Prominent Parachain Collaborating to DeFi Rising program on Polkadot
- The Polkadot network’s Acala suite of flexible financial products.
- Astar Network uses cross-consensus messaging (XCM).
Acala, the leading DeFi network, and Polkadot’s innovation hub Astar Network are collaborating to boost DeFi on Polkadot. Effect of this collaboration, the top two parachains introduced The “Astar x Acala DeFi Rising” program to give developers access to new chances and rewards.
The DeFi Rising program is the first step toward the development of a flourishing DeFi ecosystem that uses the Cross-Consensus Messaging Format (XCM) from Astar to carry out decentralized and trustless cross-chain transfers.
Acala co-founder, Bette Chen, said;
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.
The Benefits From The Collaboration
The Polkadot network’s Acala suite of flexible financial products is essential to the strong dApp ecosystem on Astar. By working together, developers will be able to expand on Astar’s robust DeFi environment while gaining extra ACA and rewards from various Astar ecosystem teams, these assets include aUSD, LDOT, and ACA.
Astar needs to have significant liquidity of institutional-grade assets, like aUSD and LDOT, for builders to become the future of multichain smart contracts. On top of the reliable assets of Acala, developers of Astar can create new dApps.
Applications are invited for Acala’s $250 million aUSD Ecosystem Fund and Astar’s SpaceLabs initiative for projects that will benefit the aUSD on the Astar Network. Early-stage entrepreneurs developing applications on any Polkadot or Kusama parachain with solid stablecoin use cases are supported by the $250 million aUSD Ecosystem Fund. It is looking for use cases such as money markets, DEXs, derivatives, asset management, DAOs, payments, and other use cases that drive yield or utility for the aUSD.
Read more: https://thenewscrypto.com/prominent-parachain-collaborating-to-defi-rising-program-on-polkadot/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
