ACA Token (ACA)

What is it?

Token: Acala (ACA)Acala (ACA) is the native utility token of the Acala Network, functioning as its primary means of governance, staking, and utility within the ecosystem. As a fungible ERC-20 compliant token, ACA is often used for paying network fees, participating in governance decisions, and staking to secure the network's operations.

Platform: Acala NetworkThe Acala Network is a decentralized finance (DeFi) hub and stablecoin platform built on the Polkadot ecosystem. Its aim is to facilitate cross-chain liquidity and offer a suite of financial applications, including a multi-collateralized stablecoin (aUSD), a decentralized exchange (DEX), and staking derivatives. Given Polkadot's interoperability features, Acala Network is poised to connect various blockchains, thereby increasing liquidity and utility in the decentralized finance sector.

What is it used for?

Acala (ACA) is multifaceted in its use-cases within the Acala Network:

• Governance: ACA holders can participate in the network's governance by voting on proposals, updates, or changes to the network's parameters.
• Staking: Users can stake ACA to contribute to the network's security and in return, earn rewards.
• Network Fees: ACA is used to pay for transaction and smart contract execution fees within the Acala Network.
• Collateral: It serves as one of the collateral options for minting the platform's stablecoin, aUSD.

Who created it?

Acala was founded by Ruitao Su and Bette Chen, who brought together their collective expertise in blockchain, finance, and engineering to develop a DeFi-centric platform in the Polkadot ecosystem.