Polkadot’s decentralized financial center Acala today invited Coinbase Ventures to its rapidly expanding ecosystem.
Coinbase Ventures supports Acala and Karura for Polkadot DeFi
In an announcement made on April 1, Acala Network, Polkadot’s decentralized financial center and stablecoin, allows for fast and easy use or creation of financial applications. Now Acala has stated that it has support from Coinbase Ventures.
In addition to Acala, the all-in-one DeFi center in Polkadot, the investment made by Coinbase Ventures also supports Karura, Kusama’s DeFi headquarters developed by the Acala team.
Acala Team Preparing for Parachain Auctions
Polkadot and Kusama ecosystem parachain auctions are approaching. Many promising projects in the Polkadot ecosystem look into valuable parachain slots.
Acala is no different as his team’s launch path is versatile and requires community support. The team had to win a parachain slot in Kusama to start Karura. Next, Acala will need to win a parachain slot in Polkadot to get it launched on the high-efficiency network.
Specifically, both of the auctions mentioned above will be booted by the Karura and Acala communities. The goal behind this type of community engagement is to ensure that the networks are supported by a wide variety of supporters.
Polkadot enables DeFi in Kusama ecosystems
The launch of Karura in Kusama will give the Kusama community access to Karura-based DeFi products. It should not be forgotten that Karura will bring Karura Dollar (kUSD), Karura’s AMM style DEX and liquid KSM stake (LKSM) to the Kusama ecosystem.
According to the announcement, Karura will also be an EVM compatible layer-1 chain.