The Polkadot Blockchain has got a few live parachains already. Last time I had talked about MoonBeam network coming to life in Polkadot, soon other parachains followed suit.
Acala, the first Dapp project to have won a parachain slot in Polkadot, had sparked to life visibly to Acala's crowdloan contributors on Jan 25th this year.
Jan 25th was the day Acala’s native ACA tokens appeared on the accounts of crowdloan contributors of Polkadot in Acala’s DEFI platform. These ACA tokens were transferable to supported exchanges and wallets as well.
Listing of ACA token in Coingecko
From https://www.coingecko.com/
Acala's ACA token is listed in Coingecko, and its price action can be seen in trading view!!
From https://www.tradingview.com/
Receiving LCDot tokens that we can use in Acala Defi
Cooler than merely receiving ACA tokens is receiving back our contributed crowdloan DOT in the form of LCDot. This is Liquid Crowdloan DOT, which is representing the DOT that we supporters contributed to Acala Crowdloans.
Here instead of the contributed DOT being locked and remaining idle until the 2 year lease period of Acala parachain ends, the LCDot derivative of Dot remains liquid and LCDot’s liquidity can be used in Acala Defi.
Acala Defi will connect with Ethereum Dapps with EVM+ technology in its Network
Acala promises to be a different Defi platform with its [EMV+ capabilities](https://medium.com/acalanetwork/acala-community-report-overview-of-the-launch-update-and-full-stack-vision-bf58a8f5ea57), which Bette , co-founder of Acala explains well in this video -
Definitely, EMV+ will give Acala special capabilities where both Ethereum and Substrate standard tokens will be supported. EMV+ looks to be a Substrate upgrade of EMV’s capabilities with the Substrate's framework expanding EMV’s capabilities. So it won’t be the EMV we are tired of because of EMV (Ethereum Virtual Machine) being expensive and inflexible to use!!
One can expect these unique functionalities when EMV+ gets activated in Acala -
Customisable Fees
One can choose to pay fees in any transacting token in EMV+ framework, and also customise fee paying structure. For ex, an enterprise can customise the payment channel for their customers where they can waive off fees for customers’ transactions and pay those fees on behalf of their customers. Alternatively, they can introduce a subscription model for
those fees.
EVM+ Advantage
There will be Substrate Framework’s advantages playing out in EVM+ apps, so upgrades of new features will happen seamlessly without the need to fork the network. Important things like assets of customers by DeFI enterprises can be preserved on-chain by on keepers transparently rather than taken off chain and maintained, this will improve security and reliability.
There will be prioritised oracle feeds which enterprises building in EMV+ can leverage/make use of.
Acala Treasury is maintained on-chain and functions in a Decentralised fashion
Another very unique aspect of Acala is that their treasury is maintained on chain and is controlled by ACA holders. So, all the funds that Acala got from it’s “Build Acala: Ready the Treasury” event is on chain under the stewardship of Acala token holders.
Definitely, this is a pretty decentralised style of maintaining treasury, because generally a project’s founder controls its treasury where it’s then distributed to Foundation, community, developers etc. Here Acala’s reserves are maintained on-chain, governed by ACA holders.
ACA tokens are not inflationary in nature
Bette explained that ACA has a fixed supply, so that its value does not get diluted due to inflation for ACA token holders. These days, I see that for staking rewards and providing other incentives, there is a lot of token issuance which introduces the element of inflation that will dilute a token’s value over time.
This would not be the case with ACA token. Every ACA token holder therefore owns a part of the Acala treasury and network which will only grow and get valuable with time.
Acala already is guaranteed 3 million users with current.com’s clients onboarding to Acala
Other than this, Acala is set to onboard 3 million customers onto its platform, with Fintech current.com’s customers going to use the Acala platform. Current.com and Acala have partnered to build a platform on Acala for Current.com saving account customers to earn yields. It’s pretty cool that Fintech enterprises are bringing DEFI platforms to it’s customers for sure.
Acala will cater not just to individuals like us to use DEFI, it will cater to traditional finance enterprises to introduce DEFI capabilities to their platforms, this is Hybird Finance(Hyfi).
More on all this you can hear from Bette and Dan whose the Chief Growth Officer Acala project in this [video](https://youtu.be/9w1-vZhKAvw) because the vision of Acala is best expressed by them, than me but I have outlined out the gist.
Acala NFT distributed to Acala’s crowdloan contributors
This is not all(: …what’s crypto news without some NFT hype?. Acala has distributed Acala Artist NFTs to its crowdloan contributors.
As of now, those NFT images are not loading in my Acala platform account, but… here’s the glimpse of the NFT from Acala’s announcement on twitter.
This is pretty cool ofcourse, I would be glad to receive such gifts anytime!!
Thanks for reading!!
