Acala, an Ethereum-compatible DeFi protocol for scaling dApps, revealed what lies ahead for the project
Acala core products include a decentralized exchange, an upgraded EVM, and a decentralized stablecoin.
Acala hints core products rollout following the official launch on Polkadot
After a successful launch on the Polkadot Mainnet this week, Acala, an Ethereum-compatible DeFi protocol for scaling dApps, has revealed what lies ahead for the project.
Acala’s utility token ACA is now transferable enabling the community to send, receive, and participate in on-chain governance.
For more details on how ACA powers @Polkadot‘s DeFi parachain: https://t.co/XuzHg5Bg3I
— Acala – DeFi Hub of Polkadot (@AcalaNetwork) January 25, 2022
The Acala team noted in an official press release seen by CryptoPotato that they intend to roll out all of their core products soon. These include decentralized exchange (DEX) Acala Swap, upgraded Ethereum Virtual Machine (EVM+), decentralized stablecoin, aUSD, and LDOT.
The project’s developers add that Acala has a few new product releases scheduled to come out after the official launch on the Mainnet. One of them is the important bridge infrastructure to scale the multi-chain ecosystem beyond the Polkadot network and Acala staking.
According to the announcement, several ecosystem groups are getting ready to launch on Acala. These include Tapio and Tiaga, which will bring stable swaps for uniform assets like DOT/LDOT, aUSD/USDT, and interBTC/RenBTC, a new native lending and borrowing solution over 15 other teams.
Earlier this week, Acala announced that it had launched its DeFi-focused network on the Polkadot mainnet, with ACA now available for trading.
Recall that Acala won the first Polkadot parachain auction with its Karura parachain. It has thus secured a place for itself on the Polkadot ecosystem with over $1.3 billion worth of DOT contributed by more than 81,000 enthusiastic supporters from around the globe.
According to Acala’s roadmap, the launch of its entire network will be carried out in different phases. The first phase allows users to send and receive ACA and participate in project management.
Currently, Acala has launched over $600 million in total locked value (TVL) in Liquid Crowdload DOT (LCDOT) tokens and has over 200,000 unique token holders globally. Acala has also received backing from several notable investors in the industry, including Coinbase Ventures, Arrington, Polychain, Pantera, DCG, ParaFi, CoinFund, Goldentree, TQ, and many more.
“Acala is building toward a HyFi vision or Hybrid Finance, that is bridging the worlds of Web2 fintech and neobanks with DeFi to bring improved yield and financial outcomes to non-crypto users without them having to touch any complex crypto tech like MetaMask or private keys”, commenting on yesterday’s launch, Acala’s Chief Growth Officer, Dan Reecer, said.
A few weeks ago, the winner of Polkadot’s second parachain auction, Moonbeam, went live on the Polkadot blockchain, making it the first fully operational parachain on the network.
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Read more:
- Acala, 1st Project To Secure A Polkadot Parachain, Is Getting A Data Indexing And Querying Solution Via The SubQuery Network
- DeFi Protocol Acala Announced It Had Won The First-Ever Polkadot Parachain Auction