As per the latest reports, a new decentralized exchange (DEX) platform has been launched by Karura. Karura is reportedly the network that was launched by the Acala protocol. According to sources, the name of the new platform is Karura Swap.
As per reports, the announcement in regards to the launch of the DEX platform was made on Friday, July 23, 2021. On Friday, it was announced that the new decentralized exchange platform was already live. At that time, the Karura platform also announced that the new platform would start trading with a single pair. The particular pair selected by the firm for trading was reportedly the KSM/KAR one.
Apart from announcing the launch of the exchange, more details for also revealed by the firm around it. The team also announced the total value locked (TVL) with which the platform had been launched in the decentralized space.
The data from the Karura Swap exchange shows that $3.4 million were stored at the exchange in the form of total value locked. Furthermore, there were over 1,000 unique users that were acting as the liquidity providers (LP).
In addition to providing details around the launch and the TVL of the exchange, the benefits of sticking with the exchange were also highlighted by the team. The team at the Karura network specifically talked about the “Bootstrap Feature” that was going to prove really beneficial for the users.
The team revealed that the Bootstrap feature would be for the benefit of the liquidity providers. It would offer a sandbox version to the liquidity providers for the trading pairs. The sandbox version for the trading would act like an environment that would be walled.
The team has revealed that with the help of the new feature, the platform would be able to restrict and prevent several negative factors. A couple of the major problems highlighted by the team were market manipulation and front-running. The team revealed that this feature would come in handy prior to the launch of any trading pair.
Instead of launching the trading pair in the open market and bearing the losses as a result of the glitches or policy updates, it would be run through the sandbox version.
This way, all the flaws and problems related to the trading pair would be discovered and fixed prior to the public launch of the pairs. This way, the platform would be able to cancel out any possibilities of the company suffering from a loss. This would also protect the platform from any misuse or exploits.
The development team for the Kurara Swap has revealed that the decentralized exchange is functional on two major networks are Kusama and Polkadot.