Acala Mandala Festival Season #3

:tada: Get ready for three weeks of DeFi action starting July 27! :tada:

We can’t believe it’s already time for our third season of Mandala Festival, it seems like only yesterday we were announcing the inaugural edition back in March! We’ve been blown away by your support, enthusiasm and the wealth of activity we’ve had on the network ever since.

The first two seasons attracted a lot of attention, with a considerable influx of participants and a flurry of meaningful activity:

:chart_with_upwards_trend: 1300+ node runners
:busts_in_silhouette: 600 + app users
:writing_hand: 30+ bloggers
:beetle: 30+ bug hunters
:white_check_mark: 4000+ new accounts
:chains: 40,000 + meaningful transactions

Mandala TC4 Cross-Chain DeFi

As we launch this third season of the festival on Monday 27th of July , it’s perhaps time to reiterate Acala’s main mission: enable an interconnected, autonomous, efficient and sophisticated cross-blockchain finance ecosystem. Because Acala is a finance hub on Polkadot, it provides a suite of financial primitives including multi-collateralized stablecoin, trustless staking derivative and a decentralized exchange. These primitives are offered via the Acala dApp, directly to end-users, and also as SDKs for other dApps to build on.

The most recent updates in making cross chain DeFi a reality are as follows:

  • Acala’s full-fledged DeFi suite is now open : multi-collateralized stablecoin supporting DOT, LDOT, renBTC as collaterals, staking derivative and decentralized exchange
  • Laminar trading : aUSD can now be transferred to the Laminar Chain to create synthetic assets like synthetic fiat (e.g. EUR, USD), and for margin trading a variety of instruments e.g. forex, gold, stocks and synthetic crypto pairs
  • Ren x Acala collaboration is live : Reputable inter-blockchain asset bridge Ren built with Acala by deploying its RenVM bridge module on the Acala Network. The BTC gateway is provided by RenVM, while the minting and burning renBTC on Acala is provided by the gateway module.

Two upfront benefits that Ren users can instantly enjoy:

  1. A brand new account only holding freshly minted renBTC can perform any transaction on Acala without needing a fee token. Thanks to Acala’s FlexiFee feature, tokens like renBTC are integrated natively as one of the default fee tokens alongside with ACA, aUSD and DOT.
  2. Fees for minting renBTC can be waived without compromising security. We see this as essential to boost the usage of renBTC on Acala and within the wider Polkadot ecosystem.

Ren is a great example for DeFi projects entering the Polkadot multi-chain universe. Because Acala is a customizable and fully optimized finance platform, the upfront economic and technical costs involved in building a separate blockchain (aka parachain) are instantly removed.

Find out more on Acala cross-chain DeFi here.

Mandala Fest #3: Something for Everyone

As we continue to collaborate with projects across chains and reaching new audiences, we know that building Acala is a community effort . Mandala Fest then becomes a celebration of this growing community and the wealth of possibility that awaits us all in building web3. We also believe that web3 should be for everyone and we want Acala to be open to all builders: from crypto enthusiasts to node runners, developers, bloggers, economists, marketers, deep thinkers and the curious.

To celebrate this inclusivity and mark the third season, we’re going BIG. Acala is hosting the festival in collaboration with Laminar (synthetic asset and margin trading), Ren (permissionless inter-blockchain value transfer), Polkawallet (leading mobile wallet for Polkadot) and Polkaworld (leading Polkadot community).

The event will consist of a trading competition, a Black Thursday Simulation as well as our standard blog and bug bounties scheduled to keep you busy throughout season 3!

Here’s how we’ve mapped it out with all the details of reward pools and duration:

Full Schedule and Rules

Week 1: User Participation

Duration : 27-July-2020 to 03-August-2020 (one week)
Award Pool : 20,000 ACA + 20,000 KAR

  • All qualified users will share the reward pool
  • All rewards will be recorded and published

Participation Rules:

  • Get test aUSD from the faucet, fees are payable in aUSD
  • Users completing three meaningful transactions will be rewarded

Meaningful transactions include:

  • Use DeX to swap tokens
  • Use DeX to provide liquidity
  • Use Honzon stablecoin to collateralize for aUSD
  • Use Homa protocol to get staking derivative LDOT
  • Transfer aUSD to Laminar Chain, and use it either for synthetic asset, or margin trading
  • Mint renBTC and use it in above activities
  • Participate in auctions of system

Week 2 Trading Competition

Duration : 03-August-2020 to 10-August-2020 (one week)
Award Pool : 5,000 ACA + 5,000 KAR

  • Top 10 qualified traders will share the reward pool
  • All rewards will be recorded and published

Participation Rules:

  • Use the balance of USD as the unit of account
  • Profit calculated as ending balance — beginning balance

The rules for ranking of trading competition :

  • Snapshots will be taken for both Acala and Laminar networks at the beginning of the trading competition; the total net value of various assets (including debts) will be calculated based on the price feed at the time as the initial balance.
  • Another snapshot will be taken at the end of the competition, using the feed price at that time as the final balance. Cross-chain transfers (e.g. transfers between Acala and Laminar) are not counted, while transfers between addresses are counted as capital.
  • Profit margin = total value of final balance / (total value of initial balance + capital sum correction) — 100%, all accounts are ranked according to this function

The following are included in the balance calculation:

Balances of all assets:
— Acala : aUSD, ACA, renBTC, XBTC, DOT, LDOT
— Laminar : aUSD, LAMI, synthetic assets

Balances of all DeFi positions:
— Acala : CDP (net value of collateral value minus debt value), share value in Deposit & Earn
— Laminar : margin position value

Week 3 Black Thursday Simulation

Duration : 10-August-2020 to 17-August-2020 (one week)
Award Pool : 4,000 ACA + 4,000 KAR

  • A draw of 200 qualified users will share the reward pool
  • All rewards will be recorded and published

Participation Rules:

  • Day 1 — Day 3 liquidation events : users participate by closing CDP or increasing collateral
  • Day 4 : emergency shutdown will be triggered, participants will use aUSD to buy back collaterals
  • Users who took part in the above activity will benefit from rewards

Blog Bounty (Throughout Festival)

Duration : 27-July-2020 to 17-August-2020 (three weeks)
Award Pool : 2,000 ACA + 2,000 KAR

  • 10 awards will be awarded in total
  • Awards will be published one week after the event ends

Participation Rules:

  • Submit a blog to either Medium, Bihu, or YouTube regarding the Acala Network.
  • The article must include your Acala Mandala Address to receive prizes .
  • Submit the link to your piece of content to Acala Telegram, Discord or Riot channel using the hashtag #MandalaFest3
  • The content must be original
  • We will judge both the quality (how appealing is the story, idea, perspective, insights, analysis, etc) and social reactions (number of comments, likes, twitter or other social sharing, etc).

Bug Bounty (Throughout Festival)

Duration : 27-July-2020 to 17-August-2020 (three weeks)
Award Pool : 10,000 ACA + 10,000 KAR

  • Please allow one week from your submission for our review.

Participation Rules:

:tada: Let the festivities begin

We’re excited to celebrate Mandala Fest together with you all! We hope the bountiful rewards, range of engagements and the landmark cross-chain DeFi opportunities will appeal to many of you. As far as test driving Polkadot is concerned, Acala gives you pole position and the fastest route from zero to hero. As always, the team is on standby to answer any questions and help you make the most of the Festival. Please join our channels to get VIP access to support and our community :point_down:

Join us — Acala Telegram , Discord and Riot channels.

About Acala

Acala is a first-of-its-kind decentralized finance consortium with a vision to bring financial stability, liquidity and accessibility to the mainstream. The Acala Network is a cross-chain finance hub for the Polkadot ecosystem and beyond. It offers a suite of financial primitives: a multi-collateralized stablecoin backed by cross-chain assets like Bitcoin, a trustless staking derivative and a decentralized exchange to unleash liquidity and power financial innovations. It is the go-to open platform for finance-oriented dApps to deploy to using smart contracts or built-in protocols with out-of-box cross-chain capabilities, security and financial optimizations.

Learn more about Acala on acala.network, Medium, Twitter, GitHub and Acala Wiki. You can join our community on Discord, Telegram and Riot Chat. Any inquiries, please email or DM us.

To keep up to date with progress on the Acala launch, subscribe to the Acala Newsletter.