Thursday, September 21, 2023
HomeImmutableXAcala and Manta help launch a $250M fund to support aUSD adoption

Acala and Manta help launch a $250M fund to support aUSD adoption

  • The aUSD Ecosystem Fund has put together several Polkadot parachains, including the Manta Network and Acala.

  • Together, the project seeks to support early-stage startups promoting the adoption of Polkadot’s native stablecoin, Acala USD.

  • The main product of the Acala chain, aUSD, is a crypto-backed, decentralized, multi-collateralized stablecoin.

Manta Network, Acala, and seven other Polkadot parachains work together to launch a $ 250 million ecosystem fund aimed at supporting the use of stablecoin in Polkadot and Kusama parachains. I did.

Called the “aUSD Ecosystem Fund,” this financial initiative was set up to help early startups in the Polkadot and Kusama ecosystem build strong projects to support the adoption of native stablecoin. I am.

Interoperability benefits the entire Polkadot ecosystem

In addition to Manta and Acala, other parachain teams that contribute to the fund are the asset finance protocol Centrifuge, the NFT and gaming platform Efinity, the WASM + EVM hub Astar Network and the Ethereum interoperability protocol Moonbeam.

Others include the DEX chain HydraDX, the DeFi multi-chain Parallel, and the forecast marketplace Zeitgeist.

Kenny Li, co-founder of Manta Network, commented on the importance of the fund to the Polkadot and Kusama ecosystem.

“”We are excited to support the aUSD Ecosystem Fund and look forward to integrating privacy into new use cases and the projects that result from them. With Polkadot’s native interoperability, every new idea launched in the ecosystem adds value to every parachain.“”.

DEX and DAO between target projects

The fund is open to startups using Solidity or Substrate-based applications such as payment solutions, money markets, decentralized exchanges (DEX), derivatives, DAOs and asset managers.

The Parachain team is confident that cross-chain activities in the Polkadot ecosystem will push aUSD to broader adoption and benefit all parachains in the process.

Acala Network, Moonbeam, Astar and Parallel will outline their respective development milestones since joining Polkadot late Wednesday. The project also Parachain takeover event.

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