DeFi platform Karura has obtained the first ever lease on the Kusama network. Polkadot is one of the most exciting platforms for any project that wants faster speeds than Ethereum, and perhaps a higher level of scalability.
The Kusama network is the canary network for the Polkadot ecosystem.
Karura was able to raise more than 500,000 Kusama tokens (KSM) to secure its lease. These tokens are worth more than $100 million at current prices, making the lease on Kusama an expensive proposition.
As a promising DeFi application, Karura will use its lease on the Kusama network to develop its platform further, and hopefully come away with a platform that will be much closer to a commercial launch that allows the wider crypto community to take full advantage of the technology.
The Polkadot space is seeing a rise in interest as Ethereum developers look for other platforms that will likely scale with ease, and this makes Kusama appear very attractive.
Kusama is a Hot Development Space
Polkadot is seen as one of the only viable alternatives to Ethereum, and any developer that is serious about creating a platform on it has to be envious of Karura.
There are two more auctions coming, so if a project didn’t get this slot – they have two more chances to tap the power of Kusama in the near future.
Kusama and Polkadot are standalone networks – but they were built in nearly the same way.
With a faster governance cycle and much higher risk parameters, developing on Kusama likely means a shorter development process and an easy roll-out onto Polkadot.
There is little doubt that Karura is working on a winning platform, and this move to secure the first lease on Kusama will help the team at Karura to speed up development of an extremely promising DeFi platform that will presumably be launched on Polkadot.
The Expansion is Here
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