Imbue Network Integrates aUSD As Its Default Stablecoin for Crowdfunding on Polkadot
The Imbue Network, a decentralized venture capital crowdfunding platform, will become a part of the Karura ecosystem! Imbue will integrate aUSD into their ecosystem and provide a platform for developers to innovate new blockchain solutions. Inventors can use Imbue to garner support and backing from contributors within the ecosystem, and integrating aUSD facilitates capital funding free from volatile price fluctuations, expanding the broad contributor base of Imbue Network.
Meet Imbue Network
The funding stage can be difficult for developers because it’s an extensive and often complex process. Imbue’s ‘idea incubator’ platform stimulates innovative blockchain solutions with funding from Web3.0 enthusiasts. By leveraging the power of the Polkadot network and Substrate framework, proposals can be initiated seamlessly.
The Imbue Network comprises two categories of users:
- Contributors — Individuals who contribute toward the success of a project.
- Initiators — Developers/Inventors who propose their projects to the Imbue community.
The Imbue community plays a key role in bringing new projects to life. If they feel strongly that a project is going to be impactful, they can decide to support the project by contributing to the funding it requests. Imbue allows its users to contribute to a project after voting for its inclusion, making the project ideas visible and contributions open to any willing participant. Therefore, the Imbue model promotes a fully decentralized incubator system to advance blockchain solutions.
Summarized, the Imbue Network powers the future of crowdfunding on Polkadot by:
- Enabling founders and innovators to gain access to funds.
- Designing a decentralized autonomous organization to influence decision-making concerning project funding in its network.
- Vested funding by allowing anyone to contribute to projects on the Imbue Network.
Innovative, Transparent, Accountable Crowdfunding
Imbue’s set-up aims to promote inventive and ambitious projects amongst developers by providing a ready ground for attracting contributors. The platform is also inclusive as it accepts proposals from all developers.
Contributors and initiators experience transparency throughout the proposal and contribution process; Imbue will share their public board to display team members’ engagement in a project.
aUSD Integration Facilitates Wider Appeal to Broader Crypto Community
Integrating aUSD to the Imbue Network is an open invitation to every Polkadot and blockchain user; aUSD is the default routing asset of the DotSama ecosystem — a vital link creating and expanding value on the Polkadot and Kusama networks. Integrating aUSD assures initiators and contributors of an active and efficient decentralized venture capital.
Another crucial advantage of the aUSD integration is the stability provided to Imbue funding capacity. aUSD is an over-collateralized multi-currency stablecoin pegged to the dollar, and enabling funding in aUSD ensures a frictionless user experience for Imbue Network users.
Initiators and Contributors receive assurance of an unchanging funding situation when using aUSD to support/receive support. A DeFi lending platform may experience the effects of price fluctuation, passing the losses to its users/borrowers. Stablecoins like aUSD hedge against such market turns, allowing parties to contribute or receive contributions as they intended/planned.
Karura, Polkadot’s canary network, hosts experimental projects that may seek funding. Integrating aUSD gives these developers a route to receive funding via Imbue. Conversely, contributors can come from Karura project teams leading experimental projects.
Follow the Integration
The Karura and Imbue teams will keep the community updated on the aUSD integration by sharing the platform’s progress, updates, and roadmap. You can follow along on the Karura or Imbue Network Twitter accounts or any social links below.
Build on Acala
If you’re a team looking to build on Karura or looking for support from Acala Grants, please get in touch with our team to chat about how we can support you.
About Imbue Network
Imbue Network is a decentralized crowdfunding DAO built on the Polkadot blockchain platform. It is an idea incubator open to the entire world that allows anyone from any walk of life and endeavors to submit and vote on ideas worth funding from the communities that believe in them the most.
About Karura & Acala
Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar — aUSD), a trustless staking derivative (liquid DOT — LDOT), and a decentralized exchange. Karura is Acala’s canary network built on the Kusama platform.