Acala is Polkadot’s first Parachain project. Through crowdfunding. Acala Network has raised more than 32 million DOTs with a value equivalent to approximately $1.27 billion.
Today, MarginATM will introduce you to the Acala Network project, its potential ACA token and why Acala is of such interest to the community.
What is Acala Network?
Acala Network is a decentralized financial network and primary liquidity provider for Polkadot. Acala is a Smart Contract Layer 1 platform on Polkadot and is Ethereum (EVM) compatible, so the network enjoys high stability and scalability.
The Acala consists of three essential components:
- Honzon Protocol: Protocol for Stable coin aUSD, and allows users to borrow aUSD through collateralizing various crypto assets such as: Polkadot (DOT), Bitcoin (BTC) or Ethereum (ETH),…
- Homa Protocol: Protocol to provide liquidity for DOT locked when participating in crownloans on Polkadot by printing and broadcasting L-DOT corresponding to the amount of DOT the user has contributed. L-DOTs can be used in DeFi applications on other blockchains or used as collateral for aUSD loans.
- AMM and DEX: Typical DEX exchanges like Uniswap or Polkaswap, etc.
Acala is compatible with the EVM virtual machine, so developers can easily develop dApps in Solidity programming language as well as easily access the cash flow from the Ethereum ecosystem.
In addition, with the important DeFi puzzle pieces that Acala has provided: stablecoin, AMM, DEX,… with cross-chain feature and no need for fork to upgrade. All help Acala to become a DeFi hub on Polkadot.
What is ACA token?
The ACA token is a governance and utility token of the Acala used in the following activities:
- Pay transaction fees on the Acala network.
- Governance through voting activities for the development of the Acala network and interest rate adjustment in the Honzon Protocol.
Basic information about ACA token
- Token Name: Acala Network.
- Ticker: ACA.
- Blockchain: Polkadot.
- Token Standard: Updating.
- Contract: Updating.
- Token Type: Governance và Utility.
- Total Supply: 1,000,000,000 ACA
- Circulating Supply: 69,304,381 ACA.
Allocation of ACA tokens
- Community: 49.76%
- Team: 20.25%.
- Early Backer: 18.33%.
- Backer: 11.56%.
Exchange and storage wallet ACA Token
ACA Token Exchange
Currently, you can only trade ACA tokens on centralized exchanges such as: Binance, Okex, Gate.io, Kucoin, etc.
ACA Token storage wallet
You can store ACA Token on a wallet that supports the Polkadot chain like the Polkadot wallet.
Team & Investor
Team
The project team consists of many members with experience in the fields of finance and technology. In addition to members from the Web3 Foundation, many members have participated in 2 projects, Laminar and Polkawallet, an e-wallet for Polkadot.
Investor
Project socials:
- Website: https://acala.network
- Twitter: https://twitter.com/AcalaNetwork
- Discord: https://www.acala.gg
Final thoughts
Thus, through the article CryptoChill introduced everyone to the Acala project – the number one decentralized financial network on Polkadot today. What do you think about this project? Please comment below to discuss with CryptoChill!
No Comment! Be the first one.