New HRMP Channels Have Opened Between Acala and Astar Network
Throughout the history of blockchains, interoperability and multi-chain applications are considered the holy grails of Web 3.0. With the Polkadot ecosystem of parachains and cross-consensus messaging (XCM), not only do we have multi-chain assets, but we can also leverage functional interoperability. At Astar Network, we believe that this is the key to creating the next generation of innovative dApps and further progressing Web3.0. By opening the latest HRMP channel with Acala we have created a new chapter in our mission.
After enabling DOT and KSM tokens to be transferred in and out of our mainnets last month, we are now beginning our HRMP summer integrations. Last week we opened the HRMP channel between Karura and Shiden Network allowing native movement of the SDN, KAR and aUSD token between the chains. In addition to opening channels and mapping assets, we also integrated the assets into our portal to make a smooth cross-chain user experience.
End Q1, we announced that Astar Network joined the $250M aUSD ecosystem fund to support early-stage startups building applications with strong stablecoin use cases on any Polkadot or Kusama parachain. Today is the day that we bring aUSD to our sister network, Shiden. Next week we will make aUSD available on our portal for Astar Network.
About aUSD
The Acala USD (aUSD) stablecoin protocol enables a decentralized, cross-chain stable currency that serves as the native stablecoin of the Polkadot and Kusama ecosystem. aUSD is minted from a variety of reserve assets. This allows holders of the reserve assets to earn, spend, trade, and access other services without price volatility while retaining ownership of their reserve assets.
Acala USD is pegged to the US Dollar. aUSD can be trustlessly integrated by any blockchain connected to Polkadot or Kusama, as well as applications deployed on those chains. aUSD can also be integrated cross-chain on any other connected blockchain network.
More information: https://acala.network/ausd
Value for Astar ecosystem
Opening the HRMP channel with Acala and Karura will give a wide range of possibilities to the protocols building on Astar and Shiden Network. aUSD will bring new value in our protocols, likewise the liquid tokens LKSM and LDOT will add new options for our stablecoin AMMs, like Sirius Finance and Kagla creating LKSM <> KSM and LDOT <> DOT pairs.
Our native tokens ASTR and SDN are now available on Acala’s Finance Network, customized for DeFi and the protocols building on Acala’s EVM+ environment.
Mark your calendar
More announcements are coming for new HRMP channels and XCM assets. We will start with a huge campaign together with Acala to boost aUSD in our ecosystem in the next phase. It will be one of many chances to get extra incentives during the Astar summer!
Astar XCM vision
Astar CTO, Hoon Kim, wrote an extended view about our vision for XCM–it’s a great start to understanding Astar’s road to becoming the innovation hub on Polkadot. Check it out: part I, part II, and part III.
Imagine if there is a utility smart contract that is dedicated to sending XCM calls for specific extrinsics on a parachain deployed on Astar Network, and all developers have to do is load from that contract to fully utilize what the parachain can offer to their dApp. With the right tools, the right mind, and progress from the ecosystem, we believe that this will be the future of dApps in a heterogeneous network of blockchains. Hoon Kim, CTO at Astar.
About Acala
Acala is a decentralized finance network powering the aUSD ecosystem. The core product, Acala USD (aUSD), is a decentralized, multi-collateral, crypto-backed stablecoin serving as the native stablecoin of the Polkadot ecosystem. Acala’s Ethereum-compatible blockchain has built-in DeFi protocols for application developers to leverage, including a trustless staking derivative (liquid DOT), a decentralized exchange, and the EVM+, a hybrid EVM offering fully Ethereum-compatible development environment plus full compatibility with Substrate.
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About Astar Network
Astar Network — the Innovation Hub on Polkadot. Astar Network supports the building of dApps with EVM and WASM smart contracts and offers developers true interoperability, with cross-consensus messaging (XCM). We are made by developers and for developers. Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for the code they write and dApps they build.
Astar’s vibrant ecosystem has become Polkadot’s leading Parachain globally, supported by all major exchanges and tier 1 VCs. Astar offers the flexibility of all Ethereum and WASM toolings for developers to start building their dApps. To accelerate growth on Polkadot and Kusama Networks, Astar Space Labs offers an Incubation Hub for top TVL dApps.
