Build Acala | Jun 2020

Build Acala: Black Thursday Simulation Drill, Elected Kusama Councilor, PolkaDeFi Day | June 2020

By Acala Network

Our New Zealand team has returned to the office as the country easing lockdown restrictions. May has been a fruitful month, with highly anticipated Polkadot launch, Acala completing stablecoin development milestone, and a rather successful testnet campaign with overwhelming community participation and support.

Ecosystem Update

Polkadot launch, 26 May: A sharded blockchain protocol, Polkadot was initiated by the Web3 Foundation. Acala, an ecosystem project highlighted in the Polkadot’s launch article, is preparing to launch on both the canary Kusama network and Polkadot in the next few months as the Cross-Chain Message Passing (XCMP) communication facility is ready.

New ecosystem projects: We are delighted to have Ankr, a blockchain cloud infrastructure provider supported by Binance, Figment Network, Canada’s top blockchain infrastructure and staking provider, and Subscan, a multi-chain block explorer for Substrate-based blockchains, joining our Ecosystem Program as collaborators.

Mandala (Acala’s Test Network) Festival Season #2: A campaign that rewards crypto enthusiasts, end-users, node runners, bloggers and developers. We have received overwhelming community participation and support. At its peak, the network had 1400+ nodes running from 43 different cities (Acala has the most nodes online than any Substrate chain), nearly 2,000 new accounts, 40,000+ meaningful transactions, totally given out 10,000+ ACA and 700,000 KAR. Read more here.

Development Update

Acala has completed all milestones for the Web3 Foundation grant, which include:

  1. A delightful DApp (mobile and web) experience to a self-service credit facility of cross-chain assets such as bitcoin for the stablecoin, Acala Dollar (aUSD)

  2. A set of risk management mechanisms with more automation, efficiency, liquidity, capitalization and ultimately enhanced stability for the stablecoin system

  3. On-chain governance with progressive decentralization and economic sovereignty via decentralized Sovereign Wealth Fund (dSWF)

Read more here.

An emergency shutdown drill is planned to relive the Black Thursday price collapse, and our community will be rewarded to participate in the liquidation process and test Acala’s advanced liquidation mechanisms.

Elected Kusama Councilor

Acala Foundation is now a council member of Kusama, holding a first-of-its-kind multi-sig collective councilor membership. We are actively participating in governance and helping to grow the decentralized finance (DeFi) ecosystem. The membership does get renewed every day.

Please continue to support us and Vote Acala — DeFi for All via Kusama Council 👇

Verified Account: HSNBs8VHxcZiqz9NfSQq2YaznTa8BzSvuEWVe4uTihcGiQN

Events

We are co-hosting the PolkaDeFi Day on 18 June, a DeFi community conference with Polkadot featuring a variety of topics and projects.

This promises to be a fun day with three consecutive sessions, featuring cutting edge parachain and cross-chain communication development, and token standards. It will also showcase projects including Acala, a cross-chain stablecoin and DeFi DApp platform, Centrifuge, a decentralized asset financing platform, ChainX, a Bitcoin smart contract platform, Chainlink, an oracle service provider for any blockchain, Laminar, a synthetic asset and margin trading platform, Plasm Network, a layer 2 DApp scaling platform and Interlay, a trustless Bitcoin bridge.

Get your ticket here, event website here, please help spread the words 🎉

We look forward to seeing you at the first PolkaDeFi Day!

About Acala

Acala is a first-of-its-kind decentralized finance consortium with a vision to create cross-chain open finance infrastructure for the Polkadot ecosystem. The Acala Network is a dual-protocol network: a decentralized cross-chain capable multi-collateralized stablecoin protocol, Honzon, and a trustless tokenized staking liquidity protocol, Homa. Acala aims to bring stability, liquidity and accessibility to the mainstream retail financial services market.

Learn more about Acala on acala.network, Medium, Twitter, GitHub and Acala Wiki. Join the discussion on Discord, Telegram and Riot Chat. Any inquiries please Email or DM us.

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