Manta Network and Polkadot Parachains Team Up to Launch $250 Million ‘aUSD Ecosystem Fund’ to Grow Polkadot’s Native Stablecoin, Acala USD
Manta Network, Acala, and seven other Polkadot parachain teams have partnered to launch a $250 million aUSD Ecosystem Fund to support early-stage startups building applications with strong stablecoin use cases on any Polkadot or Kusama parachain.
Kenny Li, Core Contributor and Cofounder of the Manta Network says, “we’re excited to be supporting the aUSD Ecosystem Fund and look forward to integrating privacy into the emerging use cases and projects coming out of it. With Polkadot’s native interoperability, every new idea launching in the ecosystem is another value add to all parachains.”
The fund participants are seeking Solidity or Substrate-based applications driving yield or utility for aUSD, including money markets, DEXs, derivatives, asset management, DAOs, payments, and other use cases. The participating projects will grow aUSD as a building block in the Polkadot ecosystem with hundreds of applications which will be able to thrive over the coming decades as Web3 proliferates into the global economy.
The Goal of the aUSD Ecosystem Fund
To support and facilitate investment in early-stage teams building in the Polkadot and grow the Polkadot and Kusama ecosystem through increased cross-chain activity and growth of Polkadot’s native stablecoin, aUSD. Learn more and apply to the aUSD Ecosystem Fund here.
Polkadot’s Multi-Chain Economy
The Polkadot ecosystem focuses on a decentralized and shared security model, which allows any parachain to get plug-and-play security, as well as native, trustless cross-chain functionality. Parachain teams are now beginning to work together on initiatives to kickstart cross-chain interactions. Here is a list of innovative companies and blockchain projects making that future a reality.
Project of the Future
Manta provides privacy technology for crypto assets, Centrifuge specializes is real world asset financing, while Efinity brings NFT, gaming, and metaverse platforms. Astar Network has launched a hub for WASM + EVM, Acala is providing aUSD as the ecosystem’s native stablecoin via its DeFi network and Moonbeam is providing a fully Ethereum-compatible platform. HydraDX brings a world-class DEX chain, OriginTrail brings decentralized knowledge graph, Parallel is building a platform filled with multi-chain DeFi products, and Zeitgeist is launching a parachain optimized for prediction markets and futarchy. Once all of these chains begin working together, Polkadot will experience exponential network effects and growth.
About Manta Network
Manta Network is committed to building a better Web3 world through privacy protection. Manta’s product design starts from first principles and provides end-to-end privacy protection for blockchain users through leading cryptography architectures such as zkSNARK. While ensuring privacy, Manta offers interoperability, convenience, high performance, and auditability, allowing users to conduct private transfers and transactions between any parallel chain of assets. Manta’s vision is to provide more convenient privacy protection services for the entire blockchain world.
Manta’s founding team is made up of several cryptocurrency veterans, professors and academics with experience from Harvard University, MIT and Algorand. Manta’s advisors include Hypersphere Ventures co-founder Jack Platts, Polychain partner Tekin Salimi, former Web3 Foundation co-founder Ashley Tyson, Consensys’ Shuyao Kong.
Manta’s investors include Polychain, ParaFi, Binance Labs, Multicoin, CoinFund, Alameda, DeFiance and Hypersphere. Manta is also an official Web3 Foundation grant recipient, a member of Substrate Builder Program, and a member of Berkeley Blockchain Accelerator.