Astar Network Partners Acala to Boost DeFi on Polkadot

Astar Network Partners Acala to Boost DeFi on Polkadot


Polkadot’s innovation hub Astar Network has partnered with DeFi network Acala to boost decentralized finance (DeFi) by unlocking new opportunities and rewards for developers in the Polkadot ecosystem.

The two entities have joined forces to launch a new DeFi program dubbed “Astar x Acala DeFi Rising.”

The DeFi Rising Program

According to a press release seen by Crypto Potato, the program will allow developers to build apps on Astar’s dApp ecosystem while leveraging Acala’s suite of DeFi products, including deep liquidity from native assets such as aUSD, LDOT, and ACA. Developers will also receive rewards from Astar ecosystem teams.

In addition, projects that create utility for aUSD on Astar can receive funding from Acala’s $250 million aUSD Ecosystem Fund and Astar’s SpaceLabs program.

As per the release, the $250 million aUSD Ecosystem Fund was launched to support early-start startups building dapps with a stablecoin utility on any Polkadot or Kusama parachain.

First Campaign From Two Major Polkadot Parachains

Acala is a DeFi network that provides financial products such as native tokens and liquid staking on Polkadot. The platform powers aUSD, the first native stablecoin on the Polkadot network.

On the other hand, Astar Network is an innovative hub for multichain smart contracts. The platform enables developers to build dApps with EVM and WASM while offering them interoperability through its cross-consensus messaging (XCM).

Acala and Astar are the two leading parachains, winning Polkadot’s first and third parachain auctions, respectively. The DeFi Rising program is the first campaign conducted by two major parachains on the Polkadot network.

Creating the Future of Multichain dApps

Bette Chen, the co-founder of Acala, commented on the collaboration, stating that the program will accelerate the growth of the Astar DApp ecosystem and cross-chain uses cases.

Sota Watanabe, founder and CEO of Astar Network, noted that the alliance would allow both entities to lead the Polkadot ecosystem.

“This partnership is our first step to prove the value of trustless Polkadot bridges (XCM) and create the future of multichain dApps,” Watanabe added.

Meanwhile, earlier this month, Astar partnered with blockchain company Alchemy to accelerate web3 development on Polkadot. The collaboration aims to bring more incentives and dApps to the Polkadot ecosystem.


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


Source link

Leave a Comment