Acala Foundation is pleased to announce new partners joining the effort in building a cross-blockchain decentralized stablecoin and staking liquidity platform to power open finance applications on the Polkadot network. We believe these partners — Polychain, Hashkey, P2P Capital, KR1, SNZ, Polkadot Ecosystem Fund, Hypersphere Ventures, Web3.Capital, Stake.Zone, Goodmore Capital, and Digital Renaissance — are our long term allies in our quest in building a sustainable, resilient and solid open finance infrastructure.
We work closely with engineers from Parity and Polkadot, and constantly updating our roadmap to better align with parachain readiness and Polkadot mainnet launch, some highlights as follows:
- Launch Acala Karura canary network as soon as Kusama parachain bonding is ready
- We are starting security audits for the Acala Network
- Launch Acala mainnet (a plain network) and participate in parachain auction as soon as Polkadot is ready
- Then enable stablecoin and other features once the network runs steadily
Check out our revamped website acala.network for more details.
Recent DeFi Black Swan event specifically re MakerDAO multi-million dollar incident has brought several network and market structural issues to light — some are known but unsolvable at the protocol level, some are ignored or overlooked. Nevertheless, there are invaluable lessons learned from Acala’s perspective:
- Network congestion: Polkadot’s sharded design with minimum 200 TPS aside, with Substrate, Acala is designing Quality of Service type transaction classification to prioritize critical transactions e.g. oracle operations, to effectively counter this issue.
- Vulnerability in the liquidation process: An automated on-chain liquidator/keeper (made possible by Substrate) aside, Acala is also designing a hybrid mechanism with a built-in DeX supplementing collateral auctions to ensure robustness, liquidity and optimal pricing.
- Capital reserve: Acala is designing a triple capital reserve system to protect the value of the network — a foreign crypto reserve (via the decentralized Sovereign Wealth Fund) as an emergency fund, a built-in DeX that attracts liquidity as a passive reservoir, and ACA auction as last resort.
- In principle, a system or protocol should strive for decentralization to continuously lean towards more truth and less trust. However when trust is still required (some components are still not fully decentralized and automated), no less effort, capital, regulation, and insurance is required to counter the risks than what the centralized finance world is doing today — and that’s the price we pay for trust.
Read more discussions on the issues and potential solutions in Regain Confidence in Decentralised Stablecoin and a recent AMA | Acala Network: Cross-Chain Finance in PoS Era.
Mandala Test Network is the first in Acala’s trilogy networks. It’s a value-free but chaotic playground for everyone to test drive functionalities of Acala:
- borrow stablecoin aUSD with test DOT and BTC as collaterals
- built-in decentralized exchange
- functioning auction systems and oracle services
We hosted a Mandala Festival to celebrate and reward supporters and festival-goers. Now three weeks have passed, and we are near the end of it. It’s been both fascinating and rewarding to see so much participation and prize-giving:
- 260+ nodes running across 24 cities (2nd on Polkadot Telemetry as of 27th March)
- 350+ users with meaningful transaction qualified for lucky draws
- 20+ quality articles submitted
Check out the prize board here. Coding challenge and bug bounties will go on🚀, what are you waiting for?!
Website: https://acala.network
Twitter: https://twitter.com/AcalaNetwork
Medium: https://medium.com/acalanetwork
GitHub: https://github.com/AcalaNetwork/Acala
Riot: https://riot.im/app/#/room/#acala:matrix.org
Acala — a first-of-its-kind decentralized finance consortium, with a vision to create cross-chain open finance infrastructure for the Polkadot ecosystem. The Acala Network is a dual-protocol network, with a decentralized cross-chain capable multi-collateralized stablecoin protocol — Honzon, and a trust-less tokenized staking liquidity protocol — Homa. Acala aims to bring stability and liquidity to the crypto world and beyond.
The Acala Stablecoin Project is proudly supported by the Web3 Foundation
