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Ecosyestem: Polkadot
Category: Infrastructure (a parachain, application public chain on Polkadot, EVM compatible)
Positioning: As a parachain of Polkadot, it provides the DeFi development module for Polkadot project to facilitate the development of DApp on the chain.
Target Group: All Polkadot ecological projects.
Definition: Acala is the first decentralized financial league based on Polkadot. Acala aims to collaborate with the Polkadot ecosystem to create an open financial framework that brings financial stability, liquidity and accessibility to crypto assets.
Official Description: Acala is a first-of-its-kind decentralized finance consortium delivering a set of protocols e.g. a stablecoin protocol to serve as Polkadot's DeFi building block.
Core Modules:
Corresponding to Polkadot's three networks, the Rococo test network, the Kusama test network, and the Polkadot main network, Acala also has three different networks:
Mandala test network: The test network of TC5 version has been launched at present. All the test network tokens are only used to experience the functions of Acala network without real value, and will be cleared after the test network is updated.
Karura test network: It will participate in the parachain slot auction of Kusama. The original token of the network is KAR. In an environment with certain economic value, it will give priority to be online and test the relevant DeFi function of Acala, which is positioned to become a decentralized financial center on Kusama.
Acala main network: It will participate in the parachain slot auction of Polkadot, all related functions will be launched after the Kurara Network is stable first, aiming to become a decentralized financial center on Polkadot.
According to ChainNews, the Mandala test network was connected to the parachain test network Rococo V1 of Polkadot in January, 2021.
Currently completed: collaboration with Compound, Acala and Karura have aquired the Coinbase Ventures backing, collaboration with ChainLink, Laminar and other oracles to provide multi-price feeding; working with Ren Protocol to introduce cross-chain bitcoin assets; completed A round of financing led by Pantera Capital; completed the safety audit by SlowMist;
Click this link, see the detailed roadmap: https://www.notion.so/45523f1bc65a43118af3692284734a7e?v=f4904cd7373746399b649c617348de1a
Name: ACA
Total Supply: 100,000,0000 (1 , 000 million)
Functions: Payments (transaction fees, smart contracts, liquidation or penalties, etc.), staking, governance (protocol parameters, deployment, members of the election, network upgrades), as a staking incentive (team plans a portion of the ACA tokens as a rewards, assigned to help Acala auctions DOT holders. White paper is expected to lease plan for three rounds, each round 2 years, and 3 rounds set total rewards account for about 34% of the total supply.)
Distribution:
Acala is jointly initiated by the decentralized finance protocol Laminar team and the Polkawallet team. It currently has 14 members listed on its official website.
Ruitao Su, Member of the Board
Co-founder & CEO of Laminar, graduated from the University of Auckland, New Zealand, is one of the ten members of the jury for the first Hackusama in the Polkadot ecosystem.
Bette Chen, Member of the Board
Co-founder & COO of Laminar, leads Acala product design and token model design, graduated from the University of Auckland and Duke University, and holds a Bachelor's degree of Software Engineering and an MBA.
Xiliang Chen (Bryan Chen), Member of the Board
Laminar CTO, graduated in Computer Science from the University of Auckland, has many years of experience in software development, and is a contributor and community ambassador to Polkadot and Substrate.
According to official disclosure, Acala Network has conducted two rounds of financing. On March 27, 2020, it conducted a seed round of financing with a raised amount of 1.5 million US dollars, which was led by Polychain and invested by Hashkey, KR1 and other investment institutions. A round of financing was conducted on August 27, 2020, raising a total of 7 million US dollars, led by Pantera Capital, followed by 1confirmation, DCG, Arrington XRP Capital. The two rounds totally raised 8.5 million US dollars.
Acala has received two-time Web3 Foundation grants, one for the decentralized stablecoin (which reached the funding milestone in June 2020) and the EVM. Currently, 20 institutions have participated in Acala.
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