Acala Coin: a promising DeFi hub on Polkadot and Solana
Acala is a decentralized finance (DeFi) hub built to support the Polkadot decentralized network. It offers a Universal Asset Hub that hosts multi-chain liquid staking (LST) protocols (like liquid DOT - LDOT), a decentralized exchange with automatic market maker (AMM), and an application platform that is compatible with the Ethereum Virtual Machine (EVM) and highly customizable (based on Substrate). The Acala Token (ACA) is the native token of the Acala network. As of this writing, the price of ACA is $0.081617 with a 24-hour trading volume of $2,539,372. CoinMarketCap's current ranking is #428, with a market cap of $72,291,893. It has a circulating supply of 885,741,665 ACA and a maximum supply of 1,600,000,000 ACA .
Today's increase
ACA price saw a sharp increase today from $0.0846 to $0.1042, a 23.1% increase in 24 hours. This increase is explained by several factors, including:
· The growing demand for DeFi tokens, especially those linked to Polkadot and Solana, which are considered serious competitors to Ethereum.
· Anticipation of the launch of the Wormhole Bridge between Acala and Solana, which is expected to open up new liquidity and arbitrage opportunities for users.
· The announcement of the upcoming launch of the Acala parachain on the Polkadot mainnet, which should strengthen the security, decentralization, and performance of the Acala network.
