Manta Network and Polkadot Parachains Team Up to Launch $250 Million ‘aUSD Ecosystem Fund’ to Grow Polkadot’sNative Stablecoin, Acala USD
DailyCoin
Published Mar 24, 2022 05:00AM ET
Updated Mar 24, 2022 05:30AM ET
Manta Network and Polkadot Parachains Team Up to Launch $250 Million ‘aUSD Ecosystem Fund’ to Grow Polkadot’sNative Stablecoin, Acala USD
Acala, Manta Network and seven other Polkadot parachain teams have partnered to launch a $250 million aUSD Ecosystem Fund to support early-stage startups building applications with strong stablecoin use cases on any Polkadot or Kusama parachain.
Kenny Li, Core Contributor and Cofounder of the Manta Network says, “we’re excited to be supporting the aUSD Ecosystem Fund and look forward to integrating privacy into the emerging use cases and projects coming out of it. With Polkadot’s native interoperability, every new idea launching in the ecosystem is another value add to all parachains’ “.
The fund participants are seeking Solidity or Substrate-based applications driving yield or utility for aUSD, including money markets, DEXs, derivatives, asset management, DAOs, payments, and other use cases. The participating projects will grow aUSD as a building block in the Polkadot ecosystem with hundreds of applications which will be able to thrive over the coming decades as Web3 proliferates into the global economy.
Polkadot’s Multi-Chain Economy
The Polkadot ecosystem focuses on a decentralized and shared security model, which allows any parachain to get plug-and-play security, as well as native, trustless cross-chain functionality. Parachain teams are now beginning to work together on initiatives to kickstart cross-chain interactions. Here is a list of innovative companies and blockchain projects making that future a reality.
Project of the Future
Manta provides privacy technology for crypto assets, Centrifuge specializes is real world asset financing, while Efinity brings NFT, gaming, and metaverse platforms. Astar Network has launched a hub for WASM + EVM, Acala is providing aUSD as the ecosystem’s native stablecoin via its DeFi network and Moonbeam is providing a fully Ethereum-compatible platform. HydraDX brings a world-class DEX chain, OriginTrail brings decentralized knowledge graph, Parallel is building a platform filled with multi-chain DeFi products, and Zeitgeist is launching a parachain optimized for prediction markets and futarchy. Once all of these chains begin working together, Polkadot will experience exponential network effects and growth.
The Goal of the aUSD Ecosystem Fund
To support and facilitate investment in early-stage teams building in the Polkadot community and grow the Polkadot and Kusama ecosystem through increased cross-chain activity and growth of Polkadot’s native stablecoin, aUSD.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
Get The News You Want
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.