PHA/kUSD Bootstrap And Liquidity Incentive Program On Karura Swap
Phala Network has announced launch of PHA/kUSD Bootstrap and Liquidity Incentive Program on Karura Swap.
PHA (Phala Network Token) will be transferred between Karura DeFi Hub and other parachains with the HRMP channel open for Khala Network and Karura Network. Then traders can swap PHA into kUSD, KSM, RMRK, KAR, etc. and provide liquidity to PHA pool on Karura platform.
Karura / Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar — aUSD), a trustless staking derivative (liquid DOT — LDOT), and a decentralized exchange.
Incentive Program
To incentive users to provide great liquidity for PHA/kUSD in the pool, 100k PHA+ 10k kUSD will be offered to reward the liquidity providers. 10% in Bootstrap period (12 hours), 90% for a 14-days period campaign.
Total Incentive: 100,000 PHA + 10,000 kUSD
About Phala Network
Phala Network is a privacy-preserving cloud computing service, based on Substrate, and will run as a parachain in the Polkadot ecosystem to offer computing power comparable to existing cloud services but which protects the privacy of managed programs.
About Karura Swap
Karura Swap is a trustless, automated market maker (AMM)-styled decentralized exchange on the Karura network. Karura Swap supports the ability to trade native Substrate tokens and ERC-20 tokens. To facilitate trades, Karura Swap relies on liquidity provisioned by users called Liquidity Providers (LPs).
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