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RMRK Token Granted Sufficiency and Made Available on Ethereum

News provided by news direct2022-05-17

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--News Direct--

The RMRK token, a token native to the revolutionary 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 (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 wild cousin, took place on May 16th after being voted in on May 8th, and marks a historic precedent: for the first time, a non-native token can be used to pay transactions on the Statemine common-good parachain (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, and the first chainless Polkadot-ecosystem token to be transferable to no less than 3 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 and non-fungible tokens.

To be able to receive and send tokens on Statemine, accounts need to be initialized with some KSM - Kusama's native token - and use KSM for transaction fees. This is to prevent spam on the chain.

RMRK's performance in markets despite the bear market turn coupled with growing utility, increasing community growth, and integration across 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.

From May 16th, 2022, it is therefore 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 centralized exchanges much simpler and enables 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 now available for trading on the various decentralized exchanges in the Ethereum ecosystem.

This move is part of a broader expansion into EVM (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 ERC721 which will be published for the general public discussion this week and has been battle-tested in 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 put together into a system of evolving, mutually compatible NFTs with dynamic rarity.

Read more about the unique concepts that RMRK introduces in their docs.