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13 Jun 2022

3 min read

Welcome, Karura!

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Unbelievable. We’re thrilled to announce that Karura is the 10th supported chain on Wormhole! Finally, Karura (and, spoiler alert, soon Acala) users will be able to bridge assets to and from, via the Portal Bridge.

What is Karura?

Karura is the all-in-one DeFi hub of Kusama.

Founded by the Acala Foundation, Karura is a scalable, EVM-compatible network optimized for DeFi. The platform offers a suite of financial applications, including:

  • a trustless staking derivative (liquid KSM)
  • a multi-collateralized stablecoin backed by cross-chain assets (aUSD)
  • an AMM DEX — all with micro gas fees that can be paid in any token

Ok…and what is Kusama?

Kusama is Polkadot’s faster, wilder cousin — a multi-chain network for radical innovation.

Kusama and Polkadot are standalone networks built in nearly the exact same way, but Kusama has faster governance parameters and higher risk tolerance.

By launching on Kusama, Karura can push the limits of what’s possible, giving the Acala Foundation team a place to launch bold new financial innovations. Karura will access Kusama’s plug-and-play security while enjoying high-capacity processing speeds, micro-gas fees, and interoperability between multiple networks, all ultimately bridged to Polkadot.

Karura will deliver decentralized financial products and stable assets to Kusama’s entire ecosystem of networks.

What is aUSD?

aUSD is a decentralized, multi-collateralized stablecoin backed by cross-chain assets. Stable by design with value relative to the US Dollar, aUSD is the de-facto stablecoin of Polkadot and Kusama. aUSD is powered by Acala, an application-specific blockchain customized for powering liquidity, economic activity, and stablecoin utility.

What can I bridge?

Users can bridge USDC from Ethereum (or USDCet from supported chains) to Karura to utilize it in Taiga protocols 3-pool (USDC/USDT/aUSD).

The 3-pool consists of

  • USDT natively minted on Statemine and trustlessly crossed to Karura via XCM
  • USDC originated from Ethereum via the Portal bridge
  • aUSD minted locally on Karura

Acala next!

After supporting Karura, Wormhole will soon implement Acala as well! Acala is a decentralized finance network powering the aUSD ecosystem. It’s a layer-1 smart contract platform that’s scalable, Ethereum-compatible, and optimized for DeFi. With the Acala EVM+, Acala lets developers leverage the aUSD ecosystem while enjoying the best of Ethereum and the full power of Substrate.

Wormhole noob? No problem.

If you’re new to Wormhole, here’s what you need to know:

  • The protocol’s total volume stands at over $39B, with over 800,000 transactions completed
  • On multiple occasions, the bridged 24h volume exceeded several hundred million $
  • Currently, several thousand messages are submitted each day

Check out Chase M., a Wormhole contributor, explaining more about Wormhole below:

How to use Wormhole

We’ve set up easy-to-follow, step-by-step instructions in our Tutorial: How to use Wormhole — this is also where you can find our FAQs and documentation.

Wormhole’s supported networks

Wormhole allows users to send assets to and from any of the nine supported chains, without double-wrapping the asset, enabling access to each network’s vibrant DeFi and NFT ecosystems seamlessly!

  1. Solana
  2. Ethereum
  3. Terra
  4. Binance Smart Chain
  5. Polygon
  6. Avalanche
  7. Oasis
  8. Fantom
  9. Aurora
  10. Karura (NEW)

Psst… Acala coming soon 👀

Join the ever-growing Wormhole community

If you have questions, need support, or want to connect, join our community and keep up to date with our up-and-coming announcements. We’re always happy to hear your feedback, join our discord, and drop us a comment!

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