1st Segment: QUESTIONS FROM HOST
Q1. Please Introduce yourself and the project.
Bette: Hi everyone. This is Bette, one of the co-founders of Acala. Acala is the decentralized cross-chain stable coin blockchain native to Polkadot & Kusama multichain ecosystem.
Q2. Can you share some Details about Recent Achievements done by your project? Also, what are the Future Roadmap & Targets of your project?
Bette： Acala is amongst the first builders in the Substrate and Polkadot ecosystem. We are still the top contributor to the Substrate and Polkadot repos. We are also amongst the first parachains to launch on Polkadot. We already achieved 360M total value locked after being operational since last week. Polkadot and Kusama will have 200 parachains connected, and tens of thousands more connected via networks of Relay Chains in future versions, and Acala’s stable coin aUSD will serve the liquidity natively and trustlessly for all these parachains.
Q3. Could you share Acala social media accounts with us, so that crypto users who want to reach details about Acala can reach you?
Q4. What's the strategy for future integrations? Is the plan to bridge to more external chains to increase kUSD and aUSD adoption? Or will there be more of a focus on building up Acala's native application ecosystem?
Bette： We will propose kUSD the stablecoin launched on Karura (of the Kusama network) to be upgraded and united with aUSD. So aUSD liquidity will serve both Polkadot and Kusama ecosystems.
We will be building an aUSD-focused ecosystem, on Acala via Acala EVM+ and on other parachains that integrate and create use cases for aUSD. We will be actively deploying and injecting liquidity to DeXs, money markets, DAOs and applications that integrates with aUSD. This is not limited within DotSama, but also to other consensus networks via bridges deployed on Acala EVM+.
aUSD is a collateralized algorithmic stablecoin, releasing liquidity of underlying reserve assets (digital golds) to access yields, products and services without the need to selling those assets, which means can maintain exposure for asset growth. Therefore its an essential instrument for DOT/KSM/ACA/KAR holders, Treasuries, funds to increase utility and circulating value of these assets, while retaining exposure to them.
aUSD will also be the gateway for HyFi - hybrid finance - for Fintech and tradfi to access a variety of DeFi yields, products and services through aUSD. Our partnership with Fintech neo-bank Current.com is well underway to exposure many more democratised financial options to everyday users.
Q5. DeFi is one of the hottest topics in the blockchain field. Could you tell us your opinion about DeFi? Do you have any plan to approach DeFi?
Bette：DeFi is just a common name/category describing a new wave of innovation in finance that aims to provide individuals more liberal, sovereign access to financial services, without reliance and restrictions (often biassed) from centralised entities. We are one of the forces dedicated to build and innovate in this area, to provide folks an alternative, a way to access financial and non-financial (as Polkadot will support varied application specific chains) products and services in a highly scalable way.
we focus on building aUSD ecosystem, including dapps built on Acala EVM+, as well as parachain and dapps on those parachains that integrate with aUSD. aUSD will also expand reserve asset set to parachain assets.
Not only aUSD can travel trustless across hundreds of chains, but also able to release liquidity from many parachain assets
Q6. Acala DeFi platform is “all in one” as it has the ability to help users bet, trade, borrow, lend, win and more, all with micro gas fees. But could you explain to me how they do it without any inconvenience? Do users have to complete a KYC to access these tools? And how do the “micro gas” rates work? Are they really minimal?
Bette： Acala is an application (stablecoin) specific blockchain. aUSD is both a native Substrate asset and as ERC20 asset, hence can be seamlessly integrated natively by any parachians, and EVM systems.
Fees can be paid in any token including stablecoin, this is subtle but essential for non-crypto users. When you mint aUSD using DOT/KSM, you also earn yield, so essentially earning positive APR while drawing liquidity out of the underlying assets. This is powered by the Homa liquid staking protocol.
The Acala EVM+ also inherits features of Acala network, such as micro gas fee and settle fees in any tokens.
These protocols are non-custodial and trustless, and right now there is no kyc requirement, though there is terms and conditions for accessing them via the front-end dapp. However, compliance will be inevitable. Because of the customizable nature of the Acala network, we will be able to forkless upgrade and provide for compliance when the time comes.
Q7. I heard about the Acala official Twitter published the news of the ACA staking. Can you talk about this with us?
Bette：Most staking assets out there are essentially inflating the supply, and using a portion of the inflation to reward stakers. We chose fixed supply token economics. HODL >= staking.
So how do we provide for ACA staking? We use reward surplus generated by the network and treasury holding e.g. foreign assets like DOT, to buy back ACA. Normally when you buyback, it’s great for everyone. You can burn or just hold it in the treasury.
However, in our case, we decided to do a pilot staking program. We use the buyback ACA to reward those who willingly remove ACA from circulation to share the reward surplus.
Q8. What are some of the projects that you plan to launch on the Acala chain? Also, do you have any specific additional plans for partnerships with financial companies like current in ”Hyfi” efforts?
There are at least 2 money markets will be launching soon.
There is a treasury reserve DAO - AquaDAO using aUSD to access yield will be launching soon also.
There is also IndexZoo - using aUSD to enter/exit index funds
GameDAO using aUSD for GameFi
CapX using aUSD to release vested token liquidity and facilitate trading
Rand using aUSD to access cross-chain aggregated yields
OriginTrail using aUSD as payments for supply chain/knowledge graph
Also a multichain bridge to varied ecosystems like Solona, Ethereum, Terra etc.And a whole bunch more that are about to launch
Q9. Wondering if Acala & Karura are going to share the same bridged assets in the future. Say, if we have, ETH on Acala & Karura, is it going to be Acala-ETH & Karura-ETH separately, or is it going to be, idk, just one substrate-ETH? Asking this because one day we might have Acala/Polkadot & Karura/Kusama connected together, and think it'd be a little bit confused and perhaps inconvenient in terms of liquidity if we end up having two different bridged assets for the same thing.
These are only projects launching on Acala chain. There are also other parachains integrating with aUSD e.g. Centrifuge will bring real world asset to crypto and use aUSD as liquidity, HydraDX as specialized decentralized exchange chain will integrate aUSD as routing asset, and also generalized networks Astar and Moonbeam will integrate aUSD for their dex, money markets etc So when you look at Polkadot, it's a multichain bootstrapping effort, not just bootstrapping one network. This means there might be bigger inertia at the beginning to bootstrap all parachains, but once we pass that stage, the growth will be exponential compare to a single chain ecosystem If other parachians are doing really well integrating aUSD, then Acala will do really well, as we issue more aUSD, making underlying assets DOT/KSM/ACA/KAR more valuable It becomes a virtuous boosting cycle... the real power of polkadot ecosystem... but of course, we are at the very very beginning of that process right now.
Q10. What solutions does Acala have in place to ensure the enduring sustainability of the project? Also, what specific use cases can the Acala create in Web 3.0?
Bette： We've been building 2.5 years in Substrate and Polkadot ecosystem. We are really looooong term builders who want to make a difference. otherwise we'd have opted for other ways/tech stack to develop. App specialized chains will really bring new innovation to crypto and also beyond crypto. Acala's stablecoin aUSD on one hand will releasing liquidity from the 'digital golds' like DOT/BTC, and on the other hand, with a growing aUSD multichain ecosystem, it is also a gateway for everyday user to access DeFi
2nd Segment: QUESTIONS FROM GROUP
Q1: Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
Bette： There are multiple on-chain avenues including stablecoin fees, liquidation fees, liquid staking fees, swap trading fees. Acala also has an on-chain Treasury with foreign assets like DOT that is also actively earning and providing liquidity. In fact the ACA staking program comes from the earning surplus to share with stakers. Do remember ACA is non-inflationary, we don't print to give out 'arbitrary' reward Q2:When will the total supply of the ACA Tokens be minted Bette：all minted on genesis. and no more to be minted ever since.
Q3: On your website you don't mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven't, would you plan to perform any review of your smart contract in the near future?
Bette：We are audited by top auditors trail of bits, SR Labs and slow mist https://github.com/AcalaNetwork/Acala/tree/master/audit we also have ongoing economic audit from Gauntlet https://medium.com/gauntlet-networks/gauntlet-to-provide-automated-financial-risk-management-for-acala-and-karura-3f912adfe3a7
Q4: Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
Bette: Coinbase Venture, Polychain, DCG, Pantera, 1 confirmation are our backers and partners. We also have folks from traditional finance and non crypto filed like Golden Tree Asset Management, TQ Venture (Current.com backer) and more We're adding more Fintech, RetailFi, NFT partners, as well as DeFi partners
Q5: Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
Q6: Do you have any Bug Bounty to check for weakness? In what way do you plan to make Your project more complete??
Q7: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto projects?
Bette ：we have 40 now. started from 5 people with background in finance, exit from successful tech startups, award-winning app developer and top engineer contributor to open source repos
Q8: Can you explain how your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Bette：1,000,000,000 total supply. all minted on genesis. fixed supply. Fees are settled in ACA, so ultimately ACA is deflationary. ACA is the reserve asset that can be used to mint aUSD. ACA is also the governance token, governing network upgrades, financial parameters etc, as well as 2M DOT Treasury
Q9: Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven't yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
Bette：We already have 143k account holders, most of them are individuals https://acala.subscan.io/
Q10：Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
Bette ：aUSD is already live https://apps.acala.network/ while the product is live, the bootstrap is still very very early stage. We are literally the first operational parachain on Polkadot since last week. It will grow as Polkadot/Kusama ecosystem grows, it will grow as other parachains grow
Let’s look forward to a brighter future of Acala —the DeFi Hub of Polkadot
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