The power of technology comes yet again to benefit the community. This time the dedicated team of experts has shown their engineering marvel in the stream of dapp. Promising complete power and process speed, the platform Acala EVM+ is set to extend the benefits of customization of Polkadot’s modular blockchain framework, Substrate. The team of engineers has put their skills to optimize development that is on similar lines to Ethereum.
The DeFI users, who are more accustomed to Ethereum experience, shall be the ultimate beneficiaries of this novel custom-built Acala EVM+ deriving the same kind of privileges as they tend to get on the latter. The network launch on Polkadot (DOT) comes at a well-timed moment when the entire DeFi sector grows in leaps and bounds.
These development advantages of Acala EVM+ are not just restricted to a specific DApp team; rather, it would facilitate other DApp teams to deploy their EVM-based smart contracts, and that too with the negligible modifications implementing the same tooling. The primary reason behind this is that the foundation for the same remains similar to what they use in the Ethereum ecospace, be it MetaMask, Truffle, Waffle, or any other.
Creating the pedestal for entire DeFi crews, a flawless integration is now guaranteed with Acala. Polkadot as a platform too is comprehensively encompassed for composability with billions in new TVL wherein a massive number of users, be it existing or new users, get to relish a novel experience along with all-inclusive development assistance.
Working in tandem with the Polkadot team has its own perquisites for Acala. As commented by Acala CTO Bryan Chen,
A crucial roleplay of being on the premier funder can not be rules when it comes to Acala and Polkadot collaboration for Substrate. The Acala EVM+ is sure to render niche advantages and contribute to the whole DeFi ecospace tremendously.
A unique and salient aspect that differentiates Substrate and Polkadot is they are major power-propellers in the field of chain-level innovations beyond the periphery of the EVM sandbox. This kind of functionality is not offered by even big digital asset players like Bitcoin. In terms of optimizing the full potential of Substrate, the name of Acala EVM+ is on the top of the list as not only the functionality but also the longevity aspect is fully addressed, and it should in no way be construed as just a redo or makeover or redeployment of Ethereum on Polkadot. More so because Acala’s EVM+ by no means compromises the power of Substrate merely to generate a cohesive or compatible Ethereum environment. All core DeFi elements are onboarded on Acala, be it a USD, liquid DOT staking, and the Acala Swap AMM-style DEX.
Offering a smooth conversion to Polkadot, that too with the least number of changes provides easy access to not only new assets and markets within a similar interface but also facilitates liquidity that is also functional for DOT and DOT derivatives (e.g., Liquid DOT LDOT) from Acala, native decentralized stablecoin Acala Dollar (aUSD), and natively issued USDC and USDT. With futuristic expansion plans and an exhaustive product portfolio, Acala is set to reinforce the entire DApp ecospace. This new Acala market will allow access to all of Acala’s ERC20, Bitcoin, Polkadot-based assets, as well as any other assets bridged to Acala in the future.
The tailormade solutions by Acala like “Bring your own Gas,” wherein the gas fees are paid in any token, auto-liquidation without keepers, Oracle quality of service customization to guarantee inclusion in a block, and on-chain automatic scheduling all are part of the leveraged Substrate for enhancement of UX being part of Acala’s forkless upgrade process.
The cross-chain process was never so easy as by means of Acala EVM+. Through Acala EVM+ interoperability with assets and smart contracts from any other sub-chain comes as an obvious advantage built-in Polkadot. Through this feature, even complex transactions get simplified, and they are completely secure and composable across multiple DApps.
Ready to deploy on Acala, or want to learn more? Get in touch to discuss the integration.
More About Acala
Acala is an all-in-one DeFi network offering an Ethereum-compatible blockchain platform secured by Polkadot and a suite of cross-chain financial applications that let users trade. Issue self-serviced loans become liquidity providers, access staking derivatives, and earn on their digital assets. The network is scalable, interoperable, highly secure, and optimized for DeFi. You can try the Apps on testnet at http://apps.acala.network.
Acala was founded in Oct 2019 and today has received five Web3 Foundation grants, has backing from Coinbase Ventures, Pantera Capital, Polychain Capital, Arrington XRP, ParaFi, CoinFund, and other top firms.
Acala also has the largest community in the Polkadot space, with 350k+ community members and 60k active account holders. The Acala team won the first parachain slot auction on Kusama with our experimental network, Karura, garnering over $100M in crowdloan contributions from our community.
Today Karura has approximately 1200 daily active users, $55M in TVL, two trading pairs on Karura Swap, and liquid KSM staking (LKSM) launching in the coming days. You can use the Apps now at http://apps.karura.network.
Build with Acala
Get in touch with the team if you’re looking to scale your Ethereum DeFi project to Polkadot with Acala.
Acala is an all-in-one decentralized finance network offering a blockchain platform secured by Polkadot, as well as a suite of cross-chain financial applications that let users trade, issue self-serviced loans, become liquidity providers, access staking derivatives, and earn high-interest APY on their digital assets. The network is scalable, Ethereum-compatible, and optimized for DeFi.
Acala was founded in Oct 2019, and today has received five Web3 Foundation grants, has backing from Coinbase Ventures, Pantera Capital, Polychain Capital, Hypersphere, and other top firms, and has a distributed team in New Zealand, China, Europe, South America, and the United States.
Karura is the all-in-one DeFi hub of Kusama. Founded by the Acala Foundation, Karura is a scalable, EVM-compatible network optimized for DeFi. The platform offers a suite of financial applications, including a trustless staking derivative (liquid KSM), a multi-collateralized stablecoin backed by cross-chain assets (kUSD), and an AMM DEX — all with micro gas fees that can be paid in any token.