Acala, DeFi Powerhouse on Polkadot Network.

Polkadot and DeFi

We have two of the hottest things happening in the blockchain world today. Polkadot and the DeFi phenomenon trailblazing the digital financial industry.

One network has these two elements by building a DeFi powerhouse for the Polkadot ecosystem with a host of financial primitives.

Last August 27, a new round of series A funding led by Pantera, and joined by Arrington XRP Capital, ParaFi Capital, 1confirmation, CoinFund, DCG, among others are established to further empower the Acala Network.

Acala Update

As of today, Acala has 14,500 new accounts, 142,000 transactions, and $52 million total value locked making it not only the most active on parachain on Polkadot network but also brings Polkadot into the DeFi game.

Ruitao Su, co-founder of Acala network said that they chose Polkadot not only because of its many advantages over Ethereum network. They actually tinkered with Cosmos but eventually chooses Polkadot over others because of security guarantees that is essential in bootstrapping a DeFi product.

To quote Ruitao Su in his words:

“The shared security design of Polkadot gives Acala bank-grade security, without us having to worry about it. Such a technical advantage is very appealing”

“We’ve known the team behind Substrate for over two years and love the fact that many developers follow Gavin Wood, the founder of Polkadot.”

To know more, you can visit Acala website here

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