kUSD Upgrade to aUSD on Karura Network

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kUSD Upgrade to aUSD on Karura Network

te6A...ytFc

Ended 2y 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

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
SDK support for kUSD change to aUSD (token symbol and related changes)
Karura DApp stablecoin related changes: kUSD change to aUSD (symbol, name, logo etc)
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

oKEi...UBYa

oKEiq2AdVgHKSk2BCtM86n2LHizeKV8Fkf9yASvW55yUBYa

Yes

# 1

≈ 129.93 KAR

rRRG...VmsX

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Yes

# 1

≈ 85.29 KAR

pXd8...cptg

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Yes

# 1

≈ 0.27 KAR

r1tk...KAjf

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Yes

# 1

≈ 0.29 KAR

sute...wEHP

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Yes

# 1

≈ 9.03 KAR

q7BR...as7D

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Yes

# 1

≈ 7.78 KAR

sa13...doHv

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Yes

# 1

≈ 0.87 KAR

syfq...99Wi

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Yes

# 1

≈ 240.83 KAR

q8L3...RhNi

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Yes

# 1

≈ 7.07 KAR

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Yes

# 1

≈ 0.37 KAR

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Yes

# 1

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Yes

# 1

≈ 2.21 KAR

oN8E...kHdu

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Yes

# 1

≈ 321.02 KAR

sF1o...bSS2

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Yes

# 1

33.88 KAR

tCJM...bFGz

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Yes

# 1

28.88 KAR

pAVD...hAKU

pAVDYZfdFNcxELoc2obhfFvTHa3zirvP426vN2qeEUihAKU

Yes

# 1

28.88 KAR

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Yes

# 1

≈ 155.51 KAR

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Yes

# 1

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Yes

# 1

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r5Sq...kgTa

r5SqTUyDdYnqDm5z3YVRisHhU6nopZDgzygUFEvRVcTkgTa

Yes

# 1

≈ 77.4 KAR

Great idea. Keep it simple and efficient

ry6z...UEJg

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Yes

# 1

≈ 7.07 KAR

good

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Yes

# 1

≈ 226.24 KAR

st4J...KHv6

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Yes

# 1

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qrJh...DiEg

qrJhgbpUKAoHkth3gMHsEFMz6T5SvCfq77SKPuFeZk6DiEg

Yes

# 1

≈ 31.93 KAR

oQn2...vCUw

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Yes

# 1

≈ 44.57 KAR

paKk...jtit

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Yes

# 1

≈ 114.55 KAR

Discussions·2

t6X8...M1Lm

2y 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?

te6A...ytFc

2y ago

This is a two step process

Upgrading the token on the Karura chain (which is this implementation)
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