Following its successful launch on the Polkadot Mainnet this week, Acala, an Ethereum-compatible DeFi protocol for scaling dApps, has revealed what lies ahead for the project.
Acala’s Core Products Coming Soon
The Acala team noted in an official press release seen by CryptoPotato that it intends to begin launching all of its core products soon. These include decentralized exchange (DEX) Acala Swap, upgraded Ethereum Virtual Machine (EVM+), decentralized stablecoin, aUSD, and LDOT.
The project’s developers added that Acala has a few new product releases scheduled to go live following its official launch on Mainnet. One of them is a critical bridging infrastructure aiming to scale the multi-chain ecosystem beyond the Polkadot network and Acala staking.
According to the announcement, several ecosystem teams are getting ready to launch on Acala. These include Tapio and Tiaga, which will bring stable swaps for uniform assets like DOT/LDOT, aUSD/USDT, and interBTC/RenBTC, a new native lending and borrowing solution and over 15 other teams.
Acala Goes Live on Polkadot
Earlier this week, Acala announced that it had launched its DeFi-focused network on the Polkadot mainnet, with its native cryptocurrency, ACA, now available for trading.
Recall that Acala won Polkadot’s first parachain auction with its Karura parachain. Thus, it secured a spot for itself on the Polkadot ecosystem with over $1.3 billion worth of DOT contributed by more than 81,000 eager supporters from across the globe.
According to Acala’s roadmap, the full launch of its network will be executed in different phases, with the first phase enabling users to send and receive ACA and participate in the project’s governance.
Currently, Acala has launched over $600 million in total value locked (TVL) in Liquid Crowdload DOT (LCDOT) tokens and has more than 200,000 unique token holders globally.
Acala has also received backing from some notable industry investors, including Coinbase Ventures, Arrington, Polychain, Pantera, DCG, ParaFi, CoinFund, Goldentree, TQ, and many more.
Commenting on the launch yesterday, Acala’s Chief Growth Officer, Dan Reecer, said:
“Acala is building toward a HyFi vision or Hybrid Finance, that is bridging the worlds of Web2 fintech and neobanks with DeFi to bring improved yield and financial outcomes to non-crypto users without them having to touch any complex crypto tech like MetaMask or private keys.”
Just a few weeks ago, Polkadot’s second parachain auction winner, Moonbeam, launched on the Polkadot blockchain, making it the first fully operational parachain on the network.