Acala has announced the launch of its Layer 1 series designed for decentralized solutions that include a decentralized stablecoin solution, DOT staking, and a unique type of EVM compatibility that allows interactions with substrates.
Acala is acting as a DeFi and liquidity hub for the Polkadot network. It is a Layer 1 network with support for smart contract technology, which is Ethereum-compatible and optimized for DeFi. Acala has built-in liquidity and ready-made financial applications. With the help of decentralized stablecoin aUSD, DOT Liquid Staking and EVM+, it allows developers to access the best of the Ethereum and Substrate networks.
Prior to launch, Acala already had $600 million in TVL at the time of its launch and over 200,000 holders worldwide. In addition to an impressive TVL, the network was backed by VCs and companies such as Pantera, Polychain, DCG and Arrington.
With token transfer now enabled, @AcalaNetwork It has approved the first benchmark in its vision for a newly open financial infrastructure providing sovereignty, independence and access.
Full video: https://t.co/Fyq2ucaJMk pic.twitter.com/7gPprhMQGW
— Acala – Polkadot’s DeFi Hub (@AcalaNetwork) 25 January 2022
Acala is currently building a new version of decentralized finance by combining traditional banking, the best part of the fintech industry, with existing DeFi solutions. There are 30 lakh customers of Current.com already waiting to join the Yield product availing Acala.
While Acala is actively working on previously announced products for the community, they still plan to widen the infrastructure of the project by adding a key bridging system that scales beyond Polkadot with a multi-chain ecosystem. will allow.
Staking will also be added to Acala soon after the network’s launch, which will be one of the first solutions on its way to further development. Teams in the ecosystem are gearing up for the launch of Ekla, which includes Tapio and Curve 2.0-type products that offer stable swaps for similar assets such as DOT/LDOT, AUSD/USDT or InterBTC/RainBTC.
As the “cherry on top”, Acala is going to offer a native lending and lending solution that is currently undergoing stealth development, as well as several teams preparing to launch on the Acala EVM+.