Coinbase Cloud will collaborate with the Acala Foundation and support Liquid staking on Karura as we can see more today in our Coinbase news.
Web3 and blockchain infrastrcuture provider Coinbase Cloud just made a new partnership with the Acala Foundation on Polkadot by bringing KSM liquid staking on Karura. KSM is the native token of the Kusama network which is a pre-production environment for Polkadot. Unlike the traditional taking in PoS networks, Liquid staking allows for asset delegators to access their funds while staking their tokens, and this way, the validators can put their staked assets in other applications and unlock further value via Defi activities.
According to the official blog post, Coinbase Cloud is powering allowed validators that receive delegations from the community. On Karura, it enables users to stake KSM for LKSM and users are not restricted by an unbonded period that ranges from 7 to 28 days in the Polkadot Network and can deposit their LKSM on the Terra Anchor protocol and earn yields. The latest developments came on the heels of Coinbase Cloud after working on Polkadot and Kusama since their testnets and offered the web3 builders infrastructure solutions for the substrate as a Polkadot-based framework for building customized blockchains.
The users on Karura can stake their DOTs and receive representative L-Tokens as they are tradeable in the DOT ecosystem and readable for the other assets. In addition, the liquid staking on teh protocol will enable to mint aUSD as the native stablecoin for the Polkadot and the Kusama ecosystem. Despite the advantages of liquid staking and Coinbase Cloud warned that whenever the validators are slashed, they are a subject to lose a portion of the tokens.
The Coinbsae chief product officer Surojit Chatterjee said that coinbase Cloud aims to be the Amazon Web Services of crypto that is dedicated to helping developers build their applications much faster. The infrastrcuture provider accelerated the partnership with a major layer-one blockchain like Avalanche and since then, the Coinbase wallet SDK has allowed developers to enhance their app’s reach to coinbase users and to offer access to the Avalanche ecosystem via Coinbase wallet.
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