Acala launched the Acala EVM on Polkadot
At present, Polkadot's ecosystem seems to be growing fast, since it has so many advantages when compared to Ethereum. Built with Substrate, Polkadot is believed to create a system in which blockchains could coexist and complement each other and have the potential to overcome chain maximalism, where blockchains compete to be the best end-all, be-all blockchain.
Recently, Acala – one of Polkadot’s main parachains, has announced its latest update, Acala EVM. EVM (Ethereum Virtual Machine) will make Acala, the Polkadot ecosystem, and the Ethereum ecosystem highly interoperable. Acala could be one of the many solutions to Ethereum's rising fees. Acala’s engineering team has built and launched an important update that will optimize for Substrate’s full potential and longevity, rather than simply redeploying Ethereum on Polkadot.
How does Acala EVM work? This new update enables Acala to provide Solidity, Substrate, and Web3 developers a complete full-stack (Acala+EVM+Substrate+WASM) experience seamlessly with a single wallet, this will allow the Acala EVM to support multiple crypto tokens. It also brings protocol composability for EVM and Substrate runtime (aka pallets) and enables developers to build and deploy DApps on Acala with exceptional tooling support.
About Acala Acala Network is the financial hub of Polkadot and their team aims to focus on decentralized finance protocol, mechanism design, parachain economic modelling as well as governance. This project supplies users with key financial primitives including decentralized stable coin, staking derivatives and DeX, Acala Network powers cross-blockchain open finance (DeFi) applications on Polkadot and beyond. With the help of Acala, Polkadot developers are racing against Ethereum to become the leading Web3 blockchain.
With the empowerment of Polkadot, it is looking quite promising that Acala Network can enable true interoperability, economic and transactional scalability. Acala was the first decentralized financial corporation to offer a set of protocols: a stablecoin protocol to play the role of Polkadot's DeFi building.
More about Acala:
- Website: Acala.network
- Twitter:@AcalaNetwork
- Telegram: @AcalaOfficial
Source: Acala Network
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