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This program starts today and will involve several collaborations and integrations throughout the Astar DApp ecosystem.
Learn more and join here ?? https://t.co/yVRFKFIDqH
— Acala (@AcalaNetwork) August 10, 2022
plays home to the aUSD, the de facto stablecoin of the Polkadot and Kusama ecosystems. It also powers financial applications on Polkadot. Additionally, the platform has an impressive suite of DeFi products. These include the newly-launched liquid staking. This feature enables users to stake DOT tokens on the relay chain to secure the system. So, they also maintain liquidity with the LDOT token, which is backed by staked DOT.
1/ ?? Together with @AcalaNetwork we are launching Astar x Acala DeFi Rising Campaign!
Providing liquidity to qualifying @arthswap pools will earn you:
Rewards
?? Take a look at the Details and Guides here:https://t.co/tuw3VVtLev
— Astar the Future of Smart Contracts for Multichain (@AstarNetwork) August 10, 2022
The DeFi Rising program is the first step toward the development of a vibrant DeFi ecosystem that uses the Cross-Consensus Messaging Format (XCM) from Astar to carry out decentralized and trustless cross-chain transfers.
Reaction to the Partnership
Both Acala and Astar are thrilled by this DeFi-focused partnership. Betty Chen, co-founder of said, “With Acala, we have built a DeFi app-chain to provide products like aUSD to other networks in the Polkadot ecosystem and broader Web3 space. Our deep integration with the Astar team is very exciting for us as we look to help accelerate the growth of Astar’s strong DApp ecosystem with aUSD liquidity and cross-chain use cases.
Sota Watanabe, founder, and CEO of Astar Network, remarked, “This collaboration is the first official campaign conducted by major Polkadot parachains in the ecosystem. As has been the case in the past, Acala and Astar will lead the Polkadot ecosystem and create multichain use cases together. This partnership is our first step to prove the value of trustless Polkadot bridges (XCM) and create the future of multichain
The partnership is of mutual benefit to both platforms. For example, Astar plans to become the future of smart contracts for multichain. However, it would require deep liquidity of institutional-grade assets, like aUSD and LDOT, for builders to work with. Furthermore, Astar developers can develop new dApps on top of Acala’s dependable assets. So, the Astar ecosystem will develop the first use-cases required for the widespread adoption of aUSD in the multichain ecosystem.
3/ Defi Rising celebrates #Polkadot projects connecting to our network and demonstrates the power of XCM to create new cross-chain DeFi! ??
— Astar the Future of Smart Contracts for Multichain (@AstarNetwork) August 10, 2022
Projects adding utility to aUSD on the Astar Network are eligible for Acala’s $250 million aUSD Ecosystem Fund and Astar’s SpaceLabs program. The Ecosystem funds target early-stage entrepreneurs developing applications on either Polkadot or Kusama parachain. However, these apps need to have solid stablecoins use cases.
Solidity or substrate-based applications boosting yield or utility for aUSD are a top priority. These include DAOs, payments, money markets, derivatives, DEXs, and other use cases.
About Acala
Acala is an Ethereum-compatible, scalable decentralized finance network powering the aUSD ecosystem. It is also behind the Acala USD stablecoin, which serves as the native stablecoin of the Polkadot ecosystem.
About Astar Network
Astar Network supports the development of dApps with EVM and WASM smart contracts. It is the future of smart contracts for multichain. It gives developers the advantage of true interoperabilitywith cross-consensus messaging (XCM). Astar plays a huge role in Polkadot and is supported by major exchanges and tier 1 VCs.
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