Acala to Hold Token Burn on December 25th
Acala is scheduled to burn 159,441 of its tokens on December 25th.
Refer to the official tweet by ACA:
Acala@AcalaNetworkDic 24, 2023159,441 $ACA is set to be burnt tomorrow 🔥$ACA burning is part Acala 2.0 and the amount is comprised of unspent emissions, network fees and governance votes.
You can see the next burn by going to the treasuryhttps://t.co/0GQ1cR4vgj pic.twitter.com/UN3o81T5vC
ACA Info
Acala Network is a decentralized finance (DeFi) platform operating on the Polkadot blockchain. The project was specifically developed to provide DeFi functionality within the Polkadot network. The creators of Acala aimed to offer tools for developers and users to create and utilize financial applications.
The main products of Acala include the stable cryptocurrency Acala Dollar (aUSD) and the Acala DEX platform, a decentralized exchange for trading digital assets. The project also provides opportunities for staking and borrowing against collateralized digital assets.
Acala Dollar is a stable cryptocurrency peg to the US dollar. aUSD enables users to participate in DeFi without relying on traditional banking services.
Acala DEX allows users to trade various digital assets supported by the Polkadot network, including aUSD and other digital assets.
ACA is the native token of the Acala Network and is used for various purposes within the ecosystem. ACA holders can participate in network governance by voting on proposals, including changes to the parameters of the aUSD stablecoin, asset listings, fee structures, and protocol upgrades. ACA can also be staked to secure the Acala network, generating additional income for token holders. The token is used to pay transaction fees and interact within the Acala network. Additionally, ACA can be used as collateral to mint the stable cryptocurrency aUSD. In case collateral positions are insufficient, ACA is utilized to cover the deficit.