Acala DeFi network in alliance with VC heavyweights DCG, Alameda, Pantera Capital unveils largest funding initiative for Polkadot scene
Acala Network, a decentralized finance (DeFi) platform on Polkadot (DOT) and Kusama (KSM), will accelerate the adoption of its US dollar-pegged stablecoin aUSD.
$250 million fund to fuel aUSD adoption
According to the official announcement shared by Acala Network, nine Polkadot (DOT) parachain teams and an alliance of world-leading Web3 VC firms launched a $250 million ecosystem fund.
This brand new initiative is expected to accelerate the adoption of Acala USD (aUSD), the native stablecoin of Acala Network. DeFis focused on hardness and substrate can apply for funding. Acala, Astar Network, Centrifuge, Efinity, HydraDX, Manta, Moonbeam, OriginTrail, Parallel and Zeitgeist parachains provide the technical basis for the candidates’ products.
The fund is backed by leading VCs, including the likes of Digital Currency Group, Alameda, Kraken Ventures, Arrington Capital, Pantera Capital, Jump Crypto, Hashed and so on.
Acala co-founder Bette Chen emphasized that Polkadot and Kusama are ready to welcome applicants from the Acala Ecosystem Fund:
Building the native, decentralized stablecoin of Polkadot and Kusama has been at the heart of Acala’s work for over three years. It is fantastic to see this group of parachains and funds coming together to grow the cross-chain ecosystem with aUSD as a foundational building block.
DEX, DAO, payments: more use cases for aUSD
Kanav Kariya, President of Jump Crypto, is excited about the new fund’s mission and its possible impact on Polkadot’s Web3 product ecosystem:
As Polkadot opens its doors and other parachains come online this year, Acala is poised to become the leading decentralized stablecoin and DeFi hub of the Polkadot ecosystem. At Jump, we look forward to working with, and investing in, teams driving innovation within the broader ecosystem.
Largely, the new initiative will focus on fundraising for new products, its marketing progress, and liquidity support for their ecosystems. Additionally, Acala developers can support startup teams with their technical expertise.
Acala Dollar, or aUSD, can be integrated into decentralized crypto exchanges, decentralized autonomous organizations, assets management and payments solutions.
Finally, the ecosystem fund will support parachain slot offerings submitted by promising teams.
