Acala is a blockchain platform integrated with Polkadot that enables users to engage in trading on Acala Swap, access self-service loans using the Acala Dollar stablecoin, and earn attractive APY on digital assets through Liquid DOT staking. Liquidity providers have the opportunity to utilize staking derivatives for generating significant interest.

Operation of Acala

The platform is designed to be scalable, compatible with Ethereum, and optimized for Decentralized Finance (DeFi) applications. It establishes connections with various networks such as Ethereum, Bitcoin, and Compound Gateway, which recently received a grant from Compound. Acala has joined forces with the US fintech company Current to extend DeFi yields to Current’s three million US clients. The applications developed by Acala are currently available for testing on the testnet.

Established in October 2019, Acala has received five grants from the Web3 Foundation and enjoys support from renowned entities like Coinbase Ventures, Pantera Capital, and Polychain Capital. The governance of the decentralized network is entirely overseen by the Acala Token (ACA), which also functions as a utility token for network operations.

Benefits Offered by Acala

Acala facilitates access to DOT-based assets and derivatives, Polkadot-native decentralized stablecoins, assets within the Polkadot ecosystem, and cross-chain assets like Bitcoin and Ethereum. The platform is tailored for DeFi applications and possesses the ability to upgrade seamlessly without the need for forks, incorporating new features based on developers' requests. For example, on-chain “keepers” have been implemented to automate protocol execution for better risk management and improved user experience. Furthermore, the platform supports the payment of transaction fees using a wide range of tokens, addressing common issues effectively.

Key Features of Acala

• Accessibility to DOT-based assets and derivatives.
• Decentralized stablecoins native to Polkadot backed by cross-chain assets.
• Interconnectivity with Ethereum and Bitcoin networks.
• Ongoing upgradability without the necessity of forks.
• Automated protocol execution through on-chain “keepers”.
• Flexible options for transaction fee payments.

Acala Dollar (aUSD) operates as the platform’s inherent programmable primitive, functioning as a Polkadot-specific decentralized stablecoin supported by cross-chain assets such as DOT and BTC. The layer-1 platform combines the strengths of Ethereum and Substrate environments, ensuring compatibility with existing tech stacks, tools, and wallets like MetaMask.

For the acquisition of ACA Coin, users can conveniently utilize Binance, the largest cryptocurrency trading platform globally. Registration on Binance is mandatory to initiate the process of sending fiat currency, which can then be used to purchase ACA Coin through trading pairs with Bitcoin (BTC), BUSD, and Tether (USDT). Moreover, Binance provides a Limit tab where users can specify desired amounts and prices to place buy orders below market value.