Outstanding project: ACALA NETWORK
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 empowerment of Polkadot, it is looking quite promising tha Acala Network can enable true interoperability, economic and transactional scability. 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.
The project aims to issue Acala Dollar (aUSD) which is a decentralized stablecoin. Users can redeem 1 aUSD for each US dollar, Acala uses DOT, BTC, or ETH as collateral assets. People can send or receive USD easily across any blockchains connected to the Polkadot network. The project also designs to release staked assets (DOTs) as fungible & liquid assets (L-DOTs), extracting the derivative value of staked assets to fuel DeFi without sacrificing the security of the whole network. Acala Network is secured under Polkadot's shared security model, ensuring high resilience and forkless upgradability.
Rating: 5(DOT)
Director/Investor Partner at Illusionist Group | Founder DotMarketCap | Syndicator.vn | Owner @PolkaWarriors & BinanciansVN
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