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Ethereum Dapps can get into Acala - the DEFI star expected to come up in Polkadot
DEFI project Acala, that’s expected to come live in Polkadot, has built Acala EVM+, which will enable Ethereum Dapps that are built using the Ethereum Virtual Machine(EVM) to deploy on Acala through Acala EVM+.
The Acala EVM+ will provide for an Ethereum compatible environment for these EVM based Dapps, where EMV based smart contracts can be deployed on Acala EVM+ using the same tooling used in the Ethereum Network - Metamask, Truffle, Waffle. There will be minimal changes required for EVM based Dapps to be deployed in Acala EMV+.
Ethereum DEFI users can access Acala’s DEFI ecosystem and gain exposure to liquidity available in Acala’s DEFI market which will have DEFI using DOT tokens, DOT derivatives like Liquid DOT; LDOT, decentralised native stablecoins like Acala Dollar; aUSD besides natively issued USDC and USDT tokens.
Daaps in Acala EMV+ will be interoperable with assets of other chains inside the Polkadot ecosystem, while other parachains in the Polkadot ecosystem can get access and engage with assets of these Dapps on Acala EMV+.
Acala will provide for bridges to Bitcoin and Ethereum networks, so users get cross chain liquidity. Dapps in Acala EVM+ will also be interoperable with any Blockchain network Acala Network is bridged to, so cross chain liquidity benefits users here as well.
Overall, when Acala launches in Polkadot there will be the expected DEFI activities using assets of the Acala ecosystem(DOT, LDOT, aUSD, aUSDT, aUSDC) but more than that any Ethereum dapp can get into the Acala ecosystem by getting deployed in Acala EVM+.
Once this is done, these EMV based Dapps will be interoperable with all the assets of the Blockchain Network Acala gets bridged to. All this sounds pretty good.
Let’s see what happens when Acala launches in Polkadot, but before that we have to watch how Polkadot’s parachain auctions scene unfolds. Everyone expects Acala to win a parachain slot in Polkadot as ts twin Kurara won a parachain slot at Polkadot’s Canary Network Kusama.