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Polkadot’s innovation hub Astar Network is thrilled to announce a partnership with leading DeFi network Ekla to supercharge DeFi on Polkadot. Two major parachains have come together to launch the “Astar x Ekla DeFi Rising” program to unlock new opportunities and rewards for developers.
Astar and Akala Defy Rising
Akala’s suite of flexible financial products serving the Polkadot network are critical to the emerging ecosystem of dApps on Estar. This collaboration will enable developers to build on Astar’s vibrant DeFi ecosystem using single-native assets such as AUSD, LDOT and ACA, while receiving additional ACAs and additional rewards from various Astar ecosystem teams.
Akala co-founder Bette Chen said:
“With Akala, we have built a DeFi app-chain to provide AUSD-like products for the Polkadot ecosystem and other networks in the wider Web3 space. Our deep integration with the Astar team is very exciting for us as we It seeks to help accelerate the growth of Astar’s robust dApp ecosystem with AUSD liquidity and cross-chain use cases.”
Acala is a DeFi network that powers financial applications on Polkadot and is home to aUSD, the de facto stablecoin of the Polkadot and Kusama ecosystems. Acala’s suite of DeFi products includes the recently launched Liquid Staking, which allows users to stake DOT tokens on the Relay chain to ensure security while remaining liquid with LDOT – a token that Supported by DOT.
The DeFi Rising program is the first step towards a thriving DeFi ecosystem, leveraging the power of Astar’s Cross-Consensation Messaging Format (XCM) to deliver reliable and decentralized cross-chain transfers.
Sota Watanabe, Founder and CEO of Astar Network, said:
“This collaboration is the first official campaign powered by the leading Polkadot Parachain in the ecosystem. As has been the case in the past, Acala and Astar will lead the Polkadot ecosystem and create multichain use cases together. This partnership is based on the trustworthy Polkadot Bridge (XCM). Our first step is to prove value and build the future of multichain dApps.”
Establishing Estar as the future of smart contracts for multichain requires deep liquidity of institutional-grade assets such as AUSD and LDOT to work with builders. Astar developers can build new dApps on top of Acala’s trusted assets. In turn, the Astar ecosystem multi-chain will create the initial use-cases needed for AUSD mass adoption in the future.
Projects that add utility to aUSD on the Astar network can apply for Acala’s $250 million aUSD Ecosystem Fund and SpaceLabs program. The $250 million AUSD Ecosystem Fund supports early-stage startups building applications with robust stablecoin use cases on any Polkadot or Kusama parachains. It is seeking yield or utility driving solidity or substrate-based applications for AUSD, including money markets, DEXs, derivatives, asset management, DAOs, payments and other use cases.
Acala is a decentralized finance network that powers the aUSD ecosystem. The main product, Acala USD, is a decentralized, multi-collateral, crypto-backed stablecoin that acts as the core stablecoin of the Polkadot ecosystem. Acala’s Ethereum-compatible blockchain has built-in DeFi protocols for application developers, including a trustworthy staking derivative (LiquidDOT – LDOT), a decentralized exchange, and EVM+, a hybrid EVM that is fully Ethereum- Provides compatible development environment and full compatibility. with substrate.
Acala is a decentralized finance network that powers the aUSD ecosystem. It is a layer-1 smart contract platform that is scalable and Ethereum-compatible.
estar network Smart contracts are the future for multichains. Estar Networks supports the creation of DApps with EVM and WASM smart contracts and provides developers with true interoperability with Cross-Consent Messaging (XCM). We are made by developers and for developers. Astar’s unique build-to-earn model empowers developers to pay for the code they write and the DApps they create through a dApp staking mechanism.
Astar’s vibrant ecosystem has become Polkadot’s leading parachain globally, backed by all major exchanges and Tier 1 VCs. Estar provides developers with the flexibility of all Ethereum and WASM tooling to start building their dApps. To accelerate growth on the Polkadot and Kusama networks, Astar Spacelabs provides an incubation hub for top TVL DApps.