Acala could rollout core products like a decentralized exchange or an upgraded EVM and a decentralized stablecoin after the official launch on Polkadot so let’s read further in today’s blockchain news.
Following the launch on the Polkadot Mainnet, Acala is an ETH-compatible DEFI protocol for scaling dapps and revealed what lies ahead for the project. The team noted in an official press release that it intends to start launching core products soon. These include decentralized exchange and an upgraded Ethereum Virtual Machine as well as a decentralized stablecoin.
With over 32M DOT contributed by over 81,000 community members, Acala has won the first parachain auction on @Polkadot!
Thank you to everyone who took part in this historic event. (1/3) pic.twitter.com/CL2jCwA9Re
— Acala – DeFi Hub of Polkadot (@AcalaNetwork) November 18, 2021
The projects developers added that Acala could rollout core products that are scheduled to go live after the launch on Mainnet. One of them is a bridging infrastructure that aims to scale the multi-chain ecosystem beyond the Polkadot network and Acala staking. These include Tiaga and Tapio that will bring stable swaps for the uniform assets like DOT/LDOT, InterBTC/RENBTC, and AUSD/USDT with a new native lending and borrowing solution and 15 other teams.
Acala even announced that it will launch a DEFI-focused network ont eh Polkadot mainnet with the native ACA currency now available for trading. Rembert hat Acala won Polkadot’s first parochial auction with its Karura para china and secured a spot on the Polkadot ecosystem with over $1.3 billion worth of DOT contributed by 81,000 supporters from around the world. According to the Acala roadmap, the full launch of the network will be executed in different phases and the first one will enable users to send and receive ACA and take part in the project’s governance.
Acala launched over $600 million in total value locked in LCDOT tokens and has about 20,000 unique tokens holders around the world. Acala recieved backing from some major investors like Coinbase Ventures, Pantera, Polychain, Arrington, PArafi, DCG, and TQ. Commenting on the launch, Acala’s Chief Growth Officer Ran Reecer noted:
“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.”
A few weeks ago, Polkadot’s parachain auction winner Moonbeam launched on Polkadot as well and made it the first fully operational parachain on the network.
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