Acala Treasury Raises Over $61M from 26k+ Contributors

This $61M will be donated from the Acala Foundation to the on-chain Acala Treasury, Acala’s Protocol DAO, upon launch of Acala on Polkadot. These funds, held in Polkadot’s DOT token, will enable the network to become self-sustainable by self-funding future parachain slots on Polkadot, enable the network itself to help bootstrap new DApps and protocols built on Acala’s DeFi smart contract platform, and enable the network to fund its own growth through various Treasury proposals voted on via Acala’s on-chain governance system.

Why build the Acala Treasury?

The Acala Treasury is a Protocol DAO and reserve of digital tokens, native (ACA) and foreign (e.g. DOT) to the Acala ecosystem, funded from Acala’s protocol fees and community contribution events. With a healthy treasury in place, the community of network owners can fund operational and economic initiatives, including:

— Self-funding a parachain slot on Polkadot
— Bootstrapping liquidity for DApps built on Acala’s network
— Platform and protocol operations and improvements
— Network security operations and enhancements
— Software and tool development
— Community, marketing, and event funding
— Any other future community Acala Treasury Proposals (ATPs)

About Acala

Acala is the DeFi and liquidity hub of Polkadot. It’s a layer-1 Ethereum-compatible smart contract platform optimized for DeFi with built-in liquidity and primitives including the Acala Dollar (aUSD) decentralized stablecoin, Liquid DOT staking (LDOT), and the Acala Swap AMM-style DEX. Acala allows developers the best of Ethereum and Substrate, leveraging an EVM smart contract environment with the ability to fully access the power and customizability of Substrate.

➡️Source:
https://medium.com/acalanetwork/acala-treasury-raises-over-61m-from-26k-contributors-ahead-of-acalas-defi-smart-contract-bfa0fc26db9c

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