000 KSM tokens, valued at over $100 million, to the auction of parachain slots on the Kusama network.
The community of users that is formed and developed within the ecosystem of the cryptocurrencies, It is characterized by its unity and by always being willing to collaborate. Tyler Winklevoss, one of the richest men in Bitcoin According to Forbes magazine, in April last year, these characteristics have managed to grow and consolidate the potential of cryptocurrencies and digital assets in the markets, thanks to the confidence in the promise of real value and in the technical merits of the projects.
Well, this is evidenced again by the recent contribution made by the crypto community. karura, a decentralized finance protocol (DeFi) designed by the Acala Foundation to become “the all-in-one DeFi hub” for Kusama and Polkadot.
As reported by the protocol through its Twitter account, its crypto community has contributed more than 200.000 KSM tokens from Kusama in a collective loan that will allow the protocol to have sufficient funds to participate in the auction of parachain spaces that will open on June 15 on the Polkadot test network, Kusama.
Karura said the funds raised are valued at $100 million.
Crowdlending is one of the fundraising options available to developers and protocols who want to gain a building space on the Kusama network to launch their own parachains.
At the time of this edition, the Karura website shows that they have Raised over 273.600 KSM tokens, which are worth about 131 million According to the current price of the KSM token, which is $480 per unit.
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More than 9.000 contributors
At the time of writing, more than 9.500 people have already participated in the crowdfunding process; most of them are direct Karura users.
According to the protocol, in addition to supporting the development and growth of the project, contributing users also want to benefit from the compensation announced by its developers, which encourages symbiosis with its community.
On Twitter, the protocol indicated that it would deliver 12 KAR tokens for every 1 KSM received as a contribution. KAR is the protocol's native utility token, which is used as fuel within the network, and serves to settle transactions, pay micro-gas fees, incentivize the work of nodes, as well as empower the community in Karura governance and facilitate the work of Karura developers. Dapps y smart contracts.
Acala Network and Karura's VP of Growth, Dan Reece, explained that KAR tokens will be distributed to contributors very soon, following their launch on Kusama. If Karura wins the first auction for parachain space within the network, the launch would occur within approximately two weeks, Karura emphasized.
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