RMRK Launches on Karura Swap With Liquidity Mining Rewards for Kanaria NFT Holders

Published in

Karura

5 min readJan 22, 2022

The Karura and RMRK teams are pleased to announce an exciting collaboration in anticipation of RMRK’s full token migration to Karura, which brings its native token from statemine onto Karura’s DeFi network to further support the NFT protocol’s growth and engage these two passionate Kusama communities. The Karura governance referendum to support RMRK tokens as collateral, as well as initiate two trading pairs on Karura Swap, has passed with overwhelming support from the community.

RMRK is now bridgeable to Karura with two new RMRK trading pairs, RMRK/kUSD and RMRK/KSM, slated to go live on Karura Swap for trustless trading following a 48-hour period of one- or two-sided bootstrap provisioning.

Both pairs will launch in Bootstrap mode on January 23rd at roughly 7:00 UTC (Block #1,381,000). Trustless trading of the new pairs will go live on January 25th at 7:00 UTC (Block #1,394,000).

At launch, the RMRK Association and Acala Foundation have committed 3,000 RMRK and 10,000 KAR in liquidity mining rewards to qualifying LPs The RMRK reward pool will be available for 30 days to Kanaria NFT holders who provide liquidity to the RMRK/kUSD or RMRK/KSM pools. In addition, KAR rewards will be available for the first week for RMRK/kUSD liquidity providers.

Read on for more details on how to qualify for the rewards.

Discover Trustless Trading with Karura Swap

Karura Swap is an automated market maker (AMM)-styled decentralized exchange protocol implemented and deployed as upgradable runtime modules on Karura. With support for both native Substrate tokens and ERC-20 tokens, Karura Swap serves as the gateway and liquidity hub of Kusama with Karura already accumulating over $52 million USD in total value locked via the exchange, kUSD stablecoin protocol, and KSM liquid staking derivative.

Provide Liquidity with Karura Bootstrap

Karura Swap’s novel Bootstrap mechanism allows RMRK, kUSD, and KSM holders to provide one- or two-sided liquidity over a 48-hour period.

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 time frame 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. More details on the Bootstrap period can be found here.

The two new pairs (RMRK/kUSD and RMRK/KSM) will launch in Bootstrap mode on January 23rd at 7:00 UTC. The Bootstrap mode will last an estimated 48 hours with block #1,394,000 marking the end of the period. Upon completion, trading will be enabled assuming the pools have met the prespecified liquidity targets of:

RMRK/kUSD Pool

10,000 RMRK / 250,000 kUSD

RMRK/KSM

10,000 RMRK / 1,000 KSM

Liquidity Mining Rewards for RMRK, kUSD, and KSM

The RMRK Association and Acala Foundation have created two reward programs for liquidity providers who provision RMRK, kUSD, or KSM to qualifying pairs on Karura Swap. Individuals are eligible for rewards if they provide one- or two-sided liquidity during Bootstrap mode or once trading is enabled. The rewards pools are structured as follows.

LP Rewards funded by Karura

KAR Rewards Pool

Reward: 10,000 KAR over 7 days
Qualifying Pair: RMRK/kUSD
Requirements: Provision of RMRK and kUSD in Karura Swap.
See transfer guide.

LP Rewards funded by RMRK

RMRK Rewards Pool 1

Rewards: 3000 RMRK over 30 days at a rate of 90 per day.
Qualifying Pairs: RMRK/kUSD, RMRK/KSM
Requirements: Must own Kanaria bird.

RMRK Rewards Pool 2

Rewards: Up to 10 RMRK per day via Mask and/or Halo rewards (see below).
Qualifying Pairs: RMRK/kUSD, RMRK/KSM
Requirements: Kanaria bird owners must equip their birds with the following Karura items to qualify.

Mask Rewards: 7 RMRK per day for Kanaria Mask equip
Masks Issued: 150 masks distributed to Kanaria bird owners who purchased using a Karura referral link from May 14 referral event. Masks are also available for purchase on RMRK.

Halo Rewards: 3 RMRK per day for Kanaria Halo equip
Halos Issued: 8478 halos were issued to first Karura crowdloan contributors in addition to 150 masks distributed to Kanaria bird owners who purchased using a referral Karura link. Halos are also available for purchase on RMRK

RMRK Rewards Pool 3

Reward: Special Kanaria Equippable NFT
Qualifying Pairs: RMRK/kUSD, RMRK/KSM
Requirements: Must LP more than 431 RMRK for a full 30 days (consecutive). Must own Kanaria Bird, but a mask is not required.

Guides to Get Started

To transfer RMRK tokens to Karura, check out our transfer guide. For transferring RMRK to Karura via Polkawallet, you can follow the directions here. For additional information on minting kUSD stablecoin, see here.

About RMRK

RMRK is a team spearheading the development of the RMRK protocol for creating highly composable “NFT legos” using NFTs on Kusama. With technical applications that far exceed the current ERC721 / ERC1155 standards, RMRK brings unique features to the NFT table, including: emoting to NFTs on chain, custom burn messages, the ability for NFTs to own NFTs, conditional rendering (if this, show that), slots for upgrades, multi-resources (containing both code for games and high-res cover art), and the ability for NFTs to be governed as DAOs. For examples on what this composability makes possible, see this video, and to learn more about the upcoming metaverse, please visit Kanaria: Skybreach.

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About 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 (kUSD), and an AMM DEX — all with micro gas fees that can be paid in any token. Karura is a blockchain platform custom-built for DeFi and powered by KAR, which enables settlement for transactions and smart contract execution, incentivizes node operators, and empowers its holders to participate in governance.