"Based on Substrate development, it plans to bid for slots to become a Polkadot parallel chain, and can Acala, which provides DeFi infrastructure for the Polkadot ecosystem, become a one-stop Polkadot DeFi center? "
Author: XuanJin
01
Project Description
A few days ago, Moonbeam (GLMR) launched very well, and some dedicated users have also received rich rewards. Those users who can get rich rewards not only have good vision but also have a solid foundation, and have a full understanding of the project. There are also major projects worthy of attention this month. Acala will be launched on the exchange this month. Let us first familiarize ourselves with the fundamentals of the project, and finally summarize some dimensions for your reference~
Acala is a one-stop DeFi platform built by the Substrate framework. It is based on Polkadot and has a development environment compatible with Ethereum. It brings a series of financial applications to users, such as trading, lending, and liquidity release products. The Acala Network is a scalable, interoperable, highly secure and customizable DeFi network.
02
Investment agency
At present, Acala has received official financial support from the Web3 Foundation, and has received investment from several world-renowned institutions including Polychain, Pantera, ParaFi, Hypersphere, Digital Currency Group, CoinFund, 1confirmation, HashKey, and Coinbase Ventures.
On April 2 last year, Coinbase Ventures, a subsidiary of Coinbase, announced its support for Acala/Karura to jointly build a one-stop DeFi center for the Polkadot/Kusama ecosystem. Coinbase Ventures' support for the Acala team will help Acala/Karura get the first slot on Polkadot/Kusama, and the reason behind Coinbase Ventures' support for Acala is even more meaningful.
According to Acala's official disclosure, a seed round of financing will be held on March 27, 2020, with a raised amount of US$1.5 million. Polychain will lead the investment, and investment institutions such as Hashkey and KR1 will participate in the investment; on August 27, 2020, the A round of financing will be conducted, with the total amount raised. $7 million, led by Pantera Capital, followed by 1confirmation, DCG, Arrington XRP Capital, etc. The total amount raised in the two rounds is $8.5 million. On September 8 last year, Acala announced that it had raised $61 million from more than 2,600 investors around the world, which will be donated from the Acala Foundation to the on-chain Acala Treasury.
03
Team information
Acala is mainly initiated by the decentralized financial protocol Laminar team and Polkawallet team, and there are currently 17 members listed on the official website.
Ruitao Su is the co-founder of Acala and is currently the CEO of Laminar Protocol. Before that, he was the CTO of Centrality. Su is an award-winning software engineer, entrepreneur, investor, and advisor to technology companies and startups.
Bryan Chen is another co-founder of Acala Network. He is also the co-founder and CTO of Laminar. Chen is a major contributor to the Substrate codebase and a Polkadot ambassador.
Bette Chen is the co-founder of Acala Network and the COO of Laminar. She is an experienced product manager and entrepreneur. Chen holds a Software Engineering and Business (MBA) degree. She has 10 years of product management experience in the software and high-tech fields.
04
Application scenarios
- DeFi platform compatible with EVM
Acala is a Layer 1 blockchain platform customized and optimized for financial scenarios. Developers can build various DeFi applications on Acala. At the same time, Acala is compatible with the Ethereum Virtual Machine (EVM), which makes it very convenient for projects in the Ethereum, BSC and other ecosystems to be deployed on Acala, which makes it a DeFi public chain in a sense.
2.Stablecoin aUSD
Acala USD (aUSD) is a decentralized stablecoin collateralized by a variety of encrypted assets. The price is anchored to the US dollar, that is, 1 aUSD is always maintained at about 1 US dollar. Users can send and receive aUSD across chains between any blockchain connected to Polkadot.
3.Release liquid product L-DOT In a PoS chain like Polkadot, token holders can obtain benefits while ensuring network security through staking, but the assets in staking cannot be transferred during the lock-up period and the unbinding period, resulting in limited liquidity.
4.Acala DeX Acala has a built-in decentralized exchange, Acala DeX, which uses the AMM (Automated Market Maker) mechanism for decentralized token exchange, and the trading pair uses aUSD as the benchmark currency.
5.Decentralized Sovereign Wealth Fund dSWF A Decentralized Sovereign Wealth Fund (dSWF) is Acala's innovative form of on-chain fund management. Similar to some countries establishing sovereign funds to manage foreign exchange, Acala uses dSWF to manage assets in the network to achieve sustainable development
05
Token Economy
Token: ACA
Total: 1 billion
Early backers: 18.33%
Supporters: 11.66%
Team: 20.25%
Slot auction reward: 34%
Ecological Development Fund: 5%
Standby Fund: 10.76%
ACA's Value Model
- The circulating market value of ACA’s listing ≈ the value of DOT locked in the Acala network (locked quantity × price of the day), with 32,515,989 DOT locked, and the current DOT price of $26.78, then the circulating value of ACA is $870.6 million, and then the ACA is calculated based on the amount in circulation on the day of listing. The unit price of ; this is suitable for GLMR, but not for CLV. The reasons are related to its ecological size and the lock-up of DOT after CLV goes online;
- The cost of participating in the slot auction
According to official data, a total of 4.61 ACAs are awarded for each DOT. According to the slot auction (2022.11.04) and the day when ACA goes live, the loss of pledged DOTs is the cost of participating in the auction. According to the current DOT price, the cost of ACA is about 5.68 US dollars; - Last year, the price of IC0 was 0.67 US dollars, and the price of male wood was 1.5 US dollars. The return price was calculated according to the proportion of the release amount on the line. The data on the release proportion of the line has not been announced;
- Comparison with Moonbeam of Polkadot parachain TOP1
ACA has 32.51 million DOTs locked by 81,000 users. GLMR has 35 million DOTs locked by 200,000 users.
Moonbeam's advantage lies in the number of people and the number of pledges, and it also has a first-mover advantage. Its sister network Moonriver has a market value of $437 million; Acala is capital-driven, with a large pledge ratio, and user rewards are relatively diluted. Its sister network, Karura, has a market value of 0.74 It can be seen that there are still some differences between Acala and Moonbeam, but Acala is also one of the most important projects in the Polkadot ecosystem.
GLMR performed well on the day it was launched because the circulation was very small, and many people did not get the rewards of the card slot auction. Therefore, on the day ACA was launched, it was necessary to know the circulation and whether users could get the card slot auction rewards.
Acala will be launched on the three major exchanges this month. If there is a certain opportunity to participate in the low opening, there must be psychological price expectations according to the above data. All the above data shall prevail on the official announcement day.
*The above analysis is for reference only and does not constitute investment advice!
For more cutting-edge investment research information and market information, please pay attention to our media:
Official website: https://zebra-vc.com
Twitter: https://twitter.com/ZebraVentures
Telegram: https://t.me/zebra_ventures