Polkadot DeFi protocol Acala announced the launch of a $250 million aUSD ecosystem fund with 9 Polkadot parachain teams and multiple venture funds.
To support early stage startups building applications with robust Stablecoin use cases on any Polkadot or Kusama parachain. The fund is looking to Solidity or Substrate-based applications to drive the yield or utility of aUSD, including lending markets, DEXs, derivatives, asset management, DAOs, payments, and other use cases.
Polkadot parachains participating in the ecological fund include Acala, Astar Network, Centrifuge, Efinity, HydraDX, Manta, Moonbeam, OriginTrail, Parallel and Zeitgeist. The participating venture capital institutions include nearly 40 institutions including 1confirmation, Alamda, Hashkey, DCG, IOSG, Jump Crypto, Pantera Capital, Polychain Capital, etc.