📢 KARMA (KRM) gateway with 0% fees for decentralized trading platform Bitshares RuDEX launched

blockchained (68)in #blockchain • 6 years ago (edited)

Hello and Happy New Year!

We’re expanding our support for Graphene based chains by creating gateways with 0% market fee on Bitshares DEX. So far we’ve launched the following Graphene-based gateways:

Today we’re glad to present another gateway to a blockchain that was launched only recently: KARMA.

KRM is the token of KARMA blockchain, with a p2p lending platform built on top that allows private parties from over the world to lend entrepreneurs directly bypassing any intermediaries, including banks.

The idea is to allow people from the countries with free capital and low interest rates to invest into entrepreneurs from the countries where money are much more expensive.

As usual we’ve set the market fee for RUDEX.KRM to 0%.

Trading KRM on RuDEX has several advantages over trading them on centralized exchanges. Here are the main ones:

An ability to trade against completely decentralized assets (bitRUBLE, bitUSD, BTS, etc)
0% trading fee for RUDEX.KRM
Active development and support for the gateway and rudex.org entry point by the members and witnesses of KARMA chain.
Ease of on/off-ramping into fiat (gateways for bitRUBLE with fees as low as 0%)
Telegram based trollbox
Only you control and can access your account and funds
The Bitshares based exchange can’t close be blocked (with desktop applications for all popular OSes allowing you to connect even if the site is blocked)

During the design of the gateway we were aiming to ensure the following parameters:

Security
Independency
Transparency and ease of audit
Strict correlation between amount of tokens in the wallet and on the DEX
Minimization of the fees
Ease of use
Stability

As always one of the goals during the gateway creation was an ability to publicly audit it.

As you probably noticed that recently we registered RUDEX.KRM assets on the Bitshares blockchain.

The amount of KRM on DEX will be the same as the amount of KRM that the gateway has on KARMA blockchain. The gateway is set up so that the amount on the DEX can be smaller than on our wallet, but it can’t be higher. So you can always be sure that money never appears on the DEX out of nowhere.

Here is how it is implemented on the Bitshares side:

when you deposit your tokens to the Bitshares network, the required amount is issued
when you withdraw the tokens, the required amount is burned

That way the amount of UIA tokens (RUDEX.KRM) is de-facto equal to the amount on our wallets. For KRM it is rudex wallet.

AUDIT
In the future our gateways would have a stand-alone section for auditing them on rudex.org. But for now you can use the following services:

KRM@cryptofresh
https://krm-db.com/@rudex for our wallet on KARMA

Our goal was not only to create a convenient instrument for people to use (we’re working on making it completely open source), but also move towards more decentralization, since more gateways the DEX has, the less centralization around any one of them.

One of the features of our gateway that makes it different from the existing ones, is that as a Graphene ambassador, we’re setting 0% market fees for chains based on this technology. We can afford that from the witness payments that we receive. If you like what we’re doing please vote for us!

To give you an ability to move your tokens even when other gateways are experiencing technical difficulties we plan to launch special cross gateway service. Even then it would be impossible to withdraw more funds that we have on our public account on KARMA blockchain.

Short guide on using the gateway

If you took part in PreITO or ITO of KARMA and posses OPEN.KRM tokens please use the following instruction to withdraw OPEN.KRM to KARMA blockchain located at app.karma.red

Then you can deposit your KRM tokens to RuDEX.

IMPORTANT If you’re already registered on OpenLedger, you can use your OL account to login to RuDEX.

Also, you can transfer OPEN.KRM directly to RuDEX.

How to withdraw OPEN.KRM to app.karma.red from RuDEX

How to deposit KARMA to RuDEX

How to withdraw RUDEX.KRM to app.karma.red from RuDEX

In time we’ll also create gateways for the coins that we consider the market is going to be interested in, but for non-graphene chains, those markets will have some minimal market fees.