Build Acala: TC4 launching, cross-chain trading competition with Laminar | July 2020

Ecosystem Update

PolkaDeFi Day community conference , 18 June: we co-hosted the first-ever Polkadot community conference dubbed PolkaDeFi Day. Over 1,500+ developers, community members and enthusiasts joined the event via Crowdcast and bilibili in China. It featured state-of-art technologies in cross-chain communication and governance, as well as a lively DeFi community.

The event showed the world there is plenty to get very excited about in DeFi: Acala leading the charge as the DeFi hub, Laminar using aUSD for synthetics and margin trading Forex and other asset classes, Interlay and ChainX providing cross-chain Bitcoin facilities, Centrifuge offering tokenized off-chain assets, Chainlink enabling oracle price feeds, and Plasm supercharging layer-two applications. You can watch the replay and join the community here.

New ecosystem collaborators: We are delighted to have Chorus One, a prominent staking infrastructure provider, and Ryabina, a Polkadot validator and active community member join our ecosystem program. Chorus One has led a liquid staking research group and recently published an industry report where it featured Acala’s trustless staking derivative Homa protocol. We are also working with a popular bridge to deploy on the Acala network and bring inter-chain liquidity to the Polkadot ecosystem. We’ll be able to share more details soon so stay tuned!

Mandala (Acala’s Test Network) Festival Season #3: we are co-hosting the campaign with Laminar around mid-July, and calling on participants to not only swap to stake and get staking derivatives (LDOT), then collateralize LDOT for stablecoin, but to also cross over to Laminar Chain to margin trade synthetics such as forex and gold using aUSD . During the campaign, we will simulate Black Thursday volatility and exercise the emergency shutdown drill. Stay tuned for updates!

Development Update

Acala Test Network Mandala TC4 will be launched with the following improvements:

  • FlexiFee: transaction fees are payable in any supported tokens, for example when transacting aUSD fees are payable in aUSD. This will be a subtle yet huge enhancement for UX.
  • We have upgraded to use the weight system for transaction fee estimation, although it’s still work-in-progress to benchmark all modules, our oracle infrastructure can support free (or low fee but safe) price feed transactions with prioritized processing similar to Quality of Service. This is a significant enhancement that will effectively avoid oracle being stuck due to network congestion that happened on Black Thursday. Find out more on our oracle implementation, see details here.
  • Coming out of the IDEO CoLab Product Validation Day, we have further enhanced the UX of our web application — a smoother flow for the stablecoin product, and a drastically simplified instant and liquid staking process i.e. swap DOT to LDOT (the fungible staking derivative) for staking.

Events

Hackusama — the very first Polkadot / Kusama hackathon is now LIVE with a deadline on Aug 14. 200+ participants are already signed up to compete for the 30k prize money and further grant and funding opportunities. Our co-founder Ruitao Su, alongside with Dr Gavin Wood and others, will be on the panel of judges. Acala is also listed as an exemplar project for the builders. You can still sign up here. And remember, if you are building anything finance-related and would like to leverage what we have built or looking to build with Acala, please get in touch , we’d love to help out!

Unitize 2020 (July 6–10) is organized by the SF Blockchain Week and the Block Show with a great lineup of speakers, such as SEC Commissioner Hon. Hester Peirce, Polkadot Founder Dr. Gavin Wood, Polychain Founder Olaf Carlson-Wee and more. Our co-founder Bette Chen will present the cross-chain financial hub on Polkadot and DAO 3.0. You can register for free here.

Figment Network ’s Staking Hub hosted an AMA for Acala on July 2, where we answered questions on Acala’s DeFi hub position in Polkadot, collator’s role and reward, initial liquidity provisioning to the stablecoin and DeX and incentive schemes, initial parachain offering and rewarding supporters and more. We’ll share the blog from Figment Network as soon as it’s live.

2020 China-Singapore Blockchain Leader Summit (July 4) is organized by Singapore University of Social Sciences and Wanxiang Blockchain Labs with speakers like Parity CEO Jutta Steiner, Wanxiang CEO Dr. Xiao Feng and more. We will speak on a panel looking at “Why do we need Web3” moderated by Qinwen Wang from Web3 Foundation China. Register here.

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 the cross-chain finance hub for the Polkadot ecosystem. It offers a suite of financial primitives: a multi-collateralized stablecoin aUSD backed by cross-chain assets such as Bitcoin & DOT, and a staking derivative LDOT to unleash DOT liquidity. It is the go-to open platform for finance-oriented dApps to deploy upon 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. Join the discussion on Discord, Telegram and Riot Chat. Any inquiries please Email or DM us.

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Acala is proudly supported by the Web3 Foundation