Pendulum & Amplitude Team Up With Acala to Integrate aUSD
Acala published a blog post to announce that it has integrated aUSD into the Pendulum and Amplitude parachains with Amber set to integrate the native token after its launch on Polkadot parachain.
Pendulum seeks to leverage the token to facilitate the exchange services of fiat currency and cryptocurrency across different chains. aUSD will offer a safety net to Pendulum when it looks to mitigate liquidity pool challenges.
Also, Pendulum gains the ability to issue aUSD to those who want to withdraw contributions from the drained pools.
The integration with Acala is expected to expand the ecosystem with more liquidity providers getting on board, creating a deeper liquidity pool to support the launch of decentralized applications. Amber, for instance, will receive support at the time of launch on the Pendulum Polkadot parachain.
aUSD has reasonable volatility enough to make transactions seamless to any parachains on Polkadot or Kusama. The token will be an entry point for platforms launching in the ecosystem.
The token has brought along a funding initiative, aUSD Ecosystem Fund, that looks to support projects driving yield or utility of the stablecoin on Acala or any other parachain.
The funding initiative is a part of the Acala Ecosystem Program that aims to offer liquidity, engineering support, Acala Foundation Grants, and other necessary support to new projects.
Pendulum, an open-source blockchain, connects fiat rails to the decentralized financial environment. The platform linked stablecoins pegged to fiat currencies to address the demand for fiat liquidity in the ecosystem of decentralized finance.
Other features of the platform are:-
- An optimized network for stable coins that are pegged to fiat currencies;
- Cross-chain trust to minimize bridges;
- Seamless standards, enabling integration into the network of local banking’s financial system; and,
- An opt-in compliance layer complements Privacy features.
Through its key services, the Pendulum offers services to benefit the consumers of Ethereum, Polkadot, and Stellar.
- Forex Markets x DeFi:- Pendulum links the foreign exchange market to decentralized finance, supporting Forex, which has a registered transaction volume of $6.6 trillion.
- Yield Earning:- It allows holders to earn yields through their holdings by giving them access to lending pools and AMM.
- Automate Money Makers:- The transparent money exchange procedure boosts high-speed and cost-effective currency exchange. Thereby facilitating the quick and efficient exchange of fiat tokens.
Acala powers the aUSD ecosystem as a decentralized finance network. Its native token is Acala USD, also known as aUSD. The native token is backed by cryptocurrencies and is multi-collateral.
Developers often prefer to get started with Acala’s Ethereum-compatible blockchain as it has built-in DeFi protocols that enable developers to leverage a decentralized exchange along with the offering of EVM+ & hybrid EVM.
Amber is an ideal tool for decentralized forex applications as its design provides risk-free single-sided liquidity. The Amber AMM introduces a novel pool design to provide the highest capital efficiency with the lowest slippage and fees.
