Acala is partnering with eight Polkadot parachain team members and many supporting venture funds to launch the $250 million aUSD Ecosystem fund. It will be used for funding upcoming startups that focus on developing applications that can use stablecoin on any Polkadot parachain or Kusama parachain.
$250M ‘aUSD Ecosystem Fond’
Participants of the funds are searching for Solidity and Substrate-powered apps driving yield or utility to Acala’s multicollateralized stablecoin, aUSD. These include money markets and derivatives, asset management, DAOs and payments.
The release that CryptoPotato received stated that the fund will support and facilitate investments in early-stage teams in the Polkadot ecosystem and Kusama ecosystem. It also includes the aUSD stablecoin as the central currency.
It also aims to expand both ecosystems through increased cross-chain activity as well as the growth of aUSD.
The Acala team and all its supporters will be eligible to receive capital from industry-leading funds once they are accepted into the aUSD Ecosystem fund.
These platforms can draw on Acala’s engineering team, or both Solidity- and Substrate based projects. They also boost Acala’s TVL by injecting USD liquidity. The fund’s network will allow projects to grow their brand and expand their community.
Alameda Capital, 1Confirmation Capital, Alliance DAO Blockchange Ventures BlockTower Capital CMS, CMT Digital, CoinFund and Coinsummer, Continue Capital D1 Ventures Digital Currency Group, DFG GoldenTree Asset Management Hash3, Hashed Digital Renaissance Foundation Kraken Ventures LongHash Ventures Pantera Capital ParaFi Capital, Polychain Capital, Polychain Capital, etc.
Polkadot Native Stablecoin – aUSD
Acala has announced the launch in February of the multi-collateral, decentralized stablecoin aUSD. AUSD is a stablecoin that will power the Polkadot ecosystems. The idea of a decentralized stablecoin was born out of the need to power transactions and provide a medium for exchange. It also serves as a default routing asset in Polkadot’s economy of economies.
To create a soft-pegged token to the USD, the stablecoin protocol uses a multi-collateral back system. It creates a stable currency using a combination of reserve assets. This allows users to trade, transact and facilitate services using USD without worrying about volatility.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.