Acala is an appchain powering Web3 finance and DeFi on Polkadot. In an exclusive AMA session with LetsExchange, Travis, Product Marketing Manager at Acala, shared insights into their ecosystem, future plans, and what sets Acala apart in the competitive DeFi space. Here are the key takeaways from the conversation.
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John from LetsExchange: Can you tell us more about the Acala ecosystem and what sets it apart?
Travis: "Our overall goal is to be a liquidity layer of Web3 crypto finance. We aim to be the connecting layer for applications across multiple blockchains. Liquidity gets fragmented across different platforms, and our mission is to provide a unified liquidity layer that any app can connect to from anywhere. This helps build robust applications that need deep liquidity."
John from LetsExchange: "Can you tell us more about Jito Sol and what sets it apart?"
Travis from Acala: "Bringing in Jito Sol is kind of a first step to our larger vision. We chose Jito Sol for many reasons. It has a very similar structure to our liquid staking token LDOT but with Solana exposure. Users will be able to invest in Jito Sol and earn additional rewards, including ACA, as we will be opening incentivized pools. This move not only brings Jito Sol to Acala but also to the whole Polkadot ecosystem, potentially with support from the Polkadot treasury."
⚠️ Update from Travis: “We’ve delayed our Jito launch slightly to enhance user experience, ensuring that processes like gas management and transaction batching are seamless. We will be sharing more info next week.”
Audience member: What are the potential benefits for developers building on the Acala network?
Travis: "For developers, we provide full support, including grant programs that offer ACA tokens or stablecoins. We help with marketing efforts, campaigns, testing, and getting appropriate audits. We also collaborate with initiatives like the 180 Days of Polkadot campaign to help new and experienced developers build on Acala EVM Plus and other parachains on Polkadot."
Audience member: How do you plan to drive the adoption of Acala beyond the current user base?
Travis: "Our multi-chain capabilities set us apart. With both EVM and Substrate compatibility, we can integrate new innovations and exciting projects easily. We're also looking into collaborations with the TON foundation and integrating with other ecosystems to ensure our users have seamless experiences across different blockchains."
Audience member: What are you doing to avoid people trying to manipulate and front-run your platform?
Travis: "We have implemented loyalty programs where early reward redemption incurs penalties, and staying longer offers bonus rewards. This helps prevent whales from soaking up rewards. We also have rate-limiting features to prevent potential hackers from pulling all the liquidity out."
Audience member: What are the educational initiatives or resources provided by Acala to help users understand blockchain technology?
Travis: "We are launching monthly workshops with free videos and have comprehensive documentation available on GitHub. Our lead developer is very active on GitHub to help with any queries. We also collaborate with initiatives like the “180 Days of Polkadot” to provide educational resources and rewards for learning."
Audience member: Can you elaborate on Acala's unique multi-chain capabilities and the Acala dollar stablecoin?
Travis: "We are driving cross-chain compatibility with EVM and Substrate. Our vision of a multi-chain future involves seamless interactions across chains, integrating new projects easily, and providing a strong liquid stake token that interacts with other ecosystems. The Acala dollar stablecoin is part of this vision, ensuring financial stability and liquidity across the Polkadot ecosystem."
Audience member: What are your long-term goals, and how do you hope to contribute to the NFT ecosystem?
Travis: "We aim to be the liquidity layer for Web3 finance and DeFi. Our goal is to integrate with top liquid staking protocols and work with traditional finance to package crypto solutions for everyday users. This includes contributing to the growth and development of the NFT ecosystem through innovative integrations and collaborations."
Closing Remarks
Travis: "Thank you, LetsExchange, for hosting this AMA. We're excited about the future and look forward to seeing the Acala community grow. If anyone has questions, feel free to reach out on Discord or follow our updates."
Nadine from LetsExchange: "Thank you, Travis, for joining us. It's been a great session, and we're excited about the future collaborations with Acala. Stay tuned for more updates and opportunities coming in August."
For those interested in exploring Acala or participating in the cashback promotion, visit LetsExchange.io and follow both Acala and LetsExchange on social media for the latest updates.