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Polkadot’s innovation hub, Astar Network, has announced a partnership with leading DeFi network Acala to power DeFi with Polkadot. Two major parachains have joined forces to launch the “Astar x Acala DeFi Rising” program, bringing new opportunities and rewards to developers.
Astar and Acala DeFi Rising
Serving the Polkadot network, Acala’s flexible suite of financial instruments is vital to the thriving ecosystem of dApps on Astar. This collaboration will allow developers to build Astar’s vibrant DeFi ecosystem using Acala native assets such as aUSD, LDOT and ACA, with additional ACA and additional assets from various Astar ecosystem teams. You can receive rewards.
Acala co-founder Bette Chen said:
“We used Acala to build a DeFi app chain that brings products like aUSD to the Polkadot ecosystem and other networks in the broader Web3 space. Close integration with the Astar team is very exciting as we aim to accelerate the growth of our strong DApp ecosystem.”
Acala is the DeFi network that powers Polkadot’s financial applications and is home to aUSD, the de facto stablecoin of the Polkadot and Kusama ecosystems. Acala’s suite of DeFi products includes the recently released liquid staking. This allows a user to stake his DOT tokens on the relay chain to ensure security while maintaining liquidity in his LDOT, a token backed by staked DOT.
The DeFi Rising program is the first step into a thriving DeFi ecosystem that leverages the power of Astar’s Cross-Consensus Messaging Format (XCM) to perform trustless and decentralized cross-chain transfers.
Sota Watanabe, Founder and CEO of Astar Network, said:
“This collaboration is the first official campaign carried out in the ecosystem by a major Polkadot parachain. This partnership is the first step in proving the value of the trustless Polkadot Bridge (XCM) and creating the future of multi-chain dApps.”
Establishing Astar as the future of multi-chain smart contracts requires deep liquidity of institutional-level assets such as aUSD and LDOT for builders to use. Astar developers can build new dApps on top of Acala’s trusted assets. In return, the Astar ecosystem will build the early use cases necessary for mass adoption of his aUSD across multi-chain futures.
Projects that add utility to aUSD on the Astar Network can apply to Acala’s $250 million aUSD ecosystem fund and SpaceLabs program. The $250M aUSD Ecosystem Fund will support early-stage startups to build applications with strong stablecoin use cases on Polkadot or Kusama parachains. Seeking Solidity or Substrate based applications that drive AUSD yield or utility, including financial markets, DEXs, derivatives, wealth management, DAOs, payments, and other use cases.
Acala is a decentralized financial network that powers the aUSD ecosystem. The core product, Acala USD, is a decentralized, multi-collateralized, crypto-backed stablecoin that serves as the native stablecoin of the Polkadot ecosystem. Acala’s Ethereum-compatible blockchain has a built-in DeFi protocol that application developers can leverage. This includes trustless staking derivatives (liquid DOT — LDOT), decentralized exchanges, and EVM+, a hybrid EVM that offers full compatibility with a full Ethereum-compatible development environment. with board.
Acala is a decentralized financial network that powers the aUSD ecosystem. A scalable and Ethereum compatible layer 1 smart contract platform.
astor network It is the future of multi-chain smart contracts. Astar Network supports building dApps using EVM and WASM smart contracts, using cross-consensus messaging (XCM) to provide true interoperability for developers. We are made by developers for developers. Astar’s unique build-to-earn model allows developers to get paid for the code they write and the dApps he builds through the dApp staking mechanism.
Astar’s vibrant ecosystem has become Polkadot’s world-leading Parachain, supported by all major exchanges and Tier 1 VCs. Astar offers the flexibility of all his Ethereum and WASM tools for developers to start building his dApps. To accelerate the growth of Polkadot and Kusama Networks, Astar SpaceLabs provides an incubation hub for top TVL dApps.