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Acala Network

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Decentralized finance hub and stablecoin platform

Acala Network is a decentralized finance hub and stablecoin platform that aims to empower cross-blockchain liquidity and decentralized applications. The project was founded by Polkawallet, Laminar, Acala, Karura, and Mandala. One of its features is the Acala stable coin, where 1 Acala Dollar is equal to 1 USD.

The project claims that Acala is backed by multiple assets that can ensure the value of 1 aUSD is equal to 1 USD at any given time. By issuing aUSD, the project can facilitate users with borderless and low-cost value transactions which can be used regardless of where the users live or which blockchain they’re connected to.

The project also offers other features such as staking, where users can participate and earn rewards for contributing to increasing the security of the network.

Categories

Cryptocurrencies, DeFi

Location

, Singapore

Year founded

2019