Acala has announced the release of its Layer 1 chain, which includes a decentralized stablecoin solution, DOT staking, and a special form of EVM compatibility that allows interaction with Substrate.
The Polkadot network uses Acala as a DeFi and liquidity hub. It’s an Ethereum-compatible Layer 1 network that’s geared for DeFi and uses smart contracts technology. Acala offers built-in liquidity and financial applications that are ready to use. It allows developers to access the greatest part of the Ethereum and Substrate networks. Of course, with the help of decentralized stablecoin aUSD, DOT Liquid Staking, and EVM+.
Acala had already amassed $600 million in TVL prior to its introduction, with over 200,000 holders around the world. Pantera, Polychain, DCG, and Arrington were among the VCs and companies that backed the network, which had an excellent TVL.
By integrating traditional banking, the best portion of the fintech industry, with currently available DeFi solutions. Also, Acala is creating a new kind of decentralized financing. Current.com’s three million customers are already waiting to be enrolled in the yield product powered by Acala.
While Acala is working on items that have already been announced to the community. So, they are also planning to expand the project’s infrastructure by introducing a critical bridging technology. Of course, this will allow scaling with a multi-chain ecosystem beyond Polkadot.
Staking will be added to Acala shortly after the network launches, and it will be one of the first solutions on the path to further development. Tapio and Curve 2.0-type solutions that bring stable swaps for uniform assets like DOT/LDOT, aUSD/USDT, or interBTC/RenBTC are among the teams preparing for the introduction of Acala.
Acala will present a native lending and borrowing solution that is now in stealth development, as well as a number of teams that are preparing to debut on Acala EVM+ as the “cherry on top.”
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