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Acala February Update: Cross-chain Transactions, EVM Launches, And More

Acala February Update: Cross-chain Transactions, EVM Launches, And More

Acala released an update on their overall February roundup. Some of the report's main highlights were the cross-chain transaction with Plasm Network, the launch of the Acala EVM, and the Karura Network’s parachain auction.

Let's take a closer look.

Plasm Network and Acala Conduct Successful Cross-Chain Transfer

On February 18, Plasma Network successfully transferred PLM to the Acala parachain. The transaction was connected through Polkadot’s parachain testnet and transferred PLM token cross-chain using XCMP functionality.

Acala’s Twitter handle @AcalaNetwork tweeted their triumph saying,

Acala and @Plasm_Network have completed the first successful cross-chain token transfer on @Polkadot's parachain testnet using cross-chain message passing (XCMP). A giant step for the Polkadot and @KusamaNetwork ecosystem! It's happening

 The development will lower transaction costs for users, thus improving multichain interoperability. This holds tremendous possibilities for future cross-chain operations. The two teams are aiming at becoming Polkadot and Kusama parachains in the near future, with Acala testing and refining the code on Polkadot parachain moving one step closer to Kusama parachains starting to go live. 

Acala Launches The Acala EVM

Acala has custom built and launched the Acala EVM, an innovation new to the Polkadot ecosystem. The EVM makes Acala, the Polkadot ecosystem, and the Ethereum ecosystem highly interoperable. This new update will give developers full-stack composability between Acala itself, Polkadot’s Substrate programming language, Ethereum’s Solidity programming language, and WebAssembly or Wasm.

Acala’s team says,

ERC-20tokens deployed in the EVM can also be made available at the runtimelevel, to be listed in the DEX, or (by governance approval) to be used as gasfee tokens. This means that, for example, our friends at Ampleforth candeploy AMPL contracts on Acala EVM to be made available as a native token so it can be used to pay transaction fees and listed directly on ourDEX.”

Acala & Karura Parachain Auctions and Launches, The Next Step

As soon as the Kusama team announces the beginning of crowdloans, Acala’s Karura network will begin its process to host a KSM crowdsourcing event to bootstrap the network for the parachain slot auction. After this crowdsourcing event, Karura will be participating in the parachain slot auction and on winning this auction, Karura will be launching its mainnet.

What is Acala?

Acala, a first-of-its-kind DeFi consortium, aims to create cross-chain open finance infrastructure for the Polkadot ecosystem. They aim to create a sound, stable currency for low cost and borderless value transfer for all blockchains connected in the Polkadot network.

 Acala’s cross-blockchain stablecoin network offers collaterals from both Polkadot network and any other connected networks to achieve a higher supply ceiling, leveraging Polkadot's shared security mechanism. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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