The first decentralized exchange is now live on Polkadot and Kusama named Kurara Swap with the initial pair KSM/KAR. Kurara is a DEX that serves users in both Polkadot and Kusama blockchains.
It initially ran a program based on a “Bootstrap” mechanism for finding the initial needed locked value for the swap. The KSM/KAR trading pair is now live on the swap with $3,410,992.00 TVL.
DeFi Opportunities in Polkadot Ecosystem
Polkadot is one of the leading platforms in providing dApp opportunities and kickstarting blockchain projects. This blockchain has been successful in attracting a significant number of developers with various attractive solutions like Kusama. The parachain concept has resulted in many teams decided to move on to Polkadot and develop products on that.
DeFi, the interesting sector of the blockchain industry that experienced massive growth in the past two years, is a strategic step for the Polkadot ecosystem. Launching a decentralized exchange for this ecosystem is the first step to move toward a practical DeFi ecosystem. Kurara is the first effort in this path that is now live serving Polkadot and Kusama users.
The first decentralized exchange for the Polkadot and Kusama ecosystem, Kurara Swap, initially offers KSM/KAR trading pair. It will surely add new tokens and pairs to complete the offerings. As mentioned above, the swap has been successful in locking about $3M thanks to the “Bootstrap” mechanism. Initial liquidity for KSM and KAR in the DEX is 9.7k KSM and 433k KAR.
Kurara announced that the opening exchange rate for KSM/KAR is 1KAR: 0.0225KSM. Kurara Swap has a feature called Bring Your Own Gas. It lets users pay their trading gasses in various tokens. Paying the gas with KSM is now available on the swapping platform.
Kurara was the first dApp to win a parachain slot on Kusama. According to the announcement:
“over 501,000 KSM contributed to its community-backed crowdloan — and without question, DeFi enthusiasts old and new are eager to gain full access to the network’s customized protocols, including the kUSD stablecoin, the LKSM liquid staking derivative, and the AMM-style DEX with the first trustless trading pairs and liquidity providing initiatives in the Polkadot and Kusama ecosystem.”
Founded by Acala Foundation, Kurara plans to become the all-in-one DeFi hub for the Kusama ecosystem. Scalability and being compatible with EVM are the main benefits of this DeFi service. There are lots of financial services in the Kurara roadmap that will be launched soon. If the service becomes successful in providing practical solutions for the Polakad/Kusama ecosystem, it can attract many users from competing blockchains like Ethereum, BSC, and etc.
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