The partnership between Astar Network and Acala is set to foster the decentralized finance (DeFi) ecosystem on Polkadot.
Astar Network, an innovation hub on the Polkadot blockchain, announced on Wednesday, August 10 that it has partnered with leading DeFi network Akala to supercharge DeFi on Polkadot.
The partnership resulted in the launch of the “Astar x Ekla Defy Rising” program to unlock new opportunities and rewards for developers.
According to a press release shared with CoinJournal, Akala’s suite of flexible financial products, serving the Polkadot network, is critical to the emerging ecosystem of dApps on Estar.
This partnership will empower Astar to use single-native assets such as AUSD, LDOT and ACA to build Astar’s vibrant DeFi ecosystem while receiving additional ACAs and additional rewards from various Astar ecosystem teams.
Acala co-founder Bette Chen commented that
“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. The protocol’s wide range of DeFi products include the recently launched Liquid Staking, which enables users to stake DOT tokens on a relay chain to ensure security while remaining liquid with LDOT, which is DOT. Supported token.
Astar added that the DeFi Rising program is the first step towards a thriving DeFi ecosystem, which leverages its Cross-Consensation Messaging Format (XCM) to deliver reliable and decentralized cross-chain transfers.
Commenting on this latest development, Sota Watanabe, Founder and CEO, 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.”
The team said that Astar developers can build new dApps on top of Acala’s trusted assets. In addition, the Astar ecosystem multi-chain will create the initial use-cases needed for AUSD mass adoption in the future.
Astar said projects adding utility to aUSD on its network could apply for Acala’s $250 million aUSD Ecosystem Fund and Astar’s SpaceLabs program.
The $250 million ecosystem fund is designed to support early-stage startups building applications with robust stablecoin use cases on any Polkadot or Kusama parachains.
Estar Networks supports the creation of DApps with EVM and WASM smart contracts and provides developers with true interoperability with Cross-Consent Messaging (XCM). At the same time, Acala is a decentralized financial network that powers the aUSD ecosystem.