Karura’s crowd loan of $100 million puts the project in a good position for Kusama’s upcoming parachain auction.

Key Takeaways:
– Karura Network has raised 200,000 KSM tokens worth over $100 million in a crowd loan.
– The funds will be used to bid in the Kusama’s upcoming parachain auction.
– Ahead of the parachain auctions, the price of KSM has risen sharply.

Karura, an Acala sister project on Kusama, has raised more than $100 million in KSM as part of a crowd loan. The funds will be used to bid in Kusama’s upcoming parachain auction.

Karura to Bid $100 million in Parachain Auction
Karura Network has raised $100 million from its community to bid for a parachain on Kusama.

The team announced that 200,000 KSM tokens were lent to the team came from more than 8,500 contributors, mostly via Karura’s own portal.

Karura is hoping to run a parachain that provides a full suite of DeFi services on Kusama, including a cross-chain automated market maker and a stablecoin collateralized by various cross-chain assets.