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Acala and Karura Receive Backing from Coinbase Ventures

Acala and Karura Receives Backing from Coinbase Ventures
  • The investment arm of Coinbase supports Acala and Karura.
  • The objective is to ensure the network supports a wide range of backers.

Polkadot’s Decentralized Financial (DeFi) hub Acala Network welcomes Coinbase Ventures into its rapidly expanding ecosystem, according to the blog post.

More so, Acala is an EVM-compatible layer-1 blockchain optimized for DeFi. Moreover, the Acala team has also developed a full suite of DeFi applications on top of the blockchain network to enable four core products. However, the core products are Liquid DOT staking (LDOT), Acala Dollar (aUSD), Acala DEX, and Acala’s decentralized sovereign wealth fund (dSWF).

In addition, the investment by Coinbase Ventures also supports Karura. However, Karura is the DeFi hub of Kusama, and developed by the Acala team.

Acala and Karura Bootstraps Parachain Auctions

The Polkadot and Kusama ecosystem parachain auctions are nearing. The Acala team is in deep preparation for its two blockchain networks, Acala and Karura. Moreover, several promising projects in the Polkadot ecosystem are eyeing the valuable parachain slots.

More so, the Acala team would first need to win a parachain slot on Kusama to launch Karura. Next, it will have to win a parachain slot on Polkadot to enable Acala to launch on the high-throughput network.

Notably, both of the aforementioned auctions will be bootstrapped by the Karura and Acala communities. The objective behind such a level of community participation is to ensure the network supports a wide range of backers.

The launch of Karura on Kusama will allow the Kusama community to access Karura-related DeFi products. It is worthy of note that Karura will bring the Karura Dollar (kUSD), Karura’s AMM-style DEX, and liquid KSM staking (LKSM) to the Kusama ecosystem. Karura will also be an EVM-compatible layer-1 chain.

The blog post adds,

The aim is to win the very first slot on Kusama’s network for Karura, in order to provide essential, foundational financial products that can be leveraged by all other parachains and DApps that will launch on the network.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.