Karura, a network offering decentralized finance (DeFi) services to users of the Polkadot and Kusama platforms, has raised 200,000 KSM tokens, equivalent to $100 million, in a crowd loan, the protocol said in a tweet<\/a>.<\/p>\n

The funding is timely because bidding for Kusama\u2019s parachain auction<\/a>, which will feature projects looking to dive deeper into the Polkadot ecosystem, starts next week. More than 900 addresses on Kraken<\/a> exchange and more than 8,500 contributors, mostly from Karura\u2019s own portal, chipped in on the funding round. For each KSM, contributors will receive 12 KAR tokens. Loaned KSM tokens can be used once Karura\u2019s parachain lease ends after 48 weeks.<\/p>\n

\u201cThis level of support for our launch of Karura on Kusama, and later Acala on Polkadot, is proof of the positive demand for interoperable, decentralized financial products,\u201d Ruitao Su, co-founder and CEO of Karura and Acala, said in a press release.<\/p>\n

Related: <\/strong>Market Wrap: Bullish Basel News Causes BTC Jump to Week-High $38K Level; ETH Slips<\/a><\/p>\n

Karura is a token trading application built to provide users with a platform to build and use scalable DeFi applications without large transaction fees and external operations between chains. It is the sister of Acala Network, Polkadot\u2019s main DeFi project.<\/p>\n

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