Kraken to Support the upcoming Sakura Crowdloan

Clover Finance is excited to announce that Kraken, one of the largest and most reputable global exchanges, will support the upcoming Sakura Crowdloan auction. Kraken’s support for the Sakura (SKU) Crowdloan will help lower the barrier to entry for many Kusama holders, providing a secure means to participate through the highly-trusted Kraken platform.

Kraken’s clients will be able to contribute KSM to the Sakura crowdloan directly without having to leave the exchange. Kraken clients participating in the Sakura Crowdloan will also exclusively receive a 20% SKU bonus in addition to the base amount of 200 SKU per KSM. (Learn more about Polkadot and Kusama auctions here.)

Just over a week ago, the Kusama network made history by becoming the first fully decentralised, secure, heterogeneously-sharded blockchain, made possible by technology developed for Polkadot.

Sakura is a substrate-based parachain candidate built specifically for the cross-chain DeFi ecosystem on Kusama. Building on the success of the Rococo testnet, the stage for Kusama has been set as the first “mainnet” to utilize the power of Substrate. Kusama is regarded as a layer zero protocol and as the CanaryNet of Polkadot. The Clover Finance team envisions Sakura to live on as the innovative sister network of Clover, with both Clover and Sakura continuing to serve their communities simultaneously. The unique on-chain governance parameters of Kusama enables DeFi applications built on top of the Sakura network to have higher performance and scalability immediately after launch. This will lower the barrier to entry for the development community to deploy their dApps on Sakura, without having to meet the stricter governance guidelines of Polkadot.

In order to fully support the development of the Polkadot ecosystem and encourage more token holders to participate in the Polkadot ecosystem, Kraken is supporting the Kusama parachain auctions, in addition to Polkadot auctions.

KSM token holders on Kraken are able to participate in Kusama auctions directly from the exchange platform.

Holders can stake their Kusama, participate in the Sakura slot auctions and earn SKU rewards. This one-stop service lowers the threshold for holders to participate in parachain auctions and reduces many risks traditionally associated with auctions. After the bidding is successful, assets can be used cross-chain based on Polkadot’s main network.

The Sakura Crowdloan is expected to launch officially by next week on June 15th. Follow us on Clover for the latest updates.

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