The Acala Build initiative is underway and has seen large amounts of support from the crypto community. The foundation is taking a new approach to how funds are raised, and what the proceeds are used for.
Unlike an ICO, the Acala Build initiative is a way to support Acala’s development, and further create liquidity in the Acala treasury, so that the platform can grow.
Many platforms use the proceeds of fundraising to support the people who work on the platform, but Acala has opted for a system that supports the goals on the foundation instead.
Acala is working to be an all-in-one totally decentralized financial hub for the Polkadot ecosystem, so having a strong financial position is a very good idea.
According to the foundation,
“Acala is an Ethereum-compatible platform for financial applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities and robust security. The platform also offers a suite of financial applications including: a trustless liquid DOT staking derivative (LDOT), a multi-collateralized Acala Dollar stablecoin backed by cross-chain assets (aUSD), and an AMM DEX – all with micro gas fees that can be paid in any token.”
The Acala Build initiative is similar to an ICO, in that it will seek funding from the wider crypto community, and offer ACA tokens for anyone who participates – but unlike an ICO, the funds that are raised won’t go to executives’ salaries, or to run the foundation.
The Acala Build Initiative Found Strong Support
Pre-registration for the Acala Build initiative had to be closed at 7 a.m. UTC on 9th April 2021 due to the demand to participate in the event. DeFi has become a very popular market segment, and Acala is a well-known foundation in the space.
The event will accomplish the following goals (according to the foundation),
- In the Build Acala event, ACA tokens are denominated in DOT, though participation in the event requires BTC as the settlement token.
- All proceeds of the event will…