By Harry B - Crypto Specialist - 22-06-2021
A DeFi project on the sister network to Polkadot (DOT) has been awarded the first-ever auction slot on Kusama in recent crypto news. Karura, a Decentralised Finance initiative that runs on Acala, has collected over half a million Kusama (KSM), which equates to $100 million at the time of writing. Karura raised a significant amount of KSM through its community donations.
The Kusama network tweeted out that over 15,000 network stakeholders have put money into KSM in hopes that Karura would be added. The DeFi project, Karura, is an application that allows users to trade crypto and even develop other Dapps. The Karura app also provides its services to developers without significant transaction fees.
With the latest win for the auction slot on Kusama, this guarantees Karura a 48-week lease to establish itself on the canary network. The dubbed canary network is on Kusama, which is part of Polkadot's pre-production environment. Karura shares almost the same coding and design as Polkadot; the difference is that Karura has more room to experiment and install new upgrades more efficiently. The design of the Karura network makes it highly desirable, more so than Polkadot; the downfall is that Karura was a pricey initiative.
Karura's rivaling networks, like Cosmos (ATOM) and Solana (SOL), also support developers by keeping costs low. The rival ecosystems are also freeing up some traffic on the Ethereum (ETH) network as people flock to DeFi. Each network has its own native token for users to exchange crypto within the platform.
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