September 27, 2022

DeFi development partnership announced on Polkadot

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Representatives of the Astar Network project announced their cooperation with the startup Acala. As part of the agreement, the developers will try to expand and improve the capabilities of the decentralized finance (DeFi) sector and create new incentives for developers of the Polkadot network.

The two organizations have joined forces to launch a program dubbed Astar x Acala DeFi Rising. According to a press release, the initiative will allow developers to build applications in the Astar dApp ecosystem using a suite of decentralized products from Acala, including the Acala Dollar (aUSD), Liquid Staking Dot (LDOT), and Acala Token (ACA) virtual asset liquidity pools. Developers will also receive rewards from ecosystem teams.

Crypto startups based on the Astar Network will be able to apply for funding from the Acala fund in the total amount of $250 million and become participants in the Astar SpaceLabs program. Development teams building decentralized applications using the aUSD stablecoin utility on any Polkadot or Kusama parachain will benefit.

Experts recalled: DeFi hub Acala provides financial products such as native tokens and liquid rates on Polkadot, and also supports the first stablecoin in the Polkadot network.

Astar Network is an innovative digital hub for multi-chain smart contracts that allows developers to build decentralized applications using EVM and WASM virtual machines, offering interoperability through Mutual Consent Messaging (XCM).

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