PARALLEL FINANCE ANNOUNCES PARTNERSHIP WITH ACALA NETWORK ON aUSD ECOSYSTEM FUND, ENABLING BRIDGELESS PARACHAIN TRANSFER
aUSD Ecosystem Fund will support and invest in early-stage startups setting up on parachain with robust aUSD use case
PALO ALTO, Calif., March 23, 2022 /PRNewswire/ — Parallel Finance, the main decentralized lending and staking protocol that aims to provide decentralized finance to the mainstream, right now introduced its partnership with Acala Network on its new aUSD Ecosystem Fund that supports and invests in early-phase startups creating on any parachain with a solid aUSD use circumstance. Acala is a decentralized finance hub and stablecoin platform powering cross-blockchain liquidity and purposes.
Enabling aUSD would enable people to transfer to any parachain on Polkadot and Kusama with no trusting a bridge. The indigenous decentralized stablecoin of Polkadot, aUSD is a multi-collateral, crypto-backed stablecoin that will allow people to launch liquidity from reserve property to gain produce while protecting ownership. In this partnership, the Ecosystem Fund will raise aUSD use scenarios within just the Polkadot and Kusama ecosystems. Now, reserve belongings include things like DOT, KSM, ACA and KAR. Parachain tokens such as BTC and ETH will be offered in the close to upcoming.
“aUSD is a essential infrastructure for Polkadot’s multi-chain ecosystem that will empower our customers. We are very pleased to be joining the aUSD Ecosystem Fund as a parachain husband or wife to mature aUSD utility in our ecosystem,” mentioned Yubo Ruan, Founder of Parallel Finance. “Anyone setting up in the Parallel Finance ecosystem with potent aUSD use scenarios can utilize for funding and assistance right here: https://medium.com/acalanetwork/polkadot-parachains-and-undertaking-cash-workforce-up-to-start-250-million-ausd-ecosystem-fund-to-improve-1592f925799a
Additional taking part parachain teams that qualify for the fund include Astar, Centrifuge, Efinity, Hydra, Manta, Moonbeam, OriginTrail and Zeitgeist.
For extra information and facts on Parallel Finance, remember to pay a visit to www.parallel.fi
About Parallel Finance
Parallel Finance is a trailblazing technological know-how organization that aims to provide decentralized finance to the mainstream. Specializing in DeFi-similar providers and items that enable lending, trading, staking, and derivatives on multi-chains, Parallel Finance empowers everybody access to monetary companies by its safe, effortless-to-use system.
The California-centered organization recently passed Binance to come to be the biggest third-bash application on Polkadot – just about a month since its launch. Fully commited to consistent innovation and backed by major-tier buyers, Parallel Finance strategies to provide DeFi to 1 billion people today. Find out additional at https://parallel.fi
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