Reserve KARMA by Burning XOR

Secure your share of $KARMA, the new farming reward token for upcoming Chameleon pools on Polkaswap.

Polkaswap
Polkaswap
3 min readJun 3, 2024

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KARMAnomics

$KARMA is an upcoming farming reward token meant to incentivize liquidity for Chameleon pools on Polkaswap (initially XOR-ETH). For each Kensetsu XOR (KXOR) minted from collateralized deposited, 1% extra of the KXOR stablecoin will be minted and used to buy back and burn $KARMA tokens. 80% of the burned $KARMA tokens will be reminted and distributed to Demeter farm for farming rewards on the Chameleon pools (initially XOR-ETH only) on Polkaswap.

To up the stakes even further, you will literally have to burn XOR to be entitled to participate in the initial $KARMA supply.

Just as the initial KEN supply was determined by burning XOR for KEN, a burn-drop will be done for $KARMA tokens. This time, the rate will be 10 million SORA-native XOR burnt (permanently removed) for 0.1 $KARMA, making it the ultimate status symbol (for the giga Chads, 100M XOR burnt will get you a whole $KARMA token).

The burn began on Tuesday, May 16th, at 8:00 PM EST and will end on Thursday, June 6th, at 8:00 PM EST (lasting 22 days only).

How to burn to earn $KARMA?

Step 1:

Log in to your Polkaswap account:

Step 2:

Then Click on “Burn” in the sidebar or navigate to https://polkaswap.io/#/burn.

Step 3:

Click the “Burn my XOR” button and fill in the amount of tokens you want to reserve on the pop-up page.

Then, sign the transaction and confirm that your XOR balance has reduced accordingly, reflecting your burnt XOR.

Get out there and earn some good $KARMA! Be quick about it; there is less than a week left!

About Polkaswap

Polkaswap is a next-generation, cross-chain liquidity aggregator and hybrid AMM and order book DEX on the Polkadot (and Kusama) network(s), parachains, and blockchains connected via bridges. Through the development of bridge technologies, Polkaswap enables Ethereum-based tokens to be traded. This is done seamlessly, at high speed and low fees, while exchanging assets in a non-custodial manner on the SORA network.

Polkaswap utilises liquidity aggregation technology to trade against multiple sources, promising to solve critical problems AMM DEXs face, such as impermanent loss and pair fragmentation. As an open-source project, it allows the community to add more liquidity sources, enhancing its potential. Polkaswap is the first cross-chain, fully decentralised exchange interoperable via bridges with Polkadot, Kusama, and Ethereum, with Bitcoin and various EVM-based ecosystems coming soon.

Connect With Us

SORA 𒀭 community:

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Polkaswap 𒊹𒂵𒆜 community:

Twitter | Telegram | Reddit | YouTube | Announcements Channel

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Polkaswap
Polkaswap

https://polkaswap.io is a non-custodial cross chain AMM DEX designed uniquely for the Polkadot and Kusama ecosystems and hosted on the SORA 2.0 network.