Karura Network becomes the first parachain in the Kusama network
The twin network of the DeFi Acala project, Karura Network, has raised over 500,000 KSM tokens, around $ 100 million at current prices, from the community through Crowndloan and became the winner of this first round of auctions.
“More than 15,000 owners have blocked KSM to support the Karura network,” the Kusama team announced a few minutes ago, the owner of the first Parachain.
And just like that @KaruraNetwork won the first auction and is now listed as my very first parachain. More than 15,000 network participants have actually blocked KSM from accepting Karura to yours.https://t.co/iVziIzPkop
– kusama (@kusamanetwork) June 22, 2021
Karura is a platform that enables users to build scalable DeFi applications at super affordable fees.
Winning the auction allows Karura to become a parachain on Kusama, a network known as the Polkadot Canary *, for 48 weeks.
Networks like Polkadot, Cosmos, Cardano and Solana offer developers a way to reduce the rising costs and the congestion of Ethereum caused by the boom in DeFi. They are also known under the fancy name “Ethereum Killer”.
* In England, miners used to bring canaries to the mines. When the gas occurs, the canary will stop singing and even die if the poisonous gas accumulates in high concentrations. Hence, the term means “to recognize danger”.
According to Coindesk