Astar Network, Polkadot’s innovation hub, has announced a partnership with Acala called “Astar x Acala DeFi Rising”. The partnership seeks to enhance DeFi capabilities on Polkadot. With this partnership, Astar’s strong DeFi ecosystem will be bolstered as developers build on Acala-native assets like aUSD, LDOT, and ACA. The Astar ecosystem teams will also be able to provide further ACA and other incentives to developers.
The initiative between Astar Network and Acala will provide developers with access to new options and benefits. Astar’s Cross-Consensus Messaging Format (CCMF) is at the heart of the DeFi Rising program. Ultimately, which aims to foster a vibrant DeFi ecosystem. As a decentralized application chain, Acala will avail assets like aUSD to other networks that are part of the Polkadot ecosystem.
Acala is a DeFi network that powers financial apps on Polkadot. It is also the home of aUSD, which is the de facto stablecoin for the Kusama and Polkadot ecosystems. In order to establish Astar as the future of smart contracts for multichain, there is need to access a large liquid asset pool that is of an institutional-grade. Native assets of Acala include the likes of USD, LDOT, and ACA, among others. Furthermore, Acala’s $250 million aUSD Ecosystem Fund and Astar’s SpaceLabs program support projects that provide utility to aUSD on Astar.
Developers can use Acala’s Ethereum-compatible blockchain with built-in DeFi protocols. The aUSD Ecosystem Fund has a total allocation of $250 million. It provides financial assistance to early-stage companies that are developing applications that make impactful use of stablecoins on any Polkadot or Kusama parachain. Developers on Astar can now use dApps built on top of Acala’s solid foundation to create entirely new applications. In exchange, the Astar ecosystem will develop early use cases that are necessary for widespread adoption of aUSD across multichains in the future.
This post was last modified on Aug 10, 2022, 14:09 BST 14:09