Zug, Switzerland, May 16, 2022 — The RMRK token, native to the revolutionary nonfungible token (NFT) 2.0 protocol on Polkadot, has been granted sufficiency on the Statemine common good chain, allowing payments to be made in that token rather than the chain’s native token Kusama (KSM). Additionally, it is now available on the Ethereum network through the Multichain bridge.
Sufficiency
The self-execution of a code-change enacted by on-chain governance of the Kusama network, Polkadot’s sister platform, took place today after being voted in on May 8, marking a historic precedent: For the first time, a non-native token can be used to pay transactions on the Statemine common-good parachain — i.e., blockchain connected to the Kusama relay-chain.
This news follows other firsts for the RMRK token, including being the first Statemine token to be listed on a centralized exchange (CEX), and the first chainless Polkadot-ecosystem token to be transferable to no less than three different parachains.
As a reminder, Statemine is a common-good parachain that does not have to participate in the chain auction model and instead occupies a permanent slot connected to the Kusama relay chain, forever enjoying the relay’s economic security. Statemine’s purpose is to be a lightweight balance-keeping ledger of basic fungible tokens and NFTs.
To receive and send tokens on Statemine, accounts need to be initialized with KSM and used for transaction fees to prevent spam on the chain.
RMRK’s performance in markets — despite the bear market turn — along with its growing utility, increasing community growth and integration on most of Polkadot’s connected parachains shows a clear demand for the token and was instrumental in the community’s vote to make it sufficient.
Beginning today, it is no longer necessary to pay transaction fees in KSM or have KSM deposits in accounts to use the RMRK token on Statemine. This makes integration with CEXs much simpler and allows use cases such as trading and minting NFTs using RMRK as a currency — directly on the chain level.
Ethereum availability
RMRK has been added to Multichain’s list of bridgeable currencies and is available for trading on the various decentralized exchanges in the Ethereum ecosystem.
This move is part of a broader expansion into Ethereum Virtual Machine blockchains with the recent publication of the RMRK team’s newest upcoming NFT standard — multi-resource NFTs as a drop-in replacement for the ERC-721 token standard — which will be published for general public discussion this week and has been battle-tested during production on Kusama, RMRK’s originating chain, for a year.
About RMRK
RMRK is a set of NFT 2.0 standards — Legos that can be assembled into a system of evolving, mutually compatible NFTs with dynamic rarity.
Read more about the unique concepts that RMRK introduces in its documents.
Contact:
Bruno Škvorc, founder of RMRK — marcomms@rmrk.app.