Acala is Polkadot’s decentralized financial network and liquidity hub. It is a scalable, Ethereum compatible and layer 1 smart contract platform built for DeFi with built-in liquidity and ready financial applications. ACA Token is the platform’s governance token and functional token. Detailed information about what is Acala Token (ACA), how it works, how to buy, which exchange is it avaliable on, how much is it, etc is in rest of the article. You can browse here for information about Merit Circle coin (MC).
What is Acala Token (ACA) and how does it work?
Acala Network is a decentralized finance (DeFi) platform built for the Polkadot ecosystem. It is built to host a range of financial applications that leverage smart contract technology, interoperable cross-chain functionality, and robust security protocols.
Acala is also Ethereum compatible, meaning its applications can maintain interoperability between Polkadot and Ethereum. Like many independent blockchains built on the Polkadot-specific Substrate blockchain development framework, the Acala Network functions as a coin chain on the Polkadot Relay.
Acala Network offers a range of financial products, including:
- A multilateral stablecoin (aUSD) backed by cryptographic assets via the Honzon protocol.
- An unreliable staking derivative (L-DOT) via the Homa tokenized staking liquidity protocol.
- An automated market maker (AMM) decentralized exchange (DEX).
Acala Network’s ACA token uses!
ACA is the local presence of the Acala Network and facilitates various uses and governance mechanisms within the wider Acala ecosystem. The ACA can be used to pay network transaction fees, stabilization fees as interest on USD loans when using Honzon, and penalty fees during liquidation.
These various platform fees can be paid by the user in one USD and then exchanged under the hood to ACA via the protocol’s built-in exchange feature. Once the ACA is received as payment for platform fees, it is burned and permanently removed from the token supply, making the asset deflationary. ACA is also burned during purges on the platform.
How to buy ACA coin and on which exchange?
ACA coin is listed on and can be purchased some cryptocurrency exchanges like Binance, OKX, Bybit, Mandala Exchange, Bitget, etc. However, before investing, it is necessary to make sure that the exchange and the crypto project are “TRUSTED”. It is very important point for investors.
ACA token price!
As of February 24, 2022, at the time of the writing, 1 ACA coin price is around $0,84 (the price can change instantly).
Caution: The information contained in this content is for general informational purposes only. It is not investment advice.
For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency