Tapio Protocol


taiKSM is the first stable asset on Kusama. It is a synthetic asset back by two KSM-related assets:
  • Native KSM
  • LKSM, asset representing shares in Karura Liquid Staking.
The underlying KSM Stable Swap enables low slippage swap between KSM and LKSM. The allows LKSM holders to exchange KSM with LKSM instead of waiting for the traditional 7-day limit. The Stable Swap mechanism ensures pegging between KSM and LKSM.
taiKSM is the synthetic asset based on KSM Stable Swap. It unifies KSM liquidity since staking and asset are two critical usage of KSM on Karura. DeFi applications on Karura and other Kusama Parachains can use taiKSM as collateral instead of dealing with both KSM and LKSM. When new KSM-pegged asset is introduced, it can be added as part of the taiKSM so that DeFi applications don't need to handle all new assets.
KSM and LKSM holders can mint taiKSM with KSM and LKSM. This is similar to adding liquidity to swap pools but holders receive taiKSM in return instead of pool share token.