RMRK token granted sufficiency and made available on Ethereum

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). The Multichain bridge also makes it available on Ethereum.

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 is in addition to other firsts for RMRK tokens such as the first Statemine token being listed on an exchange, and the very first Polkadot ecosystem token to be transferable into no less than three 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 protect the chain from spam.

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.

It is no longer necessary that transaction fees in KSM be paid or that KSM deposits are made in order to use the RMRK token in Statemine. This change will take effect from May 16th 2022. This makes integration with centralized Exchanges easier and allows use cases such trading and minting NFTs with RMRK as currency, directly on chain level.

Ethereum:

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.

RMRK

RMRK is a collection of NFT 2.0 standards and legos that can all be assembled into a system consisting of mutually compatible, evolving NFTs with dynamic rarity.

RMRK’s unique concepts are detailed in the docs.

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