Acala receives a Compound grant to connect Compound Chain and Polkadot


Compound Finance recently launched the Compound Chain / Gateway testnet, a cross-chain money market built with Substrate, a software development kit (SDK) to build an interoperable Pokadot blockchain. In other words, Compound Chain or Gateway is a substrate blockchain, governed by COMP token holders in Ethereum.

The documentation describes Compound Chain as:

“Gateway allows users to load Starport contract assets onto peer-to-peer blockchains, which are used as collateral to borrow any assets backed by Gateway. The general ledger uses a stable, native unit of account, CASH, to pay interest on collateral and collect interest on borrowed assets.

acala-network "width =" 699 "height =" 250 "srcset =" 699w, 300w, /uploads/sites/2/2021/04/acala-network-696x250.jpg 696w "data-lazy-sizes =" (max-width: 699px) 100vw, 699px "src =" https: //es.crypto-economy .com / wp-content / uploads / sites / 2/2021/04 / acala-network.jpg "/></p><p><noscript></p><p>On the other hand, Acala's team is building a Starport in an attempt to connect Compound's cross-chain money market with Compound Gateway's testnet. In March, Acala posted a proposal on the Compound community forum about integrating Compound Chain with Acala.</p><p>According to the proposal, Acala will deploy Starport as a substrate pallet, so all the assets that can be downloaded in Starport will be available for all DeFi protocols available in Acala, in Acala EVM usable by smart contracts, cross-chain capability with Polkadot and his parachain.</p><p>According to the recent announcement:</p><p style=“We will integrate with Compound Chain and implement its cross-chain interface, Starport. The proposal was first posted on the Compound forum and has since gathered great feedback from the community. This proposal will allow us to bring the services of Compound and the CASH token (token that accrues interest from Compound) to Acala and Polkadot, and to introduce DOT and Liquid DOT (LDOT) as new collateral assets in the compound money market.

As part of this proposal, Acala will integrate the Polkadot {js} extension to the Compound Cash Dashboard and the Compound-Acala service in Acala DApp and the mobile wallet for the Polkadot ecosystem, Polkawallet.

To make this proposal a reality, Acala has received a $ 35,000 grant from the Compound Grant Program. This proposal will be partially funded by this grant and partially funded by Acala.

If you found this article interesting, here you can find more news about Blockchain and cryptocurrencies

Leave A Reply

Your email address will not be published.

sixteen − 2 =