kUSD Upgrade to aUSD on Karura Network
Ended 2y 7mos ago
closed
Description

This is the first implementation step of the proposal “Uniting Acala & Karura to Support DotSama with aUSD Together”.

Changes in this implementation proposal

  1. On-chain TokenRegistry pallet support for all native tokens including kUSD/aUSD. The TokenRegistry already supports non-native tokens (e.g. parachain assets like RMRK, MOVR, TAI) with metadata like Token Name, Token Symbol and Decimal Places
  2. SDK support for kUSD change to aUSD (token symbol and related changes)
  3. Karura DApp stablecoin related changes: kUSD change to aUSD (symbol, name, logo etc)
  4. Karura DApp swap related changes: kUSD change to aUSD (symbol, name, logo etc)

Note: the currencyId (in a way equivalent to Smart Contract address on chains like Ethereum) will remain the same on-chain, and the token name and symbol change will be made in the on-chain TokenRegistry. You can think of it as USDC when issued on Ethereum would have a different contract address as USDC issued on another blockchain, but both are USDC.

Actions Required from Integrators
All parties integrating with kUSD shall update their software accordingly to reflect the token name and symbol change, which can be queried from on-chain TokenRegistry or using SDK.

Actions Required from Users
None.

Expected Golive Date
Estimated 6th Apr 2022 0200 to 0300 UTC

Optionssingle

Votes·76

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Yes
# 1
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Yes
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# 1
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Yes
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Yes
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Yes
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Yes
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Yes
# 1
sCpf...SfDD
sCpf...SfDD
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Yes
# 1
good
tZiy...nEkZ
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Yes
# 1
s7e2...ptb2
s7e2...ptb2
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Yes
# 1
Will simplify the trading between Dotsama and Kusama
qPwM...Krx3
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Yes
# 1
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Yes
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Yes
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Yes
# 1
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Yes
# 1
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Yes
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Yes
# 1
Necessary
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Yes
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Yes
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Yes
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Yes
# 1
Necessary
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Yes
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Yes
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Yes
# 1
I think it's a great idea to strenghten the aUSD protocol with Acala/ Karura, and compete with others blockchains stable coins. Is it possible to use only aUSD for the entire Polkadot ecosystem? THX
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Yes
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Yes
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Yes
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Yes
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Yes
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Yes
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Yes
# 1
perfect
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Yes
# 1
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Yes
# 1

Discussions·2

2y 8mos ago

How is this working on a technical level to keep both tokens on the same exchange rate if they diverge between the two parachains?

2y 8mos ago

This is a two step process

  1. Upgrading the token on the Karura chain (which is this implementation)
  2. Launch a bridge between Acala and Karura, and also an aUSD merger pallet that ensures aUSD coming from Karura is **fungible 1:1 ** to aUSD on Acala, and vise versa.
  • This essentially means, when you mint 1 aUSD on Karura, you can use the aUSD to pay off some debt on Acala, so as to trade or LP in any aUSD pools on Acala, and vice versa
  • The aUSD price provided by the decentralized exchanges on Acala and Karura, however, may not be the same, as aUSD price is determined by the supply and demand. The same can be expected if aUSD is on any other parachain and any other DeX/CeX.
  • This is a great thing, as it creates multiple markets for aUSD and arbitrage opportunities, which will help the peg as well as liquidity. Right now there're already arbitrage bots running on Karura/Acala, as more trading venues for aUSD become available, there will be more arbitrage opportunities
Information
Snapshot
Assets(1)
KAR
x1
Timestamp
Created
Mar 30 2022 06:55
Start date
Mar 29 2022 11:00
End date
Apr 05 2022 12:00
Results
Voted
21.16K KAR
Voters
76
balance-of
Yes
21.16K KAR
 
No
0 KAR
 
quadratic-balance-of
Yes
774.91 KAR
 
No
0 KAR
 
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