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Crust Launches on Karura Swap With 3,000,000 CSM + 10,000 aUSD in Liquidity Mining Rewards!

Trustless trading for the CSM/aUSD pair will go live following one- or two-sided bootstrap provisioning on Karura.

We are excited to announce our Crust Shadow Network native token CSM will be listed on Karura Swap! The CSM/aUSD trading pair will launch in Bootstrap mode on April 26th at 23:30 UTC with trustless trading scheduled to go live on April 27th at 14:30 UTC. To celebrate the launch of the new pair, Crust and the Acala foundation have allocated 3,000,000 CSM and 10,000 aUSD in liquidity mining rewards, with an additional 50,000 CSM rewards for Bootstrap participants.

Karura is the DeFi hub for the Kusama ecosystem and has several financial primitives to provide liquidity and power financial innovations including a trustless staking derivative, a decentralized exchange, and the aUSD stablecoin. Karura was the first project to launch on Kusama and serves as the experimental network for Acala.

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.

Benefits for Both CSM and aUSD

Karura Swap provides a diversified trading tool for original CSM holders, and the Crust Shadow Network community and traders. In Karura Swap, CSM has the potential to become a collateral asset for minting aUSD, if there is sufficient liquidity and pass Gauntlet’s risk assessment. While Karura Swap enables CSM exposure to all assets routed through aUSD. aUSD allows CSM holders to trade against other assets paired against aUSD, significantly improving the liquidity of CSM.

CSM Using Bootstrap to Launch Pool

Bootstrap is essentially a “warm-up” period for liquidity providers for any given pair on Karura Swap. With “Bootstrap,” Karura enables trustless trading at a fair market rate by temporarily disabling trading for a specific period until the predetermined liquidity requirements are met. Once the bootstrap period is complete, the exchange rate is made public and trading is enabled on Karura Swap.

The CSM/aUSD pair will launch in Bootstrap Mode on April 26th at 23:30 UTC and continue for an estimated 15 hours (will take place from block #1809255 — #1811642). Users can add CSM, aUSD or both tokens into the pool within these 15 hours. Crust will provide additional 50,000 CSM rewards for liquidity providers during the bootstrap period.

Providing that the pool has met its liquidity targets of 2,500,000 CSM or 50,000 aUSD, the CSM/aUSD trading pair will begin trustless trading on April 27th at 14:30 UTC(UTC time).

CSM & aUSD Reward Pools

For liquidity providers who provision either CSM, aUSD, or both assets to the pool either during Bootstrap mode or once trading is enabled, Crust and the Acala Foundation have created the following reward pools:

Boostrap Rewards:

  • To Qualifty: Contribute CSM, aUSD or both tokens into the pool during the 15 hour Bootstrap period (April 26th 23:30 UTC — April 27th 14:30 UTC).
  • Rewards: 50,000 CSM

Liquid Mining Rewards:

CSM Rewards

To Qualify: Provide liquidity to the CSM/aUSD pair on Karura Swap.

  • Reward period: 45 days
  • Reward pool: 3,000,000 CSM

aUSD Rewards

  • To Qualify: Provide liquidity to the CSM/aUSD pair on Karura Swap
  • Reward period: 45 days
  • Reward pool: 10,000 aUSD

Loyalty Program

Liquidity providers can earn an additional 50% reward if they keep their tokens in the pool for more than 45 days. Users who withdraw liquidity tokens within 45 days will automatically give up 50% of the reward, which will be distributed to the subsequent liquidity providers in the reward pool.

How to Transfer CSM from Crust Shadow to Karura Swap

  • Make sure you got the Polkadot.js extension
  • Import the Crust Shadow address which you hold the CSM into the Polkadot.js extension
  • Use this address with Polkadot.js to log in Karura Swap
  • Select the ‘Bridge’ menu, select ‘Crust Shadow’ as the origin chain and ‘Karura’ as the destination chain

This step requires a small transaction fee, you can pay with any assets in Karura Swap, such as KSM, aUSD

Follow the latest updates on listings and rewards on our Twitter! You can also chat with our community in the Telegram/ Discord group!

About Crust Network & CSM

Crust Network is a versatile, purpose-built storage blockchain that delivers truly decentralized file storage and hosting capabilities for the entire Web3 ecosystem, empowering privacy and data ownership. Crust Network enables dApp hosting, NFT metadata storage and encrypted file storage across a wide range of blockchains. Crust Network currently has 4300+ nodes and 1500+ PB of storage capacity. Experience our applications Crust Files and our upcoming Crust NFT!

Crust Shadow is a “Kusama version” for Crust Network, it won the auction for the 19th parachain slot and was awarded the parachain ID 2012. CSM token is the native token of Crust Shadow Network.

Website | Twitter |Wiki | Telegram |GitHub | Facebook | Discord

About Karura & Acala

Acala is a decentralized finance network powering the aUSD ecosystem. The core product, Acala USD (aUSD), 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.

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