Injecitve has entered into a technical collaboration with Acala in order to bring its novel multi-collateral stablecoin (Acala Dollar) to Injective’s Polkadot-based derivative products.
Acala is the decentralized financial hub of Polkadot, making it fast and easy to use financial applications available to everyone. The platform includes a diverse array of financial primitives, which includes its multi-collateralized stablecoin Acala Dollar (aUSD). This particular stablecoin is backed by a number of different digital assets such as Bitcoin, Ethereum and Polkadot, which aid in retaining its decentralized nature. The team has closed a $7 million investment round led by Pantera Capital among other investors including 1confirmation, Arrington XRP Capital, ParaFi Capital, Coinfund, Spartan Capital and more.
A few weeks ago the Injective community introduced initial plans to integrate with Polkadot with the help of Moonbeam, which interestingly made Injective the first decentralized derivatives protocol to start bridging over Polkadot assets. The plan is to integrate Acala’s aUSD in order to provide a stable asset that can be used to collateralize Polkadot-based derivative products on Injective. This also expands opportunities for Injective to create new derivative products alongside Acala, further increasing the use cases for aUSD.
“We are thrilled to be working with the team at Acala in this new endeavor. As the Polkadot ecosystem continues to surge in usage and developer activity, it is important for Injective to cater to new DeFi hubs that exist outside of purely Ethereum. We look forward to launching a truly decentralized derivatives exchange that is able to attract the rapidly growing Polkadot community,” said Injective Labs CEO, Eric Chen.
Acala and Injective are both Pantera portfolio companies that share a unique vision to fully decentralize the world of traditional finance. Injective has already begun the process to introduce aUSD to the Solstice Pro network. This is also quite a promising integration given that Acala’s testnet has already managed to lock up $52 million in value.
“Injective has truly created a new paradigm in decentralized trading. We are excited to see the Acala Dollar being introduced to this platform, which will certainly lead to the creation of new derivative products and overall usage for our novel stablecoin,” said Ruitao Su, CEO of Acala.
Injective contributors are excited to work with Acala on the initial deployment of the Acala Dollar on the derivatives exchange.
This is a significant milestone for Injective, bolstering the ongoing collaboration with the Polkadot Network in order to showcase the limitless capabilities on Injective.
Acala is the decentralized financial hub of Polkadot, making it fast and easy to use financial applications available to everyone. The platform 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. Acala is the de-facto open platform for finance applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities, security and financial optimizations.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.