Basilisk Launches DEX on Kusama With aUSD as Its Parachain’s Stablecoin of Choice

Published in

Acala

3 min readJul 28, 2022

We’re excited to announce the launch of aUSD and KSM Snek Swap pools on Basilisk, a liquidity protocol built for Kusama. The Snek Swap pools enable Basilisk community members to access Polkadot and Kusama’s native stablecoin, aUSD, in a decentralized and permissionless manner and brings aUSD to a new Kusama parachain as its stablecoin of choice.

aUSD is a decentralized, multi-collateralized stablecoin backed by cross-chain assets, serving as the native stablecoin for the Kusama and Polkadot ecosystem. aUSD is designed to maintain a peg relative to the US Dollar, allowing users to transact, trade, and facilitate services using aUSD while shielding users from price volatility customary to the crypto asset economy.

Learn more in this aUSD deep dive:

Snek Swap is Live

BSX, aUSD and KSM holders can now trade:

BSX↔️aUSD
BSX↔️KSM

Each pool will be bootstrapped with 500M BSX (0.5% of the supply provided from the allocation for the LBP) and $11,111 worth of aUSD and KSM.

Access KSM and aUSD on Snek Swap using these links:

Acala Engineers Supporting Basilisk Infrastructure

The Acala engineering and product team has also supported our friends at Basilisk by building a custom bridge integration of Kusama to Basilisk, enabling Snek Swap users to bridge their KSM from the Kusama Relay Chain to Basilisk. The bridge can also be used to transfer BSX, aUSD or KSM out of the Basilisk chain and into Karura or Kusama.

$250M aUSD Ecosystem Fund, Supported by HydraDX & Basilisk

If you are a developer interested in building a project that drives yield or utility of the aUSD stablecoin on Acala or any other parachain, apply for funding from the $250 aUSD Ecosystem Fund. The aUSD Ecosystem Fund is part of the broader Acala Ecosystem Program, offering liquidity for new projects, Acala Foundation Grants, engineering support, and other support to ensure the success of the aUSD ecosystem.

About Basilisk and Snek Swap

Basilisk is a liquidity protocol for the Kusama ecosystem, enabling frictionless liquidity that meets the evolving needs of fungible and non-fungible crypto assets (NFTs). Basilisk’s modular design allows fungible assets to bootstrap liquidity by selecting convenient Automated Market Maker (AMM) models. The first version includes Snek Swap (XYK) pools, allowing users to buy and sell tokens or to become a liquidity provider and earn rewards from trades.

Snek Swap is an AMM designed for the Kusama ecosystem, allowing users to transfer tokens utilizing XYK pools in a decentralized and permissionless fashion.

About Karura & Acala

Acala is a decentralized finance network powering the aUSD ecosystem. The core product, Acala USD, is a decentralized, multi-collateral, crypto-backed stablecoin serving as the native stablecoin of the Polkadot ecosystem. Acala’s Ethereum-compatible blockchain has built-in DeFi protocols for application developers to leverage, including a trustless staking derivative (liquid DOT — LDOT), a decentralized exchange, and the EVM+, a hybrid EVM offering fully Ethereum-compatible development environment plus full compatibility with Substrate. Karura is Acala’s sister parachain to serve the Kusama ecosystem and shares the same codebase as Acala.

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