Build Acala: Polkadot parachain testnet Rococo, Ren collaboration, Mandala testnet mania, on The Defiant | Aug 2020

July has been a month of buidling with ecosystem collaborators like Ren and Laminar, stress testing the network with tens of thousands of new accounts and transactions throughout the Mandala Festival Season #3 testnet campaign, and getting ready to launch on Polkadot’s parachain testnet Rococo.

Development Update

  • Polkadot’s parachain testnet Rococo: was launched earlier this week, a significant step towards cross-chain integration. Parachains can now connect to the Relay chain to use its shared security, and the much-anticipated cross-chain message passing is also available, though limited to horizontal message passing where the Relay chain will be used to route messages between two parachains. Acala is working towards registering on Rococo to test out the functionalities.
  • RenVM-bridge module & renBTC integration: was deployed on Acala Mandala testnet TC4, marking the first step bringing renBTC to Acala and the Polkadot ecosystem. renBTC is now a fee token, can be used as collateral for stablecoin credit line, and is listed on Acala DeX.
  • Substrate RC4 : Mandala TC4 is now upgraded to Substrate RC4, which allows atomic transactions — one step closer to production-ready smart contracts, and will soon be upgraded to the latest TC5 upon testnet campaign conclusion.
  • Acala Pulse : an analytics dashboard to track stats of the network is under construction and will be released in the coming week. Users can track system fundamentals — aUSD issuance, DeX volume, and DOT amount in liquid staking, as well as system risks, liquidations and auctions, etc.
  • Black Thursday drill & Emergency Shutdown : next week, as part of the Mandala Festival, we will simulate Black Thursday volatility, test the hybrid liquidation mechanism that involves DeX and auctions to efficiently recover the loans. Then we will enact the system Emergency Shutdown, process all outstanding loans, and have users reclaim their collaterals from a basket of assets. Festival week 3 rules & rewards are here .

Ecosystem Update

  • Ren x Acala / Polkadot to bring Bitcoin and in future other isolated asset classes onto Acala and into the wider Polkadot multi-chain universe.
  • Mandala Festival Season #3 : started on two weeks ago, has generated quite a buzz with 100k+ transactions, 13k new accounts, $2.5+ million aUSD issued from collateralizing renBTC, and 250+ (testnet) renBTC minted . Check activities on Subscan.
  • Hackusama with Acala : Acala is an education partner for Hackusama, providing all of its runtime pallets and common libraries such as oracle and multi-token pallet, technical support and advice to the teams building DeFi projects.
  • Acala Foundation is now a council member on Polkadot actively participating in Polkadot Direction riot discussion and voting. We appreciate your continued support so we can grow Polkadot and DeFi together :rocket:

Events Update

  • Unitize SF Blockchain Week : Bette Chen co-founder of Acala talked about cross-chain DeFi in action. Watch replay.
  • The Defiant : Ruitao Su and Bette Chen chatted with Camila Russo on Polkadot being layer 0, how the ecosystem is evolving to have many domain-specific chain verticals and more. Podcast here & read more.
  • Bette Chen being the outlier on the Outlier Venture panel — “Prophesying the Future of Oracles” alongside MakerDAO, DIA, Set Protocol and Aave. See Bette chat about yield farming here & watch the full panel replay.

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.

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Acala is a proud Web3 Foundation Grantee