DeFi News

Parallel Finance Announces Partnership With Acala Network

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 building on parachain with strong aUSD use case

Parallel Finance, the leading decentralized lending and staking protocol that aims to bring decentralized finance to the mainstream, announced its partnership with Acala Network on its new aUSD Ecosystem Fund that supports and invests in early-stage startups building on any parachain with a strong aUSD use case. Acala is a decentralized finance hub and stablecoin platform powering cross-blockchain liquidity and applications.

Enabling aUSD would allow users to transfer to any parachain on Polkadot and Kusama without trusting a bridge. The native decentralized stablecoin of Polkadot, aUSD is a multi-collateral, crypto-backed stablecoin that allows users to release liquidity from reserve assets to earn yield while maintaining ownership. In this partnership, the Ecosystem Fund will increase aUSD use cases within the Polkadot and Kusama ecosystems. Currently, reserve assets include DOT, KSM, ACA and KAR. Parachain tokens such as BTC and ETH will be available in the near future.

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“aUSD is a key infrastructure for Polkadot’s multi-chain ecosystem that will empower our users. We are proud to be joining the aUSD Ecosystem Fund as a parachain partner to grow aUSD utility within our ecosystem,” said Yubo Ruan, Founder of Parallel Finance.

Additional participating parachain teams that qualify for the fund include Astar, Centrifuge, Efinity, Hydra, Manta, Moonbeam, OriginTrail and Zeitgeist.

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About Parallel Finance 

Parallel Finance is a trailblazing technology company that aims to bring decentralized finance to the mainstream. Specializing in DeFi-related services and products that enable lending, trading, staking, and derivatives on multi-chains, Parallel Finance empowers everyone access to financial services through its secure, easy-to-use platform.

The California-based firm recently passed Binance to become the largest third-party program on Polkadot – just over a month since its launch. Committed to constant innovation and backed by top-tier investors, Parallel Finance plans to bring DeFi to one billion people.

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