Kusama’s DeFi Hub, Karura (KAR) Gears Up for Parachain Auction

[EAA-ALLAH]

Karura (KAR) has revealed the details of its highly anticipated parachain auction on the Kusama (KSM) network, via a Twitter thread on May 31, 2021. The team says Karurar auction participants will be rewarded with a minimum of 12 KAR for every 1 KSM they contribute to the crowdloan module.Karura Parachain Auction
Karura (KAR), the decentralized finance hub of Kusama (KSM), and a sister network of Polkadot’s DeFi protocol, Acala, is conducting a parachain auction that will enable it to officially go live on the Kusama network.
For the uninitiated, a parachain auction is simply a process that enables interested projects to win a slot to launch their product offerings in a multi-chain network like Kusama. In a bid to have an edge over other participating projects and win the parachain auction, Karura is now crowdsourcing Kusama (KSM) tokens from members of the public who believe in the project.
“Karura auction participants will receive a minimum of 12 KAR for every 1 KSM contributed to the crowdloan module. We say minimum because it depends on the participation level of the community. 30 percent of the KAR will be liquid at distribution, 70 percent locked/vested over 48 weeks,” tweeted Karura. Source