Acala, Manta network, partner with Polkadot parachains for $250M ecosystem fund

Manta Network has announced a partnership with several Polkadot parachain networks to create a $250 million aUSD Ecosystem Fund. The fund will support startups working on projects that support stablecoin use on the Polkadot (DOT/USD) or Kusama (KSM/USD) parachains.

Supporting the Acala USD

Some of the projects targeted by this fund include money markets, decentralized exchanges (DEXs), asset management, decentralized autonomous organizations (DAOs), payments, etc. These projects need to integrate aUSD and support its growth over the coming years.

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“We’re excited to be supporting the aUSD Ecosystem Fund and look forward to integrating privacy into the emerging use cases and projects coming out of it. With Polkadot’s native interoperability, every new idea launching in the ecosystem is another value add to all parachains,” said the Core Contributor and co-founder of the Mantra Network, Kenny Li.

The Polkadot network is focused on decentralization and increased security of its network. Parachains on the network have cross-chain functionality that allows them to work together for projects such as this ecosystem fund.

Besides Manta, the other parachains that will also be part of the ecosystem fund include Centrifuge, Efinity, Astar, Acala, Moonbeam, HydraDX, OriginTrail, Parallel and Zeitgeist. These projects will work together to support the growth of the Polkadot ecosystem.

The Manta network will be spearheading this fund. Manta is a network committed to Web3 initiatives. Some of the investors in this network include Alameda, Binance Labs, ParaFi, Polychain, Multicoin, Hypersphere, CoinFund and DeFiance.

A stablecoin for the Polkadot ecosystem

Stablecoins support the growth of decentralized applications (DApps) on any blockchain. aUSD is a native stablecoin for the Polkadot ecosystem that has been developed by Acala. The latter is a decentralized finance network.

aUSD is a decentralized stablecoin whose value is pegged to other cryptocurrencies. Projects on the Polkadot network can use this stablecoin to boost interactions and achieve uniform growth. The stablecoin can be integrated into any live parachain or DApp on the Polkadot or Kusama blockchains. The objective of this stablecoin is to create a decentralized stable currency on the Polkadot ecosystem. It aims to be the default asset adopted by users and developers.