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Polkadot Partners with Astar Network and Acala to Boost DeFi Ecosystem

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Indrani bose Follow


Aug, 16 2022

Aug, 16 2022

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    Acala, the premier DeFi network, and Polkadot's innovation hub Astar Network are partnering to boost DeFi on Polkadot. The "Astar x Acala DeFi Rising" programme has been introduced by the two top parachains to give developers access to new opportunities and rewards. 

    The Polkadot network's Acala suite of adaptable financial products and it's essential to the thriving dApp ecosystem on Astar. By working together, developers will be able to expand on Astar's thriving DeFi environment while gaining extra ACA and prizes from various Astar ecosystem teams. These assets include a USD, LDOT, and ACA, which are unique to Acala. 

    The Polkadot network's Acala suite of adaptable financial products is essential to the thriving dApp ecosystem on Astar.   

    The de facto stablecoin of the Polkadot and Kusama ecosystems, aUSD, has housed on the DeFi network Acala, which powers financial applications on Polkadot. The recently released liquid staking feature from Acala's suite of DeFi products enables users to stake DOT tokens on the relay chain to assure security while maintaining liquidity with LDOT, a token backed by staked DOT. 

    The DeFi Rising programme is the first step toward the development of a vibrant DeFi ecosystem that uses the Cross-Consensus Messaging Format (XCM) from Astar to carry out decentralised and trustless cross-chain transfers.  

    Establishing institutional-grade assets with deep liquidity, such as aUSD and LDOT, for builders to work with is necessary to make Astar the future of smart contracts for multichain. On top of the dependable assets of Acala, developers from Astar can create new dApps. In exchange, the Astar ecosystem will develop the initial use-cases required for widespread aUSD acceptance in the future multichain environment. Applications are accepted for Acala's $250 million aUSD Ecosystem Fund and Astar's SpaceLabs initiative from projects that will benefit the aUSD on the Astar Network. Early-stage entrepreneurs developing applications on either Polkadot or Kusama parachain with solid stablecoin use cases are supported by the $250 million aUSD Ecosystem Fund. It is looking for use cases such as money markets, DEXs, derivatives, asset management, DAOs, payments, and other use cases that drive yield or utility for the aUSD. 

    About Acala :

    The aUSD ecosystem is supported by the decentralized finance network called Acala. It is a scalable, layer-1 smart contract platform that works with Ethereum.  Acala USD, the main product, is a multi-collateralized, decentralized stablecoin backed by cryptocurrency that acts as the Polkadot ecosystem's original stablecoin 

    About Astar Network :

    The Future of Multichain Smart Contracts is Astar Network. Astar Network provides developers with genuine interoperability, cross-consensus messaging, and support for the development of dApps using EVM and WASM smart contracts (XCM). Through the innovative Build2Earn concept from Astar, programmers may be compensated for the code they create and the dApps they create. 

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    Indrani bose

    CBW - External Analyst


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