July has been a month of buidling with ecosystem collaborators like Ren and Laminar, stress testing the network with tens of thousands of new accounts and transactions throughout the Mandala Festival Season #3 testnet campaign, and getting ready to launch on Polkadot’s parachain testnet Rococo.
Polkadot’s parachain testnet Rococo: was launched earlier this week, a significant step towards cross-chain integration. Parachains can now connect to the Relay chain to use its shared security, and the much-anticipated cross-chain message passing is also available, though limited to horizontal message passing where the Relay chain will be used to route messages between two parachains. Acala is working towards registering on Rococo to test out the functionalities.
RenVM-bridge module & renBTC integration: was deployed on Acala Mandala testnet TC4, marking the first step bringing renBTC to Acala and the Polkadot ecosystem. renBTC is now a fee token, can be used as collateral for stablecoin credit line, and is listed on Acala DeX.
Substrate RC4: Mandala TC4 is now upgraded to Substrate RC4, which allows atomic transactions — one step closer to production-ready smart contracts, and will soon be upgraded to the latest TC5 upon testnet campaign conclusion.
Acala Pulse: an analytics dashboard to track stats of the network is under construction and will be released in the coming week. Users can track system fundamentals — aUSD issuance, DeX volume, and DOT amount in liquid staking, as well as system risks, liquidations and auctions, etc.
Black Thursday drill & Emergency Shutdown: next week, as part of the Mandala Festival, we will simulate Black Thursday volatility, test the hybrid liquidation mechanism that involves DeX and auctions to efficiently recover the loans. Then we will enact the system Emergency Shutdown, process all outstanding loans, and have users reclaim their collaterals from a basket of assets. Festival week 3 rules & rewards are here.
Ren x Acala / Polkadot to bring Bitcoin and in future other isolated asset classes onto Acala and into the wider Polkadot multi-chain universe.
Acala Foundation is now a council member on Polkadot actively participating in Polkadot Direction riot discussion and voting. We appreciate your continued support so we can grow Polkadot and DeFi together 🚀
Unitize SF Blockchain Week: Bette Chen co-founder of Acala talked about cross-chain DeFi in action. Watch replay.
Acala is a first-of-its-kind decentralized finance consortium with a vision to bring financial stability, liquidity and accessibility to the mainstream. The Acala Network is a cross-chain finance hub for the Polkadot ecosystem and beyond. It offers a suite of financial primitives: a multi-collateralized stablecoin backed by cross-chain assets like Bitcoin, a trustless staking derivative and a decentralized exchange to unleash liquidity and power financial innovations. It is the go-to open platform for finance-oriented dApps to deploy to using smart contracts or built-in protocols with out-of-box cross-chain capabilities, security and financial optimizations.
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