$RMRK token: current utility, DeFi options and Staking

This article covers current $RMRK token utility and DeFi options on different chains and Exchanges(DEX and CEX)

🔴 ❗️ 🔴 Warning about Liquidity Providing risks: LPing is a risky action and can bring you Impermanent Loss. In simple words Impermanent Loss means that LPing can perform worse than a straight hodling. You can check short explanation in Acala wiki or more detailed in Binance Academy

There are 4 chains where RMRK has utility now:

Statemine:

Migration notes:

  • Migration from Statemine is one way, you can’t migrate $RMRK to Statemine. However you still can withdraw $RMRK tokens from CEXes.
  • 🔴 ❗️ 🔴 Warning 🔴 ❗️ 🔴 At some moment in Q3/2022 all Statemine RMRK tokens will be burned so you must move your tokens to another chain before this moment. Tons of announcements will warn you about that.

Chain fees and existential deposit:

Chain fees on Statemine are paid in Statemine KSM. Only if you hold enough Statemine KSM(0.0000033333) chain will treat your account as active. This is called "existential deposit". Also you will need some Statemine KSM for transaction fees (~0.000006KSM each). You can get Statemine KSM transferring it from another account or using the teleport function in polkadot{.js}

Utilities:

Statemine is the chain of $RMRK birth, alma-mater and… a big headache. RMRK is growing up and fluttering out of the nest. However there are two utilities for your tokens on Statemine:

  1. Collection verification: TL;DR you must hold at least 10 RMRK on your Statemine account in order to approve your collection ✅. This functionality will be moved to another chain later.

  2. Community curation: TL;DR Community curation is more of an experiment now, but later it will become an important part of the Singular decentralized censorship. You must hold at least 431 RMRK to vote.

    Announcement

    Community Curation portal

Karura

Migration notes:

Bridge link: https://apps.karura.network/bridge. RMRK can travel between Karura and other parachains once more channels are opened between them. (Magic of Dotsama interoperability) You can always use KSM as a router.

Chain fees and existential deposit:

Fees can be paid in any token used on Karura (KAR/KSM/RMRK). System will use the available balance from your account. No existential deposit needed to use the Karura DEX.

Note: polkadot{.js} does not show your Karura RMRK balances for now.

Utilities:

  • Swap to KSM/lKSM/KAR: https://apps.karura.network/swap
  • Add/Withdraw Liquidity to/from the pool: https://apps.karura.network/swap/liquidity (note that you’ll need two different assets to add Liquidity) You get the LP tokens for this.
  • Earn: https://apps.karura.network/earn You could stake your RMRK/kUSD LP tokens here and get additional rewards in KAR(auto) and RMRK (will be counted and delivered after 25.02.2022). Now KAR rewards are over.

    If you Staked your LPs and can’t find them - check Swap/Liquidity => Withdrawal tab. No action needed if you want to continue LPing. “Staked” status is ok.

You can earn more holding the Karura Halo and/or Karura Mask equipped on a Kanaria bird in the same account.

Bifrost

Migration notes:

Migration: follow https://bifrost.app/wallet and choose “Crosschain => Cross-in” near $RMRK. RMRK can travel between Bifrost and other parachains once more channels are opened between them. (Magic of Dotsama interoperability) You can always use KSM as a router.

Chain fees:

If you don’t have BNC, fees will be paid in RMRK (~0.0006) or any available asset from your wallet.

Utilities:

  • Farming: https://bifrost.app/farming You can stake your KSM/RMRK LP tokens and earn two tokens: BNC and ZLK. You can get LP tokens on Zenlink (described below). You can provide liquidity adding KSM and RMRK (“Standard” tab) or adding only one of these tokens (“Single-Token” tab)

Moonriver

Migration notes:

Migration: follow https://apps.moonbeam.network/moonriver/ and choose “Deposit” near $xcRMRK.

  • Note that you need a Moonriver account. If you are using Metamask it will suggest to switch your network to Moonriver, so you don’t need to enter anything manually.
  • RMRK can travel between Moonriver and other parachains once more channels are opened between them. (Magic of Dotsama interoperability) You can always use KSM as a router.
  • ✳️ RMRK on Moonriver is xcRMRK

Chain fees:

You need a small amount of MOVR for the fees. You can get MOVR on centralized exchanges or by using the bridge

Utilities:

  • $RMRK is the only token acceptable in Skybreach lands sale
  • The Skybreach concept is not finalized yet. If metaverse will live on Moonriver you’ll also need $RMRK there.
  • Providing liquidity and staking on DEXes: Zenlink.pro, Solarbeam.io, Huckleberry.finance

DEXes

Zenlink

Zenlink is a huge multi-chain DeFi Hub. You can swap, pool, earn and stake assets in various chains (but not mixing chains). Supported chains: Moonriver, Moonbeam, Bifrost. More about Zenlink: You can see the asset chain under asset name:

Add/withdraw liquidity: https://dex.zenlink.pro/#/pool?liquidType=SHOW_ADD You can add both tokens or use single-token LPing (~½ of your tokens will be changed to the corresponding other token and then the pair will be added to the pool)

Stake LP tokens: https://dex.zenlink.pro/#/earn/stake (if you are on Bifrost you can also stake your LP tokens on https://bifrost.app/farming )

You can stake RMRK/KSM LP (Bifrost) and xcRMRK/MOVR (Moonriver). New stakings could appear.

you can see small chain logos to the left

Solarbeam

Dex/Launchpad on Moonriver/Moonbeam

Add/remove liquidity: https://app.solarbeam.io/exchange/pool

Farm: xcRMRK/MOVR LP https://app.solarbeam.io/farm

Huckleberry

Dex on Moonriver Add/remove liquidity: https://www.huckleberry.finance/#/add/0x9A92B5EBf1F6F6f7d93696FCD44e5Cf75035A756/0xffffffFF893264794d9d57E1E0E21E0042aF5A0A

Farm: FINN/xcRMRK https://www.huckleberry.finance/#/farm

CEXes

$RMRK is tradeable on two centralized Exchanges:

Kucoin.com

Deposit/Withdrawal notes:

  • Deposit chain: Statemine.
  • Withdrawal chain: Statemine.
  • Withdrawal Fee: 0.2 RMRK

Existential deposit notes

You must send some KSM dust (~0.005) to activate the destination account. You don’t need to refill an already used account every time (if it is enough for fees and existential deposit)

Gate.io

Deposit/Withdrawal notes:

  • Deposit chain: Statemine.
  • Withdrawal chain: Statemine.
  • Withdrawal Fee: 0.3 RMRK

Existential deposit notes

You must send some KSM dust (~0.005) to activate the destination account. You don’t need to refill an already used account every time (if it is enough for fees and existential deposit)

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