The Polkadot ecosystem continues to evolve, and DeFi Acala becomes the first to win a parachute track on the Rococo Test Network.
Acala, Bolcadot’s decentralized financial center, announced that it had a seat on March 26.
Launched in January 2020, Acala is a DeFi consortium that aims to create an open financial infrastructure across the chain for the Polkadot ecosystem. In February, Acala launched the Ethereum Virtual Machine (EVM) based on the Polkadot backing structure, making it easier to interact with Ethereum-based assets.
The official launch of Parachain takes the platform a step further towards the goal of connecting the fast-growing Polkadot ecosystem.
Polkadot’s multi-chain parachute system will use split side chains to process transactions in parallel. Parachains are acquired through an auction process, when projects try to bid on each other for a track.
Polkadot Rococo was launched as a Parachen test network in August 2020 to test communication protocols across segments before projects are distributed to Polkadot’s sister network, Kusama, and finally to Polkadot’s flagship network.
Acala also plans to release a dollar-denominated stack coin for use in any Polkadot-based business.
On March 26, a new Polkadot DAO alliance was also announced to promote decentralized governance in the Polkadot ecosystem.
The alliance was formed by eleven Genesis members, including Polkadot’s flagship projects: SubDAO, Plasm, Phala, Stafi, Bifrost, Darwina, Zenlink and DeepDAO. The alliance also hopes to establish a development fund for startups run by Bolcadot, with the announcement that says:
“The consortium will set up a multi-million dollar DAO development fund to provide financial support to DAO and Web 3.0 projects in the early stages.”
Polkadot’s rapid growth has pushed its own DOT token to the top of the cryptocurrency market value in 2021, as it has risen 250% during the year and is currently trading at $ 32.70 at the time of writing.