April has been a month of strict lockdown for those of us in New Zealand and Europe, while the team in China has resumed office.
And April was about launching a revamped web DApp, preparing Mandala Testnet Candidate 3 with exciting new products — a staking liquidity protocol for tokenizing staked DOT, and a savings product, as well as welcoming new ecosystem collaborations.
Mandala Test Network Candidate 3 (TC3) will be launched with the following new features: Loan out aUSD with DOT, BTC and Liquid DOT!
Homa staking liquidity protocol: you can get fungible Liquid DOT (L-DOT) by staking with Homa trustlessly. L-DOT can be used as collateral for aUSD stablecoin. This is still a PoC as delegated staking from parachain to relay chain is mocked lying in wait for XCMP readiness. Read more here.
Revamped web DApp with better design, full-fledged DeX features, and more. It is still work in progress, do expect crudity and bugs.
A new complementary productDeposit & Earn: you can provide liquidity into the DeX and earn fees and additional rewards (from network profits). We have designed a mechanism to use DeX supplementing liquidation auctions to add an extra layer of safety, ensure robustness and optimal pricing. Read more here.
Council governance is implemented: varied council chambers will manage different aspects of the network e.g. Financial Council for risk parameters. We will stay in council governance until the network is stable, then move to the elected council and democratic governance. Read more here.
A candy-drop campaign is planned to continue to raise awareness and get ready for Kusama and Polkadot launch.
We welcome new ecosystem collaborators and partners on board to build an open finance stack together.
We are selected into the inaugural Web 3.0 Bootcamp backed by W3F, Parity, and Wanxiang Blockchain Labs. We look to expand our networks in Asia and beyond.
We are delighted to have Purestake (highly performant and reliable validator service for Kusama, Algorand and more) joining us as Acala’s staking partner, Centrifuge (the operating system for the financial supply chain), ONT (a decentralized identity framework), Interlay (a trustless Bitcoin-Polkadot bridge), and Moonbean (Ethereum compatible smart contract platform for Polkadot) joining us as ecosystem collaborators.
Ruitao Su, Co-Founder of Acala & Laminar, will give a talk on cross-chain DeFi on Polkadot at Ready Layer One at Mon May 4th 3pm PST amongst other layer one protocols like Filecoin, Tezos, NEAR, and Cosmos.
He will also join Jack Platts from W3F and Vance Spencer from Framework Ventures on a panel “The Power of Cross-Chain DeFi Applications” at DeFi Virtual Summit by DystopiaSat May 2nd 10pm PST.
We will co-host a Polkadot DeFi series with W3F next month, stay tuned for more detail.
Running as Collective Councilor on Kusama
We have established a collective councilor membership representing the Acala Foundation using multisig, which is held by the Acala council members. Our motivation for running is two-fold:
In building open finance infrastructure for Polkadot, it is important for Acala to actively participate and contribute to the community, support motions that help grow the DeFi ecosystem.
This in return will give us insights into governance in action, and inform our decision and design for Acala’s governance, which is the key to our ideal for progressive decentralization.
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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 and liquidity to the crypto world and beyond.