Finance Redefined: Acala wins Polkadot parachain, and Iota set to launch Shim...
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....
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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,....
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.....
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:....
Polkadot parachains posted double-digit gains after partnership announcements, protocol integrations and a stablecoin development fund caught the attention of the crypto investors. Crypto prices have been exploring new lows for weeks and currently it's unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout.Here’s a look at three Polkadot ecosystem....