Acala Foundation, Coinbase Cloud partner to support KSM liquid staking

Acala Foundation, Coinbase Cloud partner to support KSM liquid staking

Coinbase Cloud, a provider of blockchain infrastructure platform, has recently announced that it has entered into a new collaboration with Acala Foundation, a decentralized finance (DeFi) network powering the aUSD ecosystem, by bringing the KSM liquid staking on Karura.

For those uninformed, KSM is the native token of the Kusuma network, a pre-production ecosystem for Polkadot.

In contrast to outdated staking in PoS networks, liquid staking enables asset delegators to access their funds while betting on their tokens. With this, validators can lay their staked assets in other applications, potentially offering more value via DeFi activities.

Credible sources recently cited that Coinbase Cloud is enabling pass-listed validators to receive allocations from the community.

Karura, which empowers the users to hold up KSM for LKSM, does not restrict users by an unbounded period, which usually ranges from 7 to around 28 days in the network of Polkadot, and can, for example, credit their LKSMs on the Anchor protocol of Terra for earning returns.

Karura users can also put on stake their DOTs and obtain representative LDOT (L-Tokens), as they can be used for trading in the Polkadot network and are redeemable for the underlying assets.

Additionally, liquid staking on the protocol will allow validators to forge aUSD, the stablecoin of the Polkadot and Kusama ecosystem.

Surojit Chatterjee, Coinbase’s Chief Product Officer, said that Coinbase Cloud intended to be the Amazon Web Services of cryptocurrencies dedicated to supporting developers to build their applications faster.

The infrastructure provider has recently fast-tracked entering into partnerships with leading layer-one blockchains, including the Avalanche. Subsequently, the Coinbase Wallet SDK has permitted developers to strengthen their app reach to Coinbase users and offer access to the Avalanche ecosystem with the Coinbase wallet.

Source Credit - https://cryptopotato.com/coinbase-cloud-collaborates-with-acala-foundation-in-support-of-liquid-staking/