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DeFi Token Karura (KAR) Goes Live for Trading on OKEx Platform

UTC by Bhushan Akolkar · 2 min read
DeFi Token Karura (KAR) Goes Live for Trading on OKEx Platform
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The native token of Karura – KAR – will trade against the USDT stablecoin on OKEx. The Karura parachain on Polkadot’s Kasuma is an all-in-one DeFi platform that allows users to “swap, borrow, lend, and earn,” at some micro fees.

On Tuesday, July 20, popular cryptocurrency exchange OKEx announced the listing of DeFi Hub Karura’s native token KAR. The Karura (KAR) DeFi token is trading 2.41% up in the last 24 hours at a price of $4.20. The Karura (KAR) token is currently trading at the OKEx spot trading market against Tether’s USDT stablecoin. Also, knowing about Karura, it is an all-in-one DeFi platform that allows users to “swap, borrow, lend, and earn,” at some micro fees.

Besides, the total supply of Karura is 100 million KAR tokens. The circulating supply by the end of one year will be around 37 million. Karura is the first project to secure a slot on Polkadot‘s Kusama platform. The announcement also notes:

“All Karura supporters during the launch of OKEx’s early bird voting for the Kusama parachain slot auctions will get a piece of the limited edition “OKEx Karura NFT.”

About the Karura Platform

As said, Karura is the first-ever parachain auction on the Kasuma blockchain network. Last month, the Karura community contributed to over 200,000 KSM token sales raising a total of $100 million.

Karura runs a parachain offering a full suite of DeFi services on Polkadot’s Kusama platform. This also includes a cross-chain automated market maker along with a stablecoin collateralized by multiple cross-chain assets.

Earlier in April 2021, the Acala Blockchain which built the Karura DeFi parachain for Kusama integrated the chainlink price feeds. Chainlink’s popular oracle solutions will help Karura developers with tamper-proof, hyper-reliable, and precise financial market data directly on-chain.

Thus, Karura developers can use this data to build secure DeFi applications and products. It could be for multiple use cases like derivatives, lending, stablecoins, asset management, and more. The Chainlink Price Feeds will facilitate Karura developers with time-tested oracle security and premium data quality.

Furthermore, by leveraging Kusama’s plug-and-play security, high-capacity processing speed, micro-gas fees, and interoperability across networks, Karura provides a broad suite of financial applications including trustless staking derivatives products (liquid KSM), a multi-collateralized stablecoin backed by cross-chain assets (kUSD), and a decentralized exchange using the AMM liquidity model and an Ethereum mainnet bridge.

The Karura Defi project sets a milestone in terms of expanding the DeFi utilities in the crypto space.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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