AstarNetwork New XCM Integration
New HRMP Channels Have Opened Between Acala and Astar Network
AstarNetwork New XCM Integration. Throughout the history of blockchains, interoperability & multi-chain applications are considered the holy grails of Web 3.0. With the Polkadot ecosystem of parachains & cross-consensus messaging (XCM). Not only do they have multi-chain assets but they can also leverage functional interoperability. At Astar Network, they believe that this is the key to creating the next generation of innovative dApps & further progressing Web3.0. By opening the latest HRMP channel with Acala we have created a new chapter in their mission.
After enabling DOT and KSM tokens to be transferred in and out of their mainnets last month, they are now beginning our HRMP summer integrations. Last week they opened the HRMP channel between Karura and Shiden Network allowing native movement of the SDN, KAR and aUSD token between the chains. In addition to opening channels and mapping assets, we also integrated the assets into our portal to make a smooth cross-chain user experience.
End Q1, they announced that Astar Network joined the $250M aUSD ecosystem fund to support early-stage startups building applications with strong stablecoin use cases on any Polkadot or Kusama parachain. Today is the day that we bring aUSD to the sister network, Shiden. Next week they will make aUSD available on their portal for Astar Network.
About aUSD
The Acala USD (aUSD) stablecoin protocol enables a decentralized, cross-chain stable currency that serves as the native stablecoin of the Polkadot & Kusama ecosystem. aUSD is minted from a variety of reserve assets. This allows holders of the reserve assets to earn, spend, trade, & access other services without price volatility while retaining ownership of their reserve assets.
Acala USD peg to the US Dollar. aUSD can be trustlessly integrate by any blockchain connect to Polkadot or Kusama. As well as applications deployed on those chains. aUSD can also be integrated cross-chain on any other connected blockchain network.
Value for Astar ecosystem
Opening the HRMP channel with Acala & Karura will give a wide range of possibilities to the protocols building on Astar & ShidenNetwork. aUSD will bring new value in their protocols, likewise the liquid tokens LKSM and LDOT will add new options for the stablecoin AMMs, like Sirius Finance and Kagla creating LKSM <> KSM and LDOT <> DOT pairs.
The native tokens ASTR and SDN are now available on Acala’s Finance Network, customized for DeFi and the protocols building on Acala’s EVM+ environment.
Mark your calendar
More announcements are coming for new HRMP channels and XCM assets. They will start with a huge campaign together with Acala to boost aUSD in their ecosystem in the next phase. It will be one of many chances to get extra incentives during the Astar summer!
About Acala
Acala is a decentralized finance network powering the aUSD ecosystem. The core product, aUSD, a decentralized, multi-collateral, crypto-backed stablecoin serving as the native stablecoin of the Polkadot ecosystem. Acala’s Ethereum-compatible blockchain has built-in DeFi protocols for application developers to leverage. Including a trustless staking derivative, a decentralized exchange, & the EVM+, a hybrid EVM offering fully Ethereum-compatible development environment plus full compatibility with Substrate.
About Astar
Astar Network the Smart Contract Hub for WASM + EVM one of the top Parachains in the Polkadot ecosystem. Leading smart contract hub that connects the Polkadot ecosystem to Ethereum, Cosmos, and all major Layer 1 Blockchains. Astar Network supports dApps using multiple virtual machines — namely WASM and EVM. Offers the best technology solutions & financial incentives via its Build2Earn and Astar Incubation Program for Web3 developers. To build on top of a secure, scalable, and interoperable blockchain.
