Acala Network x Crypto Challengers AMA Recap
Dear Crypto Challengers Community,
đ Here is a recap of the AMA held with Acala Network on 10th May 2024, a session where we got to know more about Acala Network. The AMA session was consisting of Introduction segment, Twitter segment.
đ Guest: Travis â Product marketing manager
â° Time: 2 PM UTC
đ Venue: https://t.me/CryptoChallengersD
Introduction Segment
- The host will introduce the guest and give a brief overview of their background. The host will then ask the guest a few questions about their work, their goals, and their vision for the future.
Twitter Segment
- The host will open up the chat to questions from Twitter users. The top 2 questions are selected and will ask guest to answer them.
Below is the recap of the AMA session that took place on 10th May 2024.
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Part 1 : Introduction Segment
Could you please provide a quick self-introduction for the community?
Yes, sure thing.
My name is Travis and Iâm the Product Marketing Manager at Acala Network. Iâve been working for various projects in different ecosystems for the last 4 years. Iâm approaching my 1 year at Acala.
I love DeFi and Web3 Gaming, diving into a bit of socialFi and memecoins for fun as well
Can you briefly introduce the project Acala Network what are some of the utilities of $ACA ? How do you think you stand out among the competitors if there are any?
Acala aims to be the liquidity layer of web3 finance.
Basically that means we want to be the place where users and institutions can park their assets and have various options in how they want to use them to generate yield. We love assets being capital efficient.
$ACA is our governance and utility token.
It is used to vote on incentive programs and adaptations to the whole Network. Want to add a protocol? Token? Increase rewards? Decrease rewards? Literally any decision is voted through governance and ACA is your voting power.
On top of that, $ACA is used to pay for gas transactions in the network.
On standing out, I think anyone is entitled to an opinion on that. For me, Acala stands out specifically due to our innovation and longevity. We are the first Liquid Staking Protocol on Polkadot and also build most of the open source tools used throughout the whole ecosystem.
If I can say, Polkadot wouldnât be Polkadot without Acala đ
Can you share the achievements the team has made so far? what are the major achievement targets Acala is yet to achieve . If possible also share your roadmap.
Overall, Acala is at $140M in Total Value Locked (TVL).
With 5.5M DOT staked in our liquid staking protocol (LDOT).
But if youâre not a stats person, weâve launch our Boosted Liquid Staking Platform âEuphratesâ just last October, and it has brought great success to the pools launched on it. One project received over $8M in liquidity in the first week launching its pool on Euphrates
Our roadmap goals are now aimed to bring more multichain capabilities. Since Acala is EVM compatible, we are working on adding new popular tokens and pools, especially LSTs, from popular chains such as Ethereum, Solana and many L2s.
With this, we can make a one-stop shop platform for DeFi opportunities across all networks
Could you share a bit about security and also what benefits you provide to incentives users choosing your platform?
Security is of utmost importance for us. We ensure that all our contracts are audited and well-tested. So much so that weâve created Chopsticks, one of our now open source tools, which is like a magic box for developers to easily test out contracts as it clones an existing blockchain in seconds.
As for incentives, we partner with a lot of projects to do joint incentives, but from the Acala side there is always ACA to be earned in from using our platform.
For example, on Euphrates we have an LP pool that directs you to Stellaswap. Very soon, that pool with reward users DOT, ACA and GLMR for participating. Iâm not sure what the APRs will be but itâll surely be a great opportunity (stay tuned to know when it starts, will be this month!)
Whats the total supply of the token? Could you share a detailed tokenomics of mainnet tokenâs supply distribution?
The total supply of ACA is 1,600,000,000 (1.6B).
Since Acala 2.0, 100M ACA is emitted per year for the next 6 years, to help bolster incentives for DeFi projects on Acala as well as provide grants for builders who wish to build on Acala. Itâs a good time to be a builder or user on Acala.
Every cycle ~28 days, there is an ACA burn for unspent ACA as well as ACA gathered through protocol fees and governance votes.
You can stake your ACA also on our platform, and it includes a loyalty bonus.
Currently its 25% APR for ACA staking
And of course, as mentioned before, ACA is earned from using Euphrates, any of the pools emit ACA along with the pool rewards.
Part 2 : Twitter Segment
Any Acala reward campaign events running now? or upcoming? I hope some members will be interested.
Great question
The latest is our Ambassador program, but that is likely for those already familiar with Acala. There we run a lottery system of ACA to anyone who contributes. So if you want to learn and make content for Acala, or help out in the discord, there is a chance for you there.
opportunities throughout our platform, especially on Euphrates.
We have a Binance Earn campaign happening for Binance users, you can check it out in their Earn tab.
Most exciting, personally, for regular users, we actually have a cool campaign coming up with Playnation, where you can play mini games and earn ACA.
This is going to be tested first on Karura before coming to Acala. That is scheduled for the 1st of June, and on Acala shortly after.
Besides that, there is always opportunities throughout our platform, especially on Euphrates.
What are the upcoming plans of Acala that will blow everyoneâs mind? looking forward to the future
Well the Acala team has been personally asked to help build out Polkadot JAM.
If you are not familiar with it, it is quite possibly the next full transformation of Polkadot making the user experience much smoother but also the development experience and cost way better.
We are working closely to have it built out and we will likely be the first to launch products in this brave new world.
We also like to work with traditional finance companies, so in the future, you may be using Acala products without even knowing đ
With this we came to the end of todayâs AMA.
Thereâs a lot of cool stuff coming to Acala for those interested in DeFi and we really try to reward our users the best way possible. For example, all the Polkadot Memecoins that were airdropped we made sure our users were part of it. If you guys have any questions or want to know more, you can definitely reach out on our Twitter or join our Discord.
Awesome, if you have any question, or want to stay up to date with things in Acala, hereâs our twitter
https://twitter.com/AcalaNetwork
