Acala Launch Of aUSD and KSM Snek Swap Pools On Basilisk

Published on: 28.07.2022
Acala Launch Of aUSD and KSM

Acala Launch of aUSD and KSM Snek Swap pools on Basilisk, a liquidity protocol built for Kusama. The Snek Swap pools enable Basilisk community members to access Polkadot and Kusama’s native stablecoin, aUSD, in a decentralized and permissionless manner and brings aUSD to a new Kusama parachain as its stablecoin of choice.

aUSD is a decentralized, multi-collateralized stablecoin backed by cross-chain assets, serving as the native stablecoin for the Kusama and Polkadot ecosystem. aUSD is designed to maintain a peg relative to the US Dollar, allowing users to transact, trade, and facilitate services using aUSD while shielding users from price volatility customary to the crypto asset economy.

Snek Swap is Live

BSX, aUSD and KSM holders can now trade:

  1. BSX↔️aUSD
  2. BSX↔️KSM

Each pool will be bootstrapped with 500M BSX (0.5% of the supply provided from the allocation for the LBP) and $11,111 worth of aUSD and KSM.

Access KSM and aUSD on Snek Swap using these links:

Acala Engineers Supporting Basilisk Infrastructure

The Acala engineering and product team has also supported our friends at Basilisk by building a custom bridge integration of Kusama to Basilisk, enabling Snek Swap users to bridge their KSM from the Kusama Relay Chain to Basilisk. The bridge can also be use to transfer BSX, aUSD or KSM out of the Basilisk chain & into Karura or Kusama.

About Basilisk and Snek Swap

Basilisk a liquidity protocol for the Kusama ecosystem. Enabling frictionless liquidity that meets the evolving needs of fungible and non-fungible crypto assets (NFTs). Basilisk’s modular design allows fungible assets to bootstrap liquidity by selecting convenient Automated Market Maker (AMM) models. The first version includes Snek Swap (XYK) pools, allowing users to buy and sell tokens or to become a liquidity provider and earn rewards from trades.

Snek Swap an AMM designed for the Kusama ecosystem, allowing users to transfer tokens utilizing XYK pools in a decentralized and permissionless fashion.

Website |Twitter |

About Acala

Acala a decentralized finance network powering the aUSD ecosystem. The core product, aUSD, a decentralized, multi-collateral, crypto-backed stablecoin serve as the native stablecoin of the Polkadot ecosystem. Acala’s Ethereum-compatible blockchain has built-in DeFi protocols for application developers to leverage, including a trustless staking derivative (liquid DOT — LDOT). A decentralized exchange, and the EVM+, a hybrid EVM offering fully Ethereum-compatible development environment plus full compatibility with Substrate.

Website Twitter |

Source

REQUEST AN ARTICLE

Market Stats:
BTC Dominance: 38.01%(+0.26%/24h)
ETH Dominance: 17.51%(-0.11%/24h)
Defi Market Cap: $35.14B(+11.27%/24h)
Total Market Cap: $822.52B(-2.38%/24h)
Total Trading Volume 24h: $45.62B(+23.34%/24h)
ETH Market Cap: $141.59B
Defi to ETH Ratio: 24.82%
Defi Dominance: 4.11%
Altcoin Market Cap: $509.88B
Altcoin Volume 24h: $20.41B
Total Cryptocurrencies: 21873
Active Cryptocurrencies: 9149
Active Market Pairs: 59224
Active Exchanges: 528
Total Exchanges: 4329