DeFi platform developers Acala announced the launch of Acala EVM, an Ethereum-compatible Polkadot virtual machine that will improve blockchain interconnection.
Smart contracts deployed on the new EVM can use all assets based on Polkadot – DOT, ACA, aUSD, renBTC, etc. In addition, Ethereum-based assets can be listed on the Acala-based decentralized exchange (DEX) and used to pay for gas.
For example, if a WETH owner sends a token to Acala, fees can be paid in ETH, without having to buy ACA tokens. In addition, Acala EVM supports its own network of oracles for broadcasting price streams in real time and supports different types of protocols: DEX, stablecoins, lending and borrowing tools, and others.
Acala is a decentralized financial protocol platform that leverages the power of the Polkadot blockchain. It is based on its main stablecoin aUSD and offers a variety of use cases, including “profitable farming”, trading synthetic assets, earning interest, etc. All Acala processes are decentralized: the protocol is controlled through intra-network voting.
Polkadot is becoming an increasingly visible project and continues to attract the attention of industry participants. As a reminder, on February 4, 21Shares launched the world’s first exchange-traded product (ETP) on Polkadot on the SIX Swiss Stock Exchange.
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