Voting
kUSD Upgrade to aUSD on Karura Network
Ended 5mos 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

Yes
Yes
# 1
1.42K KAR
1421.207906563653 KAR
Yes
Yes
# 1
1.39K KAR
1393.465026666383 KAR
Yes
Yes
# 1
15.15 KAR
15.154617419969 KAR
Yes
Yes
# 1
36.78 KAR
36.776036355772 KAR
Yes
Yes
# 1
164.38 KAR
164.382438431909 KAR
Yes
Yes
# 1
3.06 KAR
3.06071759899 KAR
Yes
Yes
# 1
2.42 KAR
2.41647610899 KAR
Yes
Yes
# 1
65.26 KAR
65.261528284956 KAR
Yes
Yes
# 1
22.14 KAR
22.143905189826 KAR
good
Yes
Yes
# 1
2.54 KAR
2.537469249354 KAR
Yes
Yes
# 1
0.57 KAR
0.566443162758 KAR
Will simplify the trading between Dotsama and Kusama
Yes
Yes
# 1
6.63 KAR
6.633129961333 KAR
Yes
Yes
# 1
1.09 KAR
1.088620446283 KAR
Yes
Yes
# 1
0.1 KAR
Yes
Yes
# 1
196.75 KAR
196.750980333414 KAR
Yes
Yes
# 1
6.35 KAR
6.351397862586 KAR
Yes
Yes
# 1
131.15 KAR
131.146719320296 KAR
Yes
Yes
# 1
4.22 KAR
4.222713410031 KAR
Necessary
Yes
Yes
# 1
0.93 KAR
0.93487111276 KAR
Yes
Yes
# 1
4.26K KAR
4262.304836927681 KAR
Yes
Yes
# 1
201.15 KAR
201.150281411364 KAR
Yes
Yes
# 1
44.04 KAR
44.041091681461 KAR
Necessary
Yes
Yes
# 1
31.87 KAR
31.86615963405 KAR
Yes
Yes
# 1
92.71 KAR
92.707680535833 KAR
Yes
Yes
# 1
1.68K KAR
1675.54258430496 KAR
Yes
Yes
# 1
880.52 KAR
880.524353804183 KAR
Yes
Yes
# 1
24.24 KAR
24.243933208349 KAR
Yes
Yes
# 1
334.85 KAR
334.846620110884 KAR
Yes
Yes
# 1
1.82 KAR
1.823389283931 KAR
Yes
Yes
# 1
6.06 KAR
6.060068044032 KAR
Yes
Yes
# 1
19.94 KAR
19.944068271242 KAR
Yes
Yes
# 1
3.02 KAR
3.015726684176 KAR
Yes
Yes
# 1
132.31 KAR
132.310039290256 KAR
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
Yes
Yes
# 1
109.9 KAR
109.900716562056 KAR
Yes
Yes
# 1
0.32 KAR
0.317447135444 KAR
Yes
Yes
# 1
39.13 KAR
39.126833958418 KAR
Yes
Yes
# 1
1.93 KAR
1.92730282935 KAR
Yes
Yes
# 1
3.07K KAR
3073.660448277545 KAR
Yes
Yes
# 1
2.16K KAR
2158.086338033374 KAR
Yes
Yes
# 1
28.61 KAR
28.61081242483 KAR
Yes
Yes
# 1
22.89 KAR
22.891856149508 KAR
Yes
Yes
# 1
2.22 KAR
2.222180561647 KAR
Yes
Yes
# 1
6.37 KAR
6.373896290187 KAR
Yes
Yes
# 1
1.39K KAR
1391.426864375794 KAR
Yes
Yes
# 1
120.45 KAR
120.448109442955 KAR
Yes
Yes
# 1
28.12 KAR
28.121047362218 KAR
Yes
Yes
# 1
67.25 KAR
67.247692635629 KAR
Yes
Yes
# 1
0.1 KAR
perfect
Yes
Yes
# 1
361.5 KAR
361.501923032925 KAR
Yes
Yes
# 1
889.15 KAR
889.150007257408 KAR

Discussions·2

5mos 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?

5mos 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
Results
Voted
21.16K KAR
21159.771463954233 KAR
Voters
76
balance-of
#1
100.00%
21.16K KAR
21159.771463954233 KAR
#2
0.00%
0 KAR
quadratic-balance-of
#1
100.00%
769.1 KAR
769.09537272489 KAR
#2
0.00%
0 KAR