RMRK Token Migration: Karura

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āš ļø The below information is now out of date - there will be no migration of canonical RMRK balances to Karura. There is no longer a deadline to move tokens. The tokens are still bridgeable to a variety of chains, including Karura, but a full migration is no longer planned.

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When we launched $RMRK on Statemine, we did it to have a canonical location on which to track the token balances without depending on any particular parachain. Our needs have now outgrown it, and Statemine's limitations have forced us to look elsewhere.

The RMRK token will soon be usable as collateral and trading pair on Karura, and will be migrating off of Statemine onto Karura and other chains throughout 2022 - those will be documented in subsequent posts under the tokenmigration tag and on Singular's tokens page. Read below for more details.

Karura deployment

RMRK is now bridgeable to Karura. You can move the tokens over through Polkawallet and the Karura app itself.

As a native asset on Karura, RMRK can be used on DEXes and in liquidity providing, and can even be wrapped in logic through Karura's upcoming EVM+ (coming soon).

The RMRK Association has committed 3000 RMRK to give out as LP rewards over the next 30 days at a rate of 90 per day, exclusively to Kanaria owners.

An additional 10 $RMRK per day is reserved for Kanaria owners with the Karura mask equipped - 7 for the full mask, and 3 for the halo only - this amount will be pooled and distributed according to relative pool ownership.

The items have now been distributed, find them here. Note that mask owners need to accept the new NFT as a child on their bird (Acala referral birds) while halos were just added to the inventory of the first 8478 Karura crowdloan contributors.

The Karura-equipped bird has to be in your Kusama account (readable on Kanaria), and not on Karura itself (NFT bridging is not ready yet - we will do cross-chain reading to evaluate - you do not have to do anything).

The distribution will happen after the 30 days of LPing, once we've analyzed everyone's performance. Note that even a single unequip of the mask, or a move of the Kanaria from a wallet to another one will interrupt this period and disable the bonus.

Kanaria LPs that supply more than 431 RMRK will also be eligible for a special Kanaria-equippable NFT if they keep LPing for a full 30 days without a break, regardless of whether or not they have the mask (but they need to have a bird for the duration of the 30 days).

Karura themselves also intend to reward LPs of the RMRK/kUSD pool with an extra 10000 KAR over 7 days!

To recap:

  • everyone LPing will be rewarded with $RMRK in the proportion of their pool ownership over time. This reward will be increased if the LPer has any Karura NFT equipped on their Kanaria bird in the same address, with full mask holders getting a bigger bonus and halo holders getting a smaller one. Having JUST the Karura NFT is NOT enough, you need to have it equipped on a Kanaria.
  • everyone LPing more than 431 $RMRK for more than 30 uninterrupted days will get a special NFT.
  • everyone LPing into RMRK/kUSD will also get rewards from Karura of 10000 KAR over 7 days, relative to their LP stake.

Note: the pools are currently unabalanced, which is a great way to pick up some discounted RMRK tokens!

One-way migration

With the bridge to Karura open, we're initiating a full migration of the $RMRK token from Statemine to other compatible chains (Moonriver and Bifrost are coming soon).

Token holders will have Q1 - Q3 of 2022 to migrate out of Statemine, at which point the #8 asset on Statemine will be destroyed by force, resulting in a loss and reclaim of unmigrated tokens. Please migrate your tokens at your leisure, but don't wait until the end of 2022 - there is not much to gain by waiting too long, and you're only missing out on DeFi gains you could otherwise get on Karura.

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We repeat: tokens on Statemine are going away. We are migrating off of Statemine. Move your tokens before the end of Q3 2022 or risk losing them!

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Questions

  1. What happens to $RMRK if Karura loses a parachain slot?
    • the chain would be downgraded to a parathread. The tokens would be frozen until the chain resumes. Should this ever become a real risk, we'll know well in advance.
  2. Can Statemine be upgraded to the point of being useful for RMRK again?
    • we don't think so. It would need vesting, self-sustainability of RMRK (so existential deposit isn't needed any more), and some logic for triggering token transfers automatically etc. in order to support it as a metaverse currency or currency to pay with on Singular and Kanaria. Statemine was designed with minimalism in mind - it should only do one thing (balance keeping) and do it well - and so we do not feel like this is a good environment for a high-utility token.
  3. Why did you choose Karura as the target?
    • Karura has a highly motivated, very active, and highly incentivized team behind it. It is guaranteed to be maintained long into the future. It also has a very good Polkadot-native DEX infrastructure which we want to leverage.
  4. What other chains will RMRK come to and when?
  5. Will I be able to move RMRK between these chains?
    • in theory. One way would be for Statemine's "incoming tokens" bug to be fixed, so that channels between Statemine and other chains can be made bidirectional. Then the tokens can be sent back to it, and from it to another bridged chain. Another way would be if channels were to be opened between these chains, so direct transfers can be made possible. A third way would be through a CEX like Kucoin which would allow you to pick a withdrawal destination (functionality being built right now).
  6. What is kRMRK?
    • we previously wanted to call the token kRMRK to indicate it's on Karura, but this is not necessary, so the ticker was changed to be the canonical RMRK.

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