Acala DeFi Hub of Polkadot, an Ethereum-compatible DeFi protocol for scaling dApps, had a successful launch on the Polkadot Mainnet this week, and has finally revealed what lies ahead for the project.
Their project’s critical bridging infrastructure aiming to scale the multi-chain ecosystem beyond the Polkadot network and Acala staking. The Genesis block of the Acala network was launched on 18th December, 2021, as a Proof of Authority network. Acala’s onboarding process will enable new DeFi primitive/protocols, in addition to cross-chain bridges, custom features like Bring Your Own Gas, the Acala EVM+, and on-chain democracy to empower ACA holders in governing the future of the layer-1 network.
Acala won Polkadot’s first parachain auction with its Karura parachain, and with it has secured a spot for itself on the Polkadot ecosystem with (over $1.3 billion worth at the time) 32,515,989.5 of DOT contributed by more than 81,000 supporters around the world.
Acala has had lot’s of support from notable industry investors, like Coinbase, Polychain, Pantera, Ventures, Arrington, DCG, ParaFi, CoinFund, Goldentree, TQ, and many more.
Currently, Acala has launched over $600 million in total value locked (TVL) in Liquid Crowdload DOT (LCDOT) tokens and has more than 200,000 unique token holders globally. The full launch of its network will be executed in different phases, with the first phase enabling users to send and receive ACA and participate in the project’s governance.
Acala’s Chief Growth Officer, Dan Reecer stated:
“Acala is building toward a HyFi vision or Hybrid Finance, that is bridging the worlds of Web2 fintech and neobanks with DeFi to bring improved yield and financial outcomes to non-crypto users without them having to touch any complex crypto tech like MetaMask or private keys.”
Current price is $1.68 per token Acala with Market Cap of $117,659,174. Circulating Supply native tokens ACA 69,304,481 of Total Supply 1,000,000,000.
Acala DeFi primitives launching soon, enabling liquid services such as swap and the ability to collateralize for a self-serviced loan in aUSD stablecoin. Community governance and depositing and withdrawing ACA tokens are fully live.
Acala has a strong support of 139,596 holders, which is great start for new project and has the liquidity for start just for being parachain of Polkadot and good Tokenomics. This are strong green indicators for ACA token price and project future.
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