Acala Network Enables DOT Bridge in Preparation For DeFi Economy
Acala Enables DOT Bridge
With the one-directional DOT bridge live, users can now begin to transfer their DOT liquidity to Acala in preparation for the parachain’s fast-approaching DeFi protocols and liquidity mining incentive programs. The bridge is non-custodial, and will be fully-compatible once XCM becomes available. At that point, there will be no migration required for DOT holders who will be able to utilize the XCM technology to support two-directional transfers.
Following multitude of protocols and operations to be made live, including:
— Acala Dollar (aUSD), a decentralized, multi-collatateralized stablecoin that enables users to mint aUSD using collateral such as ACA, DOT, BTC, or ETH.
— Acala Swap, a trustless cross-chain exchange, which will feature trading pairs and liquidity pools beginning with LCDOT/DOT, aUSD/DOT, and ACA/aUSD.
— DOT Liquid Staking, a DApp that enables users to earn staking rewards on their DOT while maintaining access to its liquidity through receipt of LDOT, an unlocked, yield-earning token that can be used as collateral for an aUSD stablecoin loan, for trading within Acala Swap, or for becoming a liquidity provider (LP) in future LDOT pools.
— Acala EVM+, an Ethereum-compatible, smart-contract platform that not only enables deployment of Solidity builds with familiar toolsets (Metamask, Truffle, Waffle), but also delivers chain-level features unique to Substrate: including customizable economy policy; flexible fees, which allow users to pay transaction fees with any of the supported tokens; on-chain auto scheduler (e.g. Keepers); native cross-chain capabilities; an on-chain governance apparatus; and full-upgradability (without contract migrations).
— Various Ecosystem Projects. In addition to its DeFi primitives, and layer-1 smart contract platform, Acala’s core functions as a decentralized monetary reserve primed to support the new digital economy.
About Acala
Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar — aUSD), a trustless staking derivatives (liquid DOT — LDOT), and a decentralized exchange.
