With another whirlwind month in the books, the Acala team is celebrating some exciting milestones. Between Coinbase Ventures announcing its backing of Acala and Karura, to Compound awarding us with a grant to build a Starport gateway to Polkadot, Acala shows no signs of slowing down. In fact, the team just launched the new Karura website and is intensely preparing for the upcoming Kusama Parachain Auction.
Here’s a look back at our achievements from March.
Acala Co-Founder and CTO Bryan Chen showcases DeFi DApps with cross-chain BTC.
We kicked off the month presenting at DeFi Demo Day, a showcase of the future of DeFi in the Polkadot ecosystem. Not only did founders Bette Chen and Bryan Chen demonstrate the Acala platform’s DeFi DApps, but they also offered a sneak peek into Acala’s cross-chain functionality — with integrations of PolkaBTC, RenBTC, and SnowETH.
During the presentation, Bryan instantly minted cross-chain BTC tokens, deposited them as collateral to borrow the Acala Dollar stablecoin (aUSD), and then swapped his stablecoin loan for DOT in Acala’s AMM-style DEX. With DOT on hand, Bryan then showed attendees how they can earn staking rewards without sacrificing liquidity with Acala’s Liquid DOT Staking (LDOT).
Our team is thrilled to welcome Coinbase Ventures to the Acala ecosystem. This week, the investment arm of Coinbase has announced its support for Acala, the all-in-one DeFi hub of Polkadot. This investment also supports Karura, the DeFi hub of Kusama. It’s a significant achievement and we look forward to working with our backers to launch our EVM-compatible layer-1 blockchains and full suites of DeFi applications.
We’re also honored for Acala to be a recipient of the inaugural Compound Grants Program. The grant will fund Acala’s proposal to build a Starport, a gateway enabling a cross-chain money market for Compound Chain and the Polkadot ecosystem. The proposal, which incorporated feedback from the Compound community and grants team, enables DOT and the staking derivative Liquid DOT (LDOT) as new collaterals on Compound Chain, while bringing Compound’s CASH token to the Polkadot ecosystem, as well as integrating it into Acala DApps. For more details, see our proposal on the Compound forum.
In mid March, Acala and SubQuery finalized an integration to allow users and developers to query and extract data from Acala’s DeFi hub for Polkadot in only minutes and at no cost. The achievement comes on the heels of SubQuery’s project, SubQuery Explorer, which aggregates and organizes blockchain data to provide well-structured information for developers. SubQuery’s data aggregation layer will operate between the layer-1 blockchain (Acala) and DApp layer. With this integration in place, our two projects ensure increased composability for a multi-chain future.
In anticipation of the upcoming parachain auctions, Acala has secured the first Rococo parachain slot. Though entirely on testnet, the process was an important step for Polkadot and its ecosystem of prospect parachain networks. By testing inter-shard communication protocols, Polkadot is preparing for projects like Acala and Karura to bid in the upcoming parachain auctions to deploy on Polkadot’s sister-network Kusama, and eventually Polkadot mainnet. It’s exciting for Acala to occupy the first public parachain slot on Rococo, and we aim to achieve our goal of securing the first public parachain slot on Kusama.
The countdown is on! As our team works to prepare for the upcoming Karura Crowdloan Event and subsequent Kusama Parachain Auctions, we’re pleased to launch the Karura website. The site offers a look at Karura’s user interface, as well as an overview of its DeFi products and its native utility token KAR. Karura is a scalable, EVM-compatible DeFi network with a suite of financial applications, including: a trustless staking derivative (liquid KSM), a multi-collateralized stablecoin backed by cross-chain assets (kUSD), and an AMM DEX — all with micro gas fees that can be paid in any token.
For more information on Karura’s DeFi DApps and its path to launch, check out our recent deep dive or watch our presentation on the upcoming Polkadot and Kusama Crowdloans.
We’re pleased to introduce a new logo on all Acala community channels. With this vibrant and more balanced design — which features our Acala “A” and its components fully and fluidly reinforcing itself within a three-dimensional form — we hope for this new logo to exhibit the support and sustainability so prevalent within the Acala ecosystem and its community. In addition, Acala is centered by two circles, representing the platform’s security and stability, two core tenets that we intend to uphold. Expect to see more of our brand refresh in the coming weeks.
Chainlink Hackathon — Acala is excited to support Chainlink 2021 with two Acala EVM Challenges. Join us and other sponsors for the closing ceremonies on April 16.
Acala is the all-in-one DeFi hub of Polkadot. Acala is an Ethereum-compatible platform for financial applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities and robust security. The platform also offers a suite of financial applications including: a trustless staking derivative (liquid DOT), a multi-collateralized stablecoin backed by cross-chain assets (aUSD), and an AMM DEX — all with micro gas fees that can be paid in any token.