Manta, Acala Successful in Cross-chain Transfer of Parachain Assets
- Manta and Acala’s cross-chain transfer of parachain assets was successful.
- The launching of a new HRMP and bridging of assets will enable interoperability across both networks.
- A $250M funding was raised in March to fund some startups on Polkadot and Kusama.
The cross-chain transfer of parachain assets by Web3 privacy hub Manta Network and decentralized finance platform Acala was a success, CoinQuora has learned.
The launch of the new Horizontally Relay-routed Message Passing (HRMP) channel and deployment of cross-consensus communication to bridge assets will allow privacy and interoperability across Manta and Acala.
In addition, this development will also help both parties in integrating with Calamari and Karura. Calamari is Manta’s canary network, while Karura is the DeFi hub of Kusama.
Kenny Li, COO and co-founder of Manta, believes that the collaboration with Acala will benefit the “broader Kusama ecosystem.” He stressed the gravity of interoperability in the future development of web3 and acknowledged that the partnership is a step forward.
Describing what other benefits the cross-chain transfer would bring, Li added:
Now crypto assets including Acala’s stablecoin (aUSD) and (KAR) can move privately and freely across ecosystems.
Notably, Calamari will continue to bridge additional parachain assets for privatization throughout the Kusama ecosystem following its integration with Karura.
Meanwhile, KMA, Calamari’s native token, will also exist on Karura to be used for various projects on the platform. This will provide users access to DeFi products for staking, lending, and more. Native asset transfers from Karura to Calamari can be privatized and transferred in a shielded manner from peer to peer.
In March 2022, Manta and Acala, with seven other Polkadot parachain teams, announced the creation of an aUSD ecosystem fund worth $250 million. The funding will be used to support application startups with strong stablecoin use cases on Polkadot and Kusama networks.
Read more: https://coinquora.com/manta-acala-successful-in-cross-chain-transfer-of-parachain-assets/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
