PHA/kUSD Bootstrap and Liquidity Incentive Program To Be Launched on Karura Swap
PHA (Phala Network Token) will be transferred between Karura DeFi Hub and other parachains with the HRMP channel open for Khala Network and Karura Network. Then traders can swap PHA into kUSD, KSM, RMRK, KAR, etc. and provide liquidity to PHA pool on Karura platform.
Karura / Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar — aUSD), a trustless staking derivative (liquid DOT — LDOT), and a decentralized exchange.
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 is positioned as the gateway and liquidity hub of Kusama, and has already accumulated nearly $86 million in total value locked.
To incentive users to provide great liquidity for PHA/kUSD in the pool, 100k PHA+ 10k kUSD will be offered to reward the liquidity providers. 10% in Bootstrap period (12 hours), 90% for a 14-days period campaign.
- 100,000 PHA + 10,000 kUSD
Duration (Karura block height)
- Incentive Duration：#1697502- #1801141
- Bootstrap Druation：#1697502- #1700047
- LP staking time：#1700339- #1801141
*Above time is Karura block height
- Claim rewards before the loyalty program ends will void loyalty bonus, which is 50% of the rewards. Read more on the AcalaSwap Wiki under “Incentive Program”
- Claim rewards after loyalty program ends #2139539 (about 2 months) will be eligible for the loyalty bonus.
In the Future
- kUSD stablecoin is a decentralized, trustless, collateral-backed cryptocurrency whose value is strong-pegged to the US Dollar. By maintaining a strong-peg to the US Dollar, users are shielded from the price volatility that is common with many cryptocurrencies.
- Beyond this, we think kUSD have a big chance to merge with aUSD in the near future. Acala team already proposed an enhancement of Acala and Karura’s on-chain economic and governance integrations by unifying the two stable currencies into one (aUSD), adding the Karura parachain as a member of the Acala Financial Council, and allocating a portion of Acala DOT Treasury to Karura in the form of KSM.
- If the liquidity and trading volume is good enough, we are expecting $PHA token can be one of the collateral assets for minting $kUSD, which will bring great use cases for Phala tokenomic. It will also help Phala Secure Mining Workers using multi Defi tools to earn higher capital efficiency.
Phala Network tackles the issue of trust in the computation cloud.
By organizing a decentralized network of computation nodes around the world, it offers high-performance services without relying on any cloud vendor. Phala workers run the programs in Secure Enclaves, a privacy technology already embedded into modern processors, enabling versatile and confidential execution. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.