Karura x RMRK: DeFi meets NFTs

We're proud to announce a collaboration with Acala; specifically, Acala's canary network, Karura and Kanaria.

Kanaria is a fundraiser for the RMRK Association, which distributes unique NFT eggs that will hatch into unique and rare Kanaria birds (canaries) with special upgradable traits.

These birds are meant to be limited-edition NFTs (max 9999) that can evolve with the platforms around them, and offer permanent platform benefits to their holders, based on some traits they own. They also entitle their owners to a fairdrop of $RMRK tokens.

Acala and RMRK have collaborated to combine Karura and Kanaria's feature set and extend Karura-bonuses to existing and new Kanaria bird owners. Specifically, anyone participating in Karura's crowdloan will be able to use the same crypto address to claim a special Kanaria trait - a child NFT that can be equipped onto one's Kanaria bird, and which will give the owner platform bonuses all across Karura.

The Karura team intends to experiment with RMRK to tokenize DeFi incentives and add gamification to Karura DeFi protocols e.g. potentially boost APYs for stablecoin borrowing and liquidity provisioning.

Note that there can only be a maximum of 9999 of these Karura traits - matching the maximum number of hatchable birds.

Don't wait! Get your birds now and queue up for Karura's crowdloan!

About RMRK

RMRK an association registered in Zug, Switzerland, spearheading the development of the RMRK protocol for creating highly composeable “art legos” using NFTs on Kusama natively using the system.remark extrinsic.

Among others, RMRK brings the following features to the NFT table:

  • emoting to NFTs on chain
  • custom burn messages
  • NFTs owning NFTs
  • NFTs that have conditional rendering (if this, show that)
  • NFTs that have slots for upgrades
  • NFTs that have multi-resources (i.e. contain both code for a game and high-res cover art)
  • NFTs that can be governed as DAOs

It thereby far exceeds what the current ERC721 standard and matching ERC1155 and their derivatives can do.

For this reason, RMRK launched its own set of standards and is rapidly expanding across the Kusama chain sisterhood into dapps, platforms, and chains launching in this ecosystem.

Note: for examples of what this composeability makes possible, see our deck or paper.

About Acala

Acala is an all-in-one decentralized finance network offering a blockchain platform secured by Polkadot, as well as a suite of cross-chain financial applications that let users trade, issue self-serviced loans, become liquidity providers, access staking derivatives, and earn high-interest APY on their digital assets. The network is scalable, Ethereum-compatible, and optimized for DeFi. Acala was founded in Oct 2019, and today has received five Web3 Foundation grants, has backing from Coinbase Ventures, Pantera Capital, Polychain Capital, Hypersphere and other top firms, and has a distributed team in New Zealand, China, Europe, Brazil, and the United States.

The solution offers a plethora of financial primitives, including a multi-collateralized stablecoin backed by cross-chain assets, a decentralized exchange, and a trustless staking derivative.

Linktree | Discord | Website | Twitter | GitHub | Wiki | Newsletter | YouTube

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.

Linktree | Discord | Website | Twitter | GitHub | Newsletter | YouTube

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