Since the Acala aUSD error mint incident on 14/08/2022, a series of trace reports have been published to reveal the full extent of the incident, including the flow of every aUSD error mint, the flow of error mint-swapped tokens, and the identification of all addresses involved in the incident. A series of community governance votes have been passed, such that all liquidity pools are now re-capitalized and rebalanced, and all aUSD in circulation are now fully collateralized. The Acala network is in a state where it’s ready to resume operations.

Current State of Acala Network

The total circulating supply of aUSD is 10,961,589, of which 5,837,712 aUSD was required to be re-collateralized and is now fully collateralized. Acala Foundation borrowed 5,837,712 aUSD through CDP using its own funds (3,794,703 USDC and 42.7M ACA) as collateral. The aUSD was then burned to achieve re-collateralization. The aUSD funds are Acala Foundation’s donation to the network, although in the original community proposal it was requested as a loan to the network. Acala Foundation will also manage the CDP positions and the associated aUSD debt repayment.

The following liquidity pools in Acala Swap are re-capitalized and rebalanced to pre-incident levels:

aUSD/LDOT Pool

• LDOT price: 0.978 aUSD
• aUSD liquidity: 682,581.14
• LDOT liquidity: 697,788.51

aUSD/iBTC Pool

• iBTC price: 25,906 aUSD
• aUSD liquidity: 65,694.85
• IBTC liquidity: 2.54

aUSD/LCDOT Pool

• LCDOT price: 6.849 aUSD
• aUSD liquidity: 1,162,754.64
• LCDOT liquidity: 169,774.23

ACA/aUSD Pool

• ACA price: 0.3 aUSD
• aUSD liquidity: 3,189,602.51
• ACA liquidity: 958,605.96

aUSD/INTR Pool

• INTR price: 0.119 aUSD
• aUSD liquidity: 133,351.00
• INTR liquidity: 1,114,376.66

DOT/LCDOT Pool

• LCDOT price: 0.755 DOT
• DOT liquidity: 238,922.03
• LCDOT liquidity: 316,293.04

Acala Foundation has provided the following funds for the re-capitalization and rebalancing of the pools; the funds are a donation to the network, although in the original community proposal it was requested as a loan to the network:

• 2,489,614 ACA
• 80,853 DOT
• 0.164 iBTC
• 995,020 INTR
• 530,700 LDOT

Acala Foundation continues working with legal, law enforcement, and various partners to retrieve and return all aUSD error mints and error mint-swapped tokens to the protocol. Currently, some assets are frozen on-chain via community governance vote, and some assets are frozen in a number of CEXs. We truly appreciate all the support and help from our partners — the web3 community is stronger together.

A bounty of up to 5% is open to any party who returns at least 95% of funds involved in the incident (aUSD error mints and error mint-swapped tokens) that are transferred out from Acala to other parachains and CEXs (see full trace report here). Once returned no further action will be taken to these addresses regarding the returned funds (details for return funds here). The effort to trace and retrieve all aUSD error mints and error mint-swapped tokens will be continued, and a final report will be issued once it’s concluded.

Resuming Operations

Since the incident, a number of operations have been paused via urgent governance votes, including incentives pallet, DEX, honzon protocol, oracle pallet, LDOT instant redeem, non-ACA token transfers, xcm transfer out, EVM+, etc. As all aUSD in circulation have now been re-collateralized and liquidity pools are re-capitalized and rebalanced, the Acala network is in a state ready to resume normal operations.

There are a number of factors to consider when resuming operations:

• the market conditions have changed considerably since the incident
• current token market prices are much lower than that of the liquidity pools on Acala, which will impact the liquidity providers if the pools are opened for trading straight away. We recommend that LPs be allowed to withdraw liquidity for a few days prior to trading reopens.
• Similarly, with the current token market prices, many CDP vaults would be liquidated if the oracle pallet was enabled straight away. We recommend that the vault owners be allowed to manage vaults (repay debt, withdraw collateral, add collateral, etc.) based on current market conditions for a few days before enabling oracles.

Noting that a sentiment vote regarding resuming services was passed, we recommend a phased approach to resume operations on the Acala network with the following technical details:

Phase 1 Enable LPs to withdraw liquidity from pools

• Pre-requisite: after runtime upgrade to fix dex_saving code
• Enable trading pairs: aUSD/LDOT, aUSD/iBTC, aUSD/LCDOT, ACA/aUSD, DOT/LCDOT, aUSD/INTR
• Unpause DEX remove liquidity and unstake LP tokens
• Reset transaction fee pool to pay fees in non-ACA tokens

Phase 2 Enable remaining operations except for oracles

• Pre-requisite: a few days after Phase 1 is executed
• Unpause trading, add liquidity, incentives pallet, LDOT instant redeem
• Enable CDP repayment, close CDP, and withdraw collaterals
• Apply new risk parameters if needed
• Enable token transfer, xcm out, EVM+

Note: extend the duration of liquidation auction if needed, prior to Phase 3 being executed.

Phase 3 Enable oracles

• Pre-requisite: a few days after Phase 2 is executed
• Enable oracles
• Unpause stability fee and CDP borrowing

Next

We look forward to the Acala network resuming normal operations soon. Acala Foundation will continue to work with various partners to retrieve and return all aUSD error mints and error mint-swapped tokens to the protocol. Going forward, Acala will further strengthen the security of the Acala network and its protocols with the planned items on our security roadmap outlined here.

About Acala

Acala is a decentralized finance network powering the aUSD ecosystem. The core product, Acala USD, 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 — LDOT), a decentralized exchange, and the EVM+, a hybrid EVM offering a fully Ethereum-compatible development environment plus full compatibility with Substrate.

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Acala’s Path to Resuming Operations was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

A misconfiguration of the iBTC/aUSD liquidity pool (“iBTC/aUSD LP”) (which went live earlier the day of August 14, 2022) resulted in error mints of a significant amount of aUSD. The reward for staking of iBTC/aUSD LP tokens accorded to contributors to iBTC/aUSD LP was intended to be INTR and ACA as outlined in the community post here announcing the launch of the iBTC/aUSD LP.

16 iBTC/aUSD LP contributors, when claiming their iBTC/aUSD LP rewards, received these error mints. Some of these LP contributors repeatedly added more liquidity to the pool and claimed more aUSD error mints, resulting in more aUSD being erroneously minted. Some of these identified LP contributors exchanged error mints they received for other tokens including DOT, IBTC, INTR, etc, and they transferred aUSD error mints and error mint-swapped tokens to other XCM-connected chains such as Polkadot, Moonbeam, Interlay, Astar, as well as CEXs.

Swapping error minted aUSD with other tokens led to a disruption in swap ratios of aUSD with other paired tokens in the pools on Acala Swap. A number of other users acquired aUSD error mints at a significantly disrupted exchange ratio. Some of these users repeatedly swapped more aUSD error mints as the imbalance of pools grew. They then transferred a significant amount of aUSD error mints to other XCM-connected chains and CEXs.

Response

To prevent further error mints, swaps, and outflow of error mints, a number of urgent governance votes were passed to reset the misconfiguration and pause the incentives pallet, DEX, honzon protocol, oracle pallet, LDOT instant redeem, non-ACA token transfers, xcm transfer out, EVM+, etc.

A number of trace reports were published in the following days and weeks to reveal the full extent of the incident:

• There were total 3.022B aUSD error mints
• 2.96B were found in the addresses of the 16 identified LP contributors (trace here and here)
• 12.38M aUSD error mints were found on the top 35 accounts that acquired a significant amount of aUSD error mints or were linked to the accounts that acquired a significant amount of aUSD error mints (trace here)
• The remaining 52.068M aUSD error mints, error mint-swapped tokens and every address involved in the incident were identified in the full trace report here.

The community could then verify the information using on-chain data and formulate proposals to resolve the issues, re-collateralize aUSD, and formulate plans to resume services on the Acala network.

A bounty was offered (and still remains open) to those who returned aUSD error mints and error mint-swapped tokens that were transferred out to other parachains. See more details here.

The root cause was identified and verified by an internal peer review and an external security auditor. The fix has been audited (here) and is ready to be applied in the next runtime upgrade via a governance vote.

Vulnerability

The root cause of the incident was a vulnerability in the DEX saving code that is part of the incentives pallet. The incentives pallet is consist of two functions to accumulate incentives periodically on block initialization:

• accumulate_incentives: accumulate incentive rewards (in various tokens) from the rewards vault where reward tokens are deposited
• accumulate_dex_saving: accumulate aUSD rewards from honzon stability fees (which are then shared with aUSD-pool LP contributors)

The DexSavingRewardRates specifies the rate/amount of aUSD rewards. The erroneous minting of aUSD on Acala was caused by the misconfiguration of the DexSavingRewardRates parameter of the accumulate_dex_saving function, which should have prevented the misconfiguration from taking effect. The accumulate_dex_saving function is a deprecated feature that was only used when Acala’s canary network on Kusama, Karura, was first launched.

Soon after the incident, to prevent further error mints, the DexSavingRewardRates parameter was reset to 0 (as originally intended) and the incentives pallet was paused via urgent governance votes. Further investigation has revealed the above code vulnerability, which could be fixed by removing dex_saving related functions (accumulate_dex_saving and update_dex_saving_rewards) and configuration (DexSavingRewardRates). A runtime upgrade will be required to apply the fix.

Audits

Upon launch, Acala’s codebase has been audited by Trail of Bits, SlowMist and SRLabs. SRLabs also provides continuous security assurance for Acala by auditing ongoing changes (in the form of Pull-Requests).

Security Roadmap

There are a number of initiatives on the roadmap to further strengthen the security of the Acala network:

• Parameter safeguard mechanism to continuously check and prevent misconfigurations
• Pallet safeguard mechanism to isolate risks in individual pallets using proofs
• Ongoing monitoring system for proactive detection of incidents

Next

A report on the current state of the Acala network and recommendations for resuming operations will be published soon.

About Acala

Acala is a decentralized finance network powering the aUSD ecosystem. The core product, Acala USD, 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 — LDOT), a decentralized exchange, and the EVM+, a hybrid EVM offering fully Ethereum-compatible development environment plus full compatibility with Substrate. Karura is Acala’s sister parachain to serve the Kusama ecosystem and shares the same codebase as Acala.

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Acala Incident Report — 14/08/2022 was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

It has been 7 days since the aUSD error mint incident happened on the Acala network. Below is a summary of what has happened so far and what we can expect next.

We have traced the 3.022B aUSD error mints that were claimed by 16 identified addresses. Some of the 16 identified addresses exchanged some of these error mints they received to other tokens including DOT, and they transferred aUSD error mints and aUSD error mint-swapped tokens to other XCM-connected chains such as Polkadot, Moonbeam, Interlay, Astar, as well as CEXs.

Some of the 16 identified addresses swapped their error minted aUSD with other tokens, leading to a disruption in swap ratios of aUSD with other paired tokens in the pools on Acala Swap. Certain other users acquired aUSD error mints at a significantly low cost. These users then transferred the aUSD error mints to other XCM-connected chains and CEXs.

We have since issued public calls to encourage aUSD error mints and aUSD error mint-swapped tokens to be returned to Acala Protocol.

Subsequently the team has been heads down tracing aUSD error mints and aUSD error mint-swapped tokens. The findings were as follows:

• 1.28B aUSD error mints were found on the 16 identified addresses. (Trace Result #1: 08–15–2022).
• 1.68B aUSD error mints found in the form of iBTC/aUSD LP token remained in one of the 16 identified addresses (Trace Result #1: 08–15–2022).
• 134.73K DOT swapped from aUSD error mints found being transferred to Polkadot and a certain amount subsequently sent to CEX. A bounty was issued to those who will return the funds (Trace Result #3: 08–18–2022 & Bounty)
• 12.38M aUSD error mints found on top 35 accounts that acquired a significant amount of aUSD error mints, or are linked to the accounts that acquired a significant amount of aUSD error mints (Trace Result #4: 08–19–2022).

A number of community discussions, proposals and referenda have been raised regarding the error mints, and as a result 2.97B error mints have been burned (Referendum #21, Referendum #24, Referendum #25, Referendum #26 etc.)

In the coming days/week, the team will be focusing on:

• Providing trace details for the remaining aUSD error mints, so that the community can formulate proposals to resolve the aUSD error mints. This is the most time consuming and critical part to get right, so please bear with us as we continue to complete the trace.
• Providing details on the situation of the liquidity pools that were severely disrupted by the incident, so that the community can formulate proposals to resolve the imbalance before the network resumes normal operations.
• Working with partners and the community to arrive at a recovery plan for aUSD

Many of the services on Acala have been disrupted, therefore the team is doing its best to strike a balance between accuracy and speed. As more traces on aUSD error mints and aUSD error mints-swapped tokens are being completed, our community will have a clearer picture in formulating aUSD recovery proposals. The Acala community, and the wider Polkadot and Kusama #Dotsama community, has been a strong and positive force during these challenging times, and what doesn’t kill us makes us stronger, together. Thank you for your strong support.

We still have a bit to go before services on Acala can be fully resumed. We appreciate your patience and support. And as usual, we will continue to release updates and trace reports as we progress. We have full faith in Acala, and will continue to build Acala’s future together with our community.

Updates on the aUSD Incident — 22 August 2022 was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

After two+ years of building and innovating, Acala has officially won the first parachain slot auction on Polkadot, signalling that the team can begin to onboard its customized, layer-1 network to Polkadot’s Relay Chain on December 18, 2021.

This momentous achievement is a testament to the strength and passion of Acala’s growing community, which now includes 800,000 members across global channels and over 100 ambassadors, all of whom inspire and inform Acala’s mission to build and nurture a new, open financial system that brings more accessibility, opportunity, and prosperity to all.

In total, over 190,000 unique contributors locked 32.5 million DOT in support of the Acala Crowdloan with 24.1 million DOT contributed to the Liquid Crowdloan vault, ensuring that a substantial portion of crowdloan liquidity will be unlocked and accessible for various DeFi use cases on Acala. For more details visit our contribution stats summary.

With gratitude and appreciation at the forefront of our minds, our team is now preparing to initiate the launch process for Acala. Here’s what you can expect on the journey.

A Thoughtful Approach to Launching

Acala’s team includes some of the leading blockchain innovators, Substrate and Rust developers, full stack dApp developers, and economists. With the best talent in place, we’re approaching Acala’s launch with focus, flexibility, patience, and wisdom.

Acala’s Roadmap

Here we’ve outlined a living roadmap to guide our team. Items are organized within four phases along the pathway of progressive decentralization.

Flexible & Adaptable

You may notice that timelines are purposefully abstract to account for any dependencies on Polkadot, as well as external audits in process that may require additional updates for the benefit and security of the network. The team is agile and ready to adapt to any changes.

Prepared to Practice Patience

With this in mind, we expect this launch process to take time. Unlike Kusama, Polkadot has longer governance parameters, which requires any Polkadot-dependent launch items to participate in the on-chain process — a 28-day voting cycle (4x that of Kusama).

We can, however, anticipate timelines for the following items:

• ACA tokens will be distributed within the first 4 weeks of genesis.
• Liquid Crowdloan DOT (LCDOT) will be distributed within the first 4 weeks of genesis with the entire amount unlocked. And once token transfers and DeFi protocols like aUSD stablecoin and Acala Swap are enabled, LCDOT holders will be able to make use of its underlying DOT liquidity.
• 2M+ DOT acquired from the Build Acala events will be transferred to the Acala Treasury within the first 4 weeks. This protocol DAO will enable self-sustainability and growth of the Acala network, all governed and managed by Acala network owners.
• Token transfers on Acala will be enabled in Q1. This will allow users to transfer tokens like ACA and LCDOT between accounts.
• NFT rewards will be distributed within Q1.

We kindly ask for the community’s patience as we work to enable each component of Acala’s new financial infrastructure.

Informed By The Wisdom of Karura

Though timelines are to be determined, the launch process includes great clarity informed by key learnings from Karura, Acala’s sister network on Kusama. With much of Karura’s launch process behind us, we’re now able to better understand which initiatives need to be prioritized or reconfigured for the benefit of Acala’s launch.

• Acala has partnered with Gauntlet to help build financial risk parameters for the DeFi protocols soon launching on the parachain. Real-world data from Karura is allowing Gauntlet to have precision in their data analysis in the preparation of Acala’s launch, whereas with other protocols, Gauntlet was only able to model data based on assumptions. The Karura DeFi data will allow Acala’s financial parameters such as collateralization ratios and liquidations to be optimized very early in the parachain’s life.
• Karura has also helped the team to better understand how to build a supportive and straightforward experience for users of the Karura Apps. We have built an exhaustive Apps Wiki for Karura, along with guides, videos, Discord support channels, and more. We plan on using everything we learned along with the way with Karura in order to provide the best possible experience for users utilizing our native protocols as well as all the DApps that will soon be launching on the Acala EVM+.
• Acala will also be able to leverage a lot of the experience and learnings taken from the governance process on Karura. We have learned a lot from the Karura governance process in order to optimize things like proposals on the governance forum, hosting community calls to discuss new governance proposals and referenda, providing a channel for email alerts on new governance votes, and how to guide other teams along the process of making proposals on the forum for events like new token listings on the Karura DEX.

A Budding DeFi Ecosystem

With these insights, the Acala team is more motivated than ever to scale its new financial infrastructure — one that includes a broad coalition of innovative developers as well as enterprise integrations.

Bringing DeFi to Fintech

As we look into 2022 for the Acala ecosystem, Hybrid Finance (HyFi), will surely play a major role. Acala is building a DeFi backend that is already the integration partner of choice for major FinTech companies and neobanks such as Current.com. Current will be integrating its fintech savings app with Acala to bring DeFi yield to its 3 million U.S. based customers. Acala will provide an API for Current, and will continue to roll out the product to other FinTech customers around the world. Read more about the partnership announced in May 2021.

The most advanced EVM in Web3

Substrate and Polkadot are categorically different from Ethereum in a way that will empower many new, chain-level innovations outside of the EVM sandbox. We are firm believers in the power of Substrate and built the Acala EVM+ to also optimize for Substrate’s full potential and longevity, rather than simply redeploying Ethereum on Polkadot and inheriting all the same problems Polkadot was built to solve.

The Acala and Karura developer ecosystem is anxiously awaiting the release of Acala’s EVM+. The testnet is live and being tested with teams building in the Acala and Karura ecosystem. EVM+ will then launch on Karura first once fully tested and ready. This will begin the launch of Karura’s DApp ecosystem built in the EVM+ environment. After some experience with the EVM+ on Karura, Acala will then also deploy the EVM+ environment. There are now over 15 teams ready to launch on the EVM+ and we look forward to supporting the success of all of these teams in early 2022.

A Commitment to Community

One thing is certain, our community comes first. In addition to Karura’s Community Calls, Acala’s Crowdcasts, Twitter Spaces, and team Q&As, we intend to continue scheduling events to further support accessibility and transparency between the team and Acala’s growing ecosystem. We’re committed to providing ongoing communications with frequent updates, starting with the pre-launch crowdcast event this week. Watch as Bette, Bryan, and Dan walked through the Acala launch roadmap on December 15, 2021:

About Acala

Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar — aUSD), a trustless staking derivatives (liquid DOT — LDOT), and a decentralized exchange.

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Acala To Initiate Its Launch Process on Polkadot: Here’s Our Approach was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

Financial technology company, Current.com, to integrate with Acala’s DeFi Hub, will utilize proprietary technology to build infrastructure in the Polkadot ecosystem

Current, a leading U.S. financial technology company serving Americans who are working to create a better future for themselves, today announced its partnership with Acala, a decentralized finance platform built on Polkadot. The partnership, the first of its kind, establishes a new category of hybrid finance (HyFi) that combines both traditional and decentralized financial applications.

In order to ensure full trust of these products, Current will run its own infrastructure and join the active validator set on the Polkadot network.

The integration with Acala is built directly into Current Core, Current’s proprietary core banking platform, which is designed to bridge closed-loop fiat systems to open platforms. This will expedite development of HyFi infrastructure designed to deliver value to Current’s nearly three million members.

“We created Current because we could see how money was being re-networked through new technologies,” said Trevor Marshall, Current Chief Technology Officer. “Our initiative with Acala allows us to flex this muscle we have been developing for the past six years.”

Acala is an all-in-one decentralized finance network offering a blockchain platform secured by Polkadot, as well as a suite of cross-chain financial applications that let users trade, issue self-serviced loans, become liquidity providers, access staking derivatives, and earn high-interest APY on their digital assets. The network is optimized for DeFi and well-equipped to serve the growing demand for HyFi applications.

“Current is leading the way at the intersection of modern banking and decentralized finance. The integration between Acala and Current is a groundbreaking innovation, and we are excited to bring cutting-edge financial solutions to Current’s members,” said Bette Chen, Co-Founder of Acala. “This is only the tip of the iceberg of the products we can build to blend traditional fintech and crypto-native products.”

“Polkadot was built to enable a decentralized web with native financial infrastructure, and Acala’s integration with Current accelerates that vision,” added Peter Mauric, Head of Public Affairs at Parity Technologies, the software development company building the initial implementation of Polkadot. “Growing digital economies will rely heavily on initiatives like this, bridging users from a siloed past to our open future.”

About Current

We are a leading U.S. financial technology company serving the needs of Americans who are working to create a better future for themselves. Our mission is to enable members to change their lives by creating better financial outcomes. Leveraging the best technology, we deliver inspirational and motivational products as we all move forward in a world of increasing digitization and complexity. To learn more about us, visit http://www.current.com or download our app on the App Store or Google Play.

Current is backed by investments from Andreessen Horowitz, Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management, QED Investors and EXPA.

About Acala

Acala is an all-in-one decentralized finance network offering a blockchain platform secured by Polkadot, as well as a suite of cross-chain financial applications that let users trade, issue self-serviced loans, become liquidity providers, access staking derivatives, and earn high-interest APY on their digital assets. The network is scalable, Ethereum-compatible, and optimized for DeFi.

Acala was founded in Oct 2019, and today has received five Web3 Foundation grants, has backing from Coinbase Ventures, Pantera Capital, Polychain Capital, Hypersphere and other top firms, and has a distributed team in New Zealand, China, Europe, Brazil, and the United States.

About Karura

Karura is the all-in-one DeFi hub of Kusama. Founded by the Acala Foundation, Karura is a scalable, EVM-compatible network optimized for DeFi. The platform offers a suite of financial applications including: a trustless staking derivative (liquid KSM), a multi-collateralized stablecoin backed by cross-chain assets (kUSD), and an AMM DEX — all with micro gas fees that can be paid in any token.

Linktree | Discord | Website | Twitter | GitHub | Newsletter | YouTube

Media Contacts

Dan Reecer
VP of Growth, Acala
media@acala.network

Erin Bruehl
Director of Communications, Current
media@current.com

Current and Acala Announce Partnership, Bringing Hybrid Finance (HyFi) to Current’s 3 Million U.S. was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

Compound has recently launched the Compound Gateway testnet — a cross-chain money market built with Substrate. Acala is a firm believer and a long-term builder for the multi-chain future. We believe in reducing liquidity fragmentation and increasing composability and DeFi accessibility to everyone. This is a vision we share with the Compound Gateway.

Polkadot is a layer-0 protocol that merely provides shared PoS security and cross-chain communication for its connected parachains. Other chain-specific and application-specific logic, such as EVM and smart contracts, are implemented on parachains. Acala’s parachain plays the role of DeFi hub and a landing pad that aggregates assets and liquidity from a variety of blockchains.

We will integrate with Compound Chain and implement its cross-chain interface, Starport. The proposal was first published on the Compound forum and has since gathered great community feedback. This proposal will enable us to bring Compound’s services and CASH token (Compound’s interest-bearing token) to Acala and Polkadot, and introduce DOT and Liquid DOT (LDOT) as new collateral assets to the Compound money market.

We are confident this contribution will be beneficial to the Compound community, to Acala, and to the Polkadot ecosystem, creating a win-win-win situation with a more evolved and cheaper money market service, more collateral asset variety, and much wider user adoption across multiple blockchains.

This proposal has now received a grant of USD$35,000 from the Compound Grants Program as its first batch of funded initiatives. This proposal will partially be funded by this grant, and partially funded by Acala. The detailed implementation plan can be found here.

This is our first public proposal to the Compound community. We have been pleased to receive warm welcomes and helpful feedback from various members of the community. We look forward to making the proposal a reality, and continuing to share more development progress as we proceed.

About Acala

Acala is the all-in-one DeFi hub of Polkadot. Acala is an Ethereum-compatible platform for financial applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities and robust security. The platform also offers a suite of financial applications including: a trustless staking derivative (liquid DOT), a multi-collateralized stablecoin backed by cross-chain assets (aUSD), and an AMM DEX — all with micro gas fees that can be paid in any token.

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Acala Receives Compound Grant to Connect Compound Chain and Polkadot via Acala was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

A Recap of Karura’s Crowdloan and Parachain Auction, EVM, Ampleforth, Open Oracle Gateway for Polkadot, and more

Happy Holidays! This is a special edition of Building Acala bringing you updates for November and December 2020. If you’re new to Acala, welcome! Acala is the decentralized financial hub of Polkadot that makes it fast and easy to use or build financial applications, improving trading efficiency and saving valuable time.

Last couple of months have been about building and giving back — we have made significant breakthroughs in EVM and Substrate composability and compatibility, deployed the Open Oracle Gateway with Acala, Band and DIA as initial oracle network providers, welcomed Ampleforth in joining the ecosystem and bringing AMPL to Acala/Polkadot, and launched Karura (Kusama’s DeFi Hub) Crowdloan campaign ahead of the upcoming parachain auction and launch.

Research & Development Update

• Project Bodhi is a composable and innovative EVM stack on Substrate to deliver full-stack composability between EVM and runtimes for developers, and a single-wallet cross-chain experience for users. Read more on Github. Further details will be revealed in an upcoming post and demo.
• Open Oracle Gateway is our approach to create a more open, inclusive and decentralized oracle framework for Acala DeFi hub, Polkadot, Kusama ecosystem and beyond. The Gateway allows multiple oracles networks to provide services to any DApps deployed on or connected to Acala, while enjoying Quality of Service and free transaction fees. The Gateway is up and running on Acala testnet, Acala, Band and DIA are the initial oracle network providers. Read more below:

Introducing the Open Oracle Gateway for Polkadot

• Ampleforth on Acala/Polkadot: AMPL the rebasing currency and elastic finance building block will be available on Polkadot via Acala network. Ample will become a 1st-class fee token on Acala, Ampleforth contracts will be deployed on Acala’s EVM with minimal changes while enjoying seamless integration with Acala’s DeFi primitives and liquidity, thanks to Project Bodhi. Read more below:

Ampleforth, a DeFi Building Block, Brings Rebasing Currency and Elastic Finance to Acala and…

• Decentralized Sovereign Wealth Fund: is the next-gen DAO and unforkable AUM. Read more below and on Parity’s blog.

Acala’s Decentralized Sovereign Wealth Fund — A Next-gen DAO & Unforkable AUM

• Security Audit: SRLabs and Slow Mist have completed their audits on Acala including all runtime implementations, ecosystem module RenVM, the community maintained ORML modules that Acala depends on, as well as the front-end interface for Acala’s DApp. The Trail of Bits audit is scheduled to commence in Jan 2021. Read more below:

Acala Security Audit

Launch Plan & Community

• Launch Timeline: Rococo parachain testnet V1 has been released and will accept parachains early Jan 2021. This is a solid technical indicator of parachain readiness. If testing and auditing all go as planned, then Kusama will enable parachain auctions, followed by Polkadot. Acala will be amongst the first parachains and launch on both networks.

• Karura’s Parachain Launch Crowdloan Waitlist is Open: Karura (Acala’s sister network on Kusama) will host the first crowdsourced parachain launch. The Crowdloan model is pioneering a new way of fair network bootstrapping: KSM holders lock their tokens to help us lease a parachain slot and gain access to Kusama’s shared security, they will get all principles back at the end of the lease, while receiving KAR tokens as reward for their support. The goal is to distribute our tokens to as many KSM holders as possible, and a bonus referral program is set up to achieve this goal. The campaign started a few days ago, and now already attracted 3.3k people joining the Crowdloan waitlist! Join Karura’s Crowdloan waitlist here and view the Karura Crowdloan website.
• The Substrate Runtime Developer Academy launched by Acala, Industry Connect and Parity, and supported by wide range of community partners is a professional level program to help developers building production-grade applications for Polkadot. The first intake has 52 students from 19 countries inc Argentina, Brazil, Russia, US, Turkey and more. Polkadot Treasury has recently granted the program a scholarship fund of 643 DOTs to support students in need. Read more on the Treasury proposal or sign up for the next cohort (Feb 2021) now!
• Vote Acala for Polkadot & Kusama Council Member: for a more enlightened DeFi future. During our tenure, we have participated in 37 Kusama council votes and 37 Polkadot council votes.
• Token Distribution: one of our goals is to distribute our tokens as widely and fairly as possible. Looking back 2020, we have distributed roughly 1 hundred thousand ACA and 3.5 million KAR tokens to the community through testnet participation — the Mandala Festivals, bounty programs and hackathon prizes.

Events & Media

• Polkadot Decoded: the first Polkadot conference has attracted over 6,000 attendants, watch Acala’s co-founder Ruitao Su’s presentation here.
• Hackathons: we have supported the following hackathons:
• Polkadot’s Hello World on Gitcoin
• Polkadot Encode Hackathon here
• Substrate Dorahacks in Hangzhou here
• Acala’s co-founder Ruitao on Pantera’s Conference Calls “Deconstructing DeFi” with Alchemy’s co-founder Joe Lau here
• DeFi Startup Acala to Build New Oracle Network For Polkadot Ecosystem by CoinMarketCap
• DeFi on Polkadot by Cointelegraph

Join Us

Discord | Website | Twitter | GitHub | Acala Wiki | Telegram | Riot Chat

To keep up to date with progress on the Acala parachain launches on Polkadot and Kusama, subscribe to the Acala Newsletter.

Work with us — we’re hiring 😎

About Acala

Acala is the decentralized financial hub of Polkadot that makes it fast and easy to use or build financial applications, improving trading efficiency and saving valuable time. The platform offers a suite of financial primitives: a multi-collateralized stablecoin backed by cross-chain assets like Bitcoin, a trustless staking derivative, and a decentralized exchange to unleash liquidity and power financial innovations. Acala is the de-facto open platform for finance applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities, security and financial optimizations.

About Karura

Karura is the decentralized financial hub of Kusama. The network is built as Acala’s sister network with nearly the same codebase — the two platforms enable a scalable, user-friendly, and fast cross-chain DeFi ecosystem for Kusama and Polkadot. Karura’s parachain is a fast-moving and powerful platform that enables efficient, inexpensive, and sophisticated financial applications, improving trading effectiveness and saving time. The platform offers a suite of financial primitives: a multi-collateralized stablecoin backed by cross-chain assets like Kusama and Bitcoin, a trustless staking derivative, and a decentralized exchange to unleash liquidity and power financial innovations.

Building Acala — November & December 2020 was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

Ampleforth will likely launch on Acala (Polkadot) early next year

The Independent, Multichain Money

AMPL by the Ampleforth team is a truly independent cryptocurrency that brings chain-agnostic, non-dilutive money to decentralized finance. Soon it will be available across the Acala network.

Ampleforth introduced the world to the rebase, a unique mechanism which ensures price-supply equilibrium. Ampleforth is like Bitcoin, except it can be used to denominate stable contracts. Like Bitcoin, AMPL is uncollateralized. Unlike Bitcoin, AMPL has an elastic supply policy. The Ampleforth currency automatically ‘rebases’ its supply in a proportional and non-dilutive way in response to price volatility. This approach is key to realizing stable contracts, a critical hedge against the price volatility associated with smart contracts today. This capability makes AMPL a key building block for DeFi ecosystems.

Ampleforth Everywhere has been a long term vision of the Ampleforth team to bring AMPL to multiple blockchains and execute its monetary policy to regulate its supply with market demand.

Ampleforth will likely launch on Acala (Polkadot) early next year, making it the first multichain independent money to serve the wider cross-chain crypto and DeFi community.

Polkadot enables a network of interconnected blockchains, offers inter-chain communication and shared security to bridge existing chains like Ethereum and Bitcoin with many parachains that are connected to it. Polkadot has a hub-and-spoke architecture, where its current live network is the hub aka the Relay Chain that offers Proof-of-Stake network security and will be an anchor for cross-chain communication. However, it does not have any application-level implementations, nor smart contract capability, which is realized by individual parachains and parathreads.

Acala is one of the leading parachains in the Polkadot ecosystem that is optimized for DeFi, often serves as a landing pad and DeFi hub of Polkadot. DApps deploying on Acala not only gain immediate access to Polkadot’s multi-chain ecosystem via cross-chain message passing mechanism (XCMP), but also have full access to Acala’s existing DeFi primitives such as DeX, user base, and liquidity.

AMPL on Acala (Polkadot)

We’re pleased to welcome Ampleforth to Acala’s Ecosystem Program, as well as the ever-growing Polkadot ecosystem.

Ampleforth Everywhere will have a single monetary policy that automatically adjusts supply based on demand (called ‘rebase’) on multiple blockchains. The user flow looks like this:

• Value-transfer: A user is able to transfer AMPLs from their wallet on one chain to another wallet on a different chain.
• State Transfer: The monetary policy is able to call rebase() on the token contract of a different chain, or otherwise sync its state to the other chain to adjust supply.

Specifically, Ampleforth’s deployment on Acala will bring these benefits to the users

1. Enable Ample money on Polkadot via Acala network
2. Ample will become a 1st-class fee token on Acala, meaning users can pay AMPLs as fees when transferring AMPLs
3. Ampleforth contracts will be deployed on Acala’s EVM with minimal changes while enjoying seamless integration with Acala’s DeFi primitives e.g. list directly on Acala Swap DeX.
4. Transfer AMPL between Ethereum and Acala/Polkadot: RenVM will initially provide an Ethereum to Acala (Polkadot) bridge that will be used for value transfer and state transfer. Meanwhile, ChainBridge is considered as an alternative solution, while Snowfork’s trustless Ethereum bridge is also considered as a fully decentralized bridge option once it becomes available.

Technically Acala EVM is powered by Project Bodhi — a composable and innovative EVM stack on Substrate — a customizable blockchain framework used for building Polkadot, Kusama, Acala, and various types of blockchains. Project Bodhi has recently been awarded Web3 Foundation Open Grant to deliver full-stack composability between EVM and runtimes for developers, and a single-wallet cross-chain experience for users. More details will be revealed in an upcoming post.

What’s Next

We are also collaborating with Ren to make RenVM Ethereum to Acala (Polkadot) bridge available in early 2021. Then Ampleforth contracts can be deployed on Acala mainnet, making AMPLs one of the first cross-chain assets available on Polkadot, and help realize the vision of Ampleforth Everywhere. Together with Polkadot and other ecosystem collaborators, Acala is poised to bring the cross-chain DeFi ecosystem and liquidity together, and empower more open finance innovations.

Click here to learn more about Ampleforth.

Interested in a career in decentralized finance? If you enjoy working on high-impact, web3 and DeFi challenges, check out our open positions here. We’d love to hear from you.

Join Acala

Website | Medium | Twitter | GitHub | Discord | Telegram | Acala Wiki

To keep up to date with progress on the Acala parachain launch, subscribe to the Acala Newsletter.

About Ampleforth

Ample is a new base-money cryptocurrency with elastic supply and rules-based governance. Ample naturally adapts to changes in demand by universally expanding or contracting supply, these changes affect all wallets equally, ensuring AMPL remains non-dilutive like Bitcoin. Ample supply expands or contracts by smart contract according to a rules-based monetary policy. Ample is not correlated with or derived from any other asset. Ample is a new base-money primitive for building the future of decentralized finance.

About Acala

Acala is the decentralized financial hub of Polkadot, making it fast and easy to use financial applications available to everyone. The platform offers a suite of financial primitives: a multi-collateralized stablecoin backed by cross-chain assets like Bitcoin, a trustless staking derivative, and a decentralized exchange to unleash liquidity and power financial innovations. Acala is the de-facto open platform for finance applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities, security and financial optimizations.

Ampleforth, a DeFi Building Block, Brings Rebasing Currency and Elastic Finance to Acala and… was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

Ever since our inaugural edition back in March, Mandala Festival has been our way to showcase new developments, celebrate our progress, and share much joy with the community. We’ve been extremely grateful for your support, enthusiasm, engagement in network activities and discussions.

Last season was the hottest ever, with Ren and Laminar joining the party, and a considerable influx of new participants and a swirl of meaningful activities:

👥 14,500 + new accounts
⛓️ 140,000 + meaningful transactions
💰 $52 million locked total value (testnet)
💲 $25 million aUSD issued (testnet)
🎉 Over 2,350 users received awards

Mandala TC5 Optimised for DeFi

As we launch this fourth season of the festival on Halloween night Saturday 31st of October, it’s perhaps time to reiterate Acala’s mission, as the decentralized financial (DeFi) hub of Polkadot: to make it fast and easy to use or build financial applications, improving trading efficiency and saving valuable time. We have recently launched Karura network to extend our mission to serve the Kusama community as its primary DeFi hub. We have launched a new testnet candidate (TC5) alongside this festival with the following updates doubling down on our effort to accelerate DeFi innovations.

The most recent updates in optimizing for DeFi a reality are as follows:

• Oracle Gateway: this is an open, more decentralized, and DeFi optimized oracle infrastructure available to all DApps built on Acala. It allows multiple oracle service providers to provide price feeds, and DApps will enjoy Quality of Service regardless of how congested the network is and whichever provider they choose. See orml-oracle.
• Generic NFT support: we deployed orml-nft to enable any NFT publishers to build and leverage Acala’s DeFi ecosystem (Kusama also adopted this module to support NFT natively). We’ve eaten our own dog food and deployed Acala’s publisher NFT module to issue collectibles for Mandala Festival participants.
• Tokenized DeX LP share: Acala Swap is an automatic market maker type decentralized exchange. We have tokenized LP shares to support liquidity bootstrap.
• LDOT sub-staking accounts: via Acala’s trustless staking facility, you can nominate more than the default 16 validators, and enjoy optimized returns and liquidity, while also have differentiated delegated voting rights on Polkadot. LDOT will be one of the base financial instruments powering new economic innovations based on PoS.

Mandala Fest #4: Halloween Give-Back

Building Acala is a community effort, and Mandala Fest then becomes a celebration of this growing community and the wealth of possibility that awaits us all in building web3. All past festival-goers would have a chance to claim Acala & Karura Halloween themed NFT badges.

These collectibles don’t have a monetary value nor a market, they are our mere way of honoring our shared experience and saying THANK YOU. Newcomers to the community who complete required tasks would also have a chance to claim these collectibles.

Here’s what the festival looks like and the rewards

• Part I (31-October-2020 to 06-November-2020 | Award Pool: 2,000 ACA + 2,000 KAR): Welcome Newcomers — complete required transactions to qualify.
• Part II (31-October-2020 to 13-November-2020 | Award Pool ≈ 30,000 ACA + 30,000 KAR): Thank You — reward claim by qualified past festival participants
• Part III (31-October-2020 to 13-November-2020 | Award Pool: 3,000 ACA + 3,000 KAR): Bounties — bugs, stickers, emojis or else

Get Started

• Get started with Acala including creating a wallet and obtain test tokens here
• Check out these guides to use Honzon stablecoin, Acala Dex, and Homa staking derivative.
• Check out guides on cross-chain trading with Laminar and Ren here
• All rewards are published here

Full Schedule and Rules

Part 1: Welcome Newcomers

Duration: 31-October-2020 to 06-November-2020 (week one)
Award Pool: 2,000 ACA + 2,000 KAR

• All qualified users will share the reward pool
• All rewards will be recorded and published
• Note these rewards are lucky draws, not guaranteed

Participation Rules:

• Get test aUSD from the faucet, fees are payable in aUSD
• Users completing three meaningful transactions will be rewarded

Meaningful transactions include:

• Use DeX to swap tokens
• Use DeX to provide liquidity and transfer LP Tokens to another account
• Use the Self Service Loan service to collateralize for Acala Dollar (aUSD)
• Use Homa protocol to get staking derivative LDOT
• Mint renBTC and use it in the above activities

Part 2: Thank You

Duration: 31-October-2020 to 13-November-2020 (week one & two)
Award Pool ≈ 30,000 ACA + 30,000 KAR

Participation Rules:

• Each account which participated Mandala TC2/TC3/TC4 can get 1 ACA + 1 KAR（If all testnet you participated, you will get 3 ACA + 3 KAR ）
• The nonce of each Mandala TC2/TC3/TC4 account must greater than or equal to two
• All rewards need be claimed in Acala Dapp
• You can see the rewards in your wallet Airdrop account

Part 3: Bounties for Bugs, Sticker & Emojis sets (Throughout the Festival)

Duration: 31-October-2020 to 13-November-2020 (two weeks)
Award Pool: 3,000 ACA + 3,000 KAR

• Please allow one week from your submission for our review.

Participation Rules:
Bug Bounties

• Find bugs for the following repos:
  https://github.com/AcalaNetwork/Acala
  https://github.com/AcalaNetwork/acala-dapp
  https://github.com/polkawallet-io/polkawallet-flutter (Acala part)
• Bugs are judged on significance and severity by the Acala Engineering team and are awarded roughly based on the levels here
• Please include your Acala Mandala Address in the Github issue for easy prize distribution

Stickers & Emojis sets

• Rewards are not guaranteed for this category
• Feel free to submit Acala/Karura themed Sticker & Emoji sets
• Sticker & Emoji sets selected for our Discord channels will receive rewards
• Please include your Acala Mandala Address in the submission

🎉 Let the festivities begin

We’re excited to celebrate Mandala Fest together with you all! We hope the bountiful rewards, range of engagements and the landmark cross-chain DeFi opportunities will appeal to many of you. As far as test driving Polkadot is concerned, Acala gives you pole position and the fastest route from zero to hero. As always, the team is on standby to answer any questions and help you make the most of the Festival. Please join our channels to get VIP access to support and our community 👇

Join Us

Website | Twitter | GitHub | Acala Wiki | Discord | Telegram | Riot Chat

To keep up to date with progress on the Acala parachain launches on Polkadot and Kusama, subscribe to the Acala Newsletter.

About Acala

Acala is the decentralized financial hub of Polkadot that makes it fast and easy to use or build financial applications, improving trading efficiency and saving valuable time. The platform offers a suite of financial primitives: a multi-collateralized stablecoin backed by cross-chain assets like Bitcoin, a trustless staking derivative, and a decentralized exchange to unleash liquidity and power financial innovations. Acala is the de-facto open platform for finance applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities, security and financial optimizations.

Acala Mandala Festival Season #4 Halloween Give-Back was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.

It’s time for the October 2020 version of Building Acala, and if you’re new to Acala, welcome! Acala is the decentralized financial hub of Polkadot that makes it fast and easy to use or build financial applications, improving trading efficiency and saving valuable time.

Last month the team has been head-down building EVM integration, supporting teams deploying on Acala, and launching Karura — Kusama’s DeFi Hub through Parachain Lease Offering (PLO) & Paradrop.

Development Updates

• Ethereum Compatibility and Smart Contracts: we have developed furthered EVM and Smart Contracts integration with Acala. The differentiator here is that contracts no longer live in a sandbox, but are able to compose with Acala’s DeFi primitives (stablecoin, DeX, staking derivatives, and others), tap into Acala’s user base, liquidity and cross-chain capabilities, and opens doors to a much larger market place in Polkadot’s parachain ecosystem. More details will be released soon.
• Security Audit: we have completed 2/3 planned security audits including one from SRLabs, and an upcoming audit from Trail of Bits. More details on the finding will be released in the coming weeks.
• NFT Support: Acala has built a generic NFT pallet (aka module) to support NFT innovations on Acala e.g. Rarible or other NFT providers can easily deploy smart contracts to leverage Acala’s DeFi building blocks. Kusama has adopted the same module to enable native NFT support on the Kusama Relay chain. Read more here.

Launch Updates

• Acala will launch the Karura network on Kusama (Medium) — Karura is the sister network of Acala, and the DeFi hub for Kusama. The launch process on Kusama could be a month or so away, a good signal is when the parachain functionality is ready on the testnet Rococo.
• Karura will host the first Parachain Lease Offering (PLO) and Paradrop (Medium & Tweet)— We adopted the term PLO to avoid confusion related to the traditional stock market term, ‘IPO’. Karura will use KSM support from the community to participate in the parachain auction. These KSM will then be locked on Kusama and be returned to participants at the end of the parachain slot lease. Karura will Paradrop its native token KAR to participants, as a means of token distribution to actual Kusama & Karura supporters.

Ecosystem Updates

• Acala was selected for the DeFi Alliance to help bootstrap network liquidity for Polkadot’s DeFi Hub (Medium). Previous cohort hosts some of the top DeFi teams including 0x, dYdX, Kyber Network, IDEX, Opyn, Set Protocol, and Synthetix.
• We welcome these collaborators to the Acala Ecosystem Program: Bifrost — a cross-chain staking liquidity protocol that will integrate Acala Dollar (aUSD) as base currency token; Interlay — trustless Bitcoin to Polkadot bridge that will have collateral use cases of PolkaBTC, aUSD and LDOT; Zenlink — a cross-chain DeX protocol that will collaborate and integrate with Acala.
• Acala has helped launched Substrate/Polkadot Developer Academy (Tweet & Website)— a 6-week course + hands-on project to prepare experienced devs for professional Substrate/Polkadot career or start-ups. The program is developed by dev training organization MVP Studio, launched with Parity and Polkadot, taught by Acala/Laminar co-founder Bryan Chen, and endorsed by Dr. Gavin Wood. Anyone who is serious about building in Polkadot/Kusama/Substrate space shall check this out and also this tweet.

Events

• At Sub0 — Substrate Developer Conference: Bryan Chen Co-Founder of Acala and Dan Forbes Dev Advocate at Parity showcased building a custom blockchain in under an hour. Watch the replay here.
• Polkadot’ Hello World! Gitcoin Challenge is happening, check out the Acala Challenge here
• Bette Chen, Co-Founder of Acala was on Outlier Venture’s Founders of Web3 Podcast — Creating the DeFi Substrate for Polkadot. Watch replay here.
• Ruitao Su, Co-Founder of Acala was on the Crypto Tonight ‘Yes, Polkadot!’ panel alongside with Fabian Gompf from parity, Jack Platts from Hypersphere, Shiliang Tang from Ledger Prime. Watch replay here.
• Acala is partaking in the 2020 Shanghai Blockchain Week as Hackathon sponsor and guest speaker. Register here.
• Ruitao Su will speak at Polkadot Decoded — the Polkadot Community Conference on Dec 3rd, alongside with Dr Gavin Wood, Jutta Steiner, Camila Russo, Laura Shin + more TBA. Register here

Join Us

Website | Twitter | GitHub | Acala Wiki | Discord | Telegram | Riot Chat

To keep up to date with progress on the Acala parachain launches on Polkadot and Kusama, subscribe to the Acala Newsletter.

Work with us.

About Acala

Acala is the decentralized financial hub of Polkadot that makes it fast and easy to use or build financial applications, improving trading efficiency and saving valuable time. The platform offers a suite of financial primitives: a multi-collateralized stablecoin backed by cross-chain assets like Bitcoin, a trustless staking derivative, and a decentralized exchange to unleash liquidity and power financial innovations. Acala is the de facto open platform for finance applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities, security and financial optimizations.

Building Acala — Oct 2020 | Intro to Karura — Kusama’s DeFi hub, Parachain Lease Offering (PLO) &… was originally published in Acala on Medium, where people are continuing the conversation by highlighting and responding to this story.