DeFi protocol Acala raises $400M in crowdloans during first Polkadot parachai...
Both parachains on Polkadot and DeFi functions on Acala are still undergoing heavy development. Decentralized finance protocol Acala announced Monday that they have raised 8.5 million DOT (worth $451.8 million USD at time of publication) from over 53,000 participants. The protocol is also set to win the first parachain auction on Polkadot.Unlike typical crowdfunding rounds, Acala's financing mechanism is a crowdloan, which means it will eventually need to pay back the "crypto debt" it has solicited from investors.On Nov. 5, Polkadot developers added the first parachain onto its network.....
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The upcoming Polkadot DeFi hub raised nearly $1.3 billion from approximately 25,000 contributors in its token ICO. On Thursday morning, Acala, a decentralized finance (DeFi) protocol operating on the Polkadot (DOT) network, announced it had won the first-ever Polkadot parachain auction. Acala raised a total of 32.5 million DOT, worth roughly $1.28 billion, from 24,934 contributors via an initial coin offering (ICO) structured as a crowdloan. As the proceeds are classified as 'crypto debt,' Acala would eventually need to pay back the DOT it had solicited from investors. Users' DOT are....
Polkadot’s vision for a sharded parachain ecosystem is moving toward becoming a reality. The Polkadot ecosystem continues to progress, with DeFi platform Acala Network becoming the first to win a parachain slot on the Rococo testnet.Acala, the self-described decentralized finance hub for Polkadot, announced it had secured the slot on March 26.Acala has won the first parachain slot auction on @Polkadot testnet Rococo, and now Acala occupies the first public parachain slot on Rococo . Keep on building ️ pic.twitter.com/EscaM8dGqQ— Acala - DeFi Hub of Polkadot (@AcalaNetwork) March 26,....
The leading United States digital currency exchange is backing Acala, Polkadot’s all-in-one DeFi hub. Coinbase Ventures, the investment arm of the San Francisco-based digital currency exchange, has thrown its weight behind a layer-one blockchain designed to bring full-service DeFi to the Polkadot ecosystem.The investments are focused on Acala, the Ethereum Virtual Machine-compatible blockchain that is building a host of DeFi capabilities on Polkadot, as well as Karura, which is building a DeFi ecosystem on Kusama. Acala has already built four core products for the Polkadot ecosystem:....
The Acala hack saw over a billion aUSD stablecoins minted from thin air, but now community members are scratching their heads wondering how a decentralized protocol would handle the clean up. The Acala Network’s aUSD stablecoin depegged by over 99% over the weekend and forced the Acala team to pause a hacker’s wallet, raising concerns about its claim of being decentralized.On Aug. 14, a hacker took advantage of a bug on the iBTC/aUSD liquidity pool which resulted in 1.2 billion aUSD being minted without collateral. This event crashed the USD-pegged stablecoin to a cent, and in response,....
Acala was victorious in Polkadot’s first parachain auction, Iota announced its staking network, and Uniswap liquidity providers lose money — all coming to you in this week’s Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.Read on to discover why almost half of the liquidity providers on Uniswap v3 are losing capital due to impermanent loss.What you’re about to read is the smaller version of this newsletter. For the full breakdown of DeFi’s developments over the last week, subscribe below.Acala wins Polkadot’s debut parachain....