The leading DeFi project on Polkadot, Acala, has announced a solution to help link to the Ethereum Virtual Machine (EVM).
Acala launches EVM-compatible support solution for Polkadot projects
On the evening of February 8, Acala (ACA) announced that it had launched the mainnet of Acala EVM+, a programming environment compatible with the Ethereum Virtual Machine (EVM), which makes it easy for projects on Polkadot to interact with applications. uses of the Ethereum network.
Acala is the leading DeFi project on Polkadot, calling itself the “financial hub” of this layer-1 blockchain. After becoming the first name to win Polkadot’s parachain auction in late 2021, Acala in 2022 announced the creation of a $250 million development fund for Polkadot’s DeFi business as building an algorithmic stablecoin. aUSD calculation. However, aUSD in August was hacked, resulting in a “short print” of $3 billion, and it was forced to shut down for a long time to fix the vulnerability.
Once back, Acala’s latest notable development is the launch of Acala EVM+.
Why custom-build the Acala EVM+?
Substrate & @Polkadot are very different from Ethereum in a way that will empower many new innovations. We optimized the EVM+ for Substrate’s full potential, rather than simply redeploying Ethereum on Polkadot and inheriting its shortcomings.
— Acala (@AcalaNetwork) February 7, 2023
Acala says that any Polkadot decentralized application can now deploy EVM-compatible smart contracts to Acala EVM+ and start using the above popular tools like MetaMask, Truffle, Waffle, etc.
Instead of using a standard EVM like other blockchains use to connect to Ethereum, Acala said the reason for the decision to build EVM+ is to be able to take advantage of the advantages of Polkadot’s Substrate programming language. bring.
Not stopping there, DeFi projects will also be able to access liquidity from many other ecosystems, such as Solana, Polygon, and Avalanche, through the use of Wormhole, the new cross-chain solution supported by Acala not long ago.
The ACA price briefly rallied at the time of Acala EVM+’s launch before bouncing back despite the crypto market’s rally on the morning of Feb. Acala’s token also did not have an impressive recovery in January 2023 when only increasing by nearly 15%.
ACA/USD 4-hour chart | Source: TradingView
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