Manta Network, the privacy hub for Web3, and Acala have announced the successful cross-chain transfer of parachain assets. The opening of a new HRMP channel and successful deployment of cross-consensus communication will enable privacy and interoperability across both parachains. The privatization of assets is a step forward, integrating their respective Kurura and Calamari Networks, as well as expanding access to privacy in general. Calamari is the canary network of Manta Network, while Karura is the all-in-one DeFi hub of Kusama, which hosts its native asset, a multi-collateralized stablecoin backed by cross-chain assets ($aUSD).
Kenny Li, Core Contributor and Cofounder of the Manta Network emphasizes that “collaborating with Acala marks another major milestone for Manta and the broader ecosystem, enabling wider access to privacy in web3. Interoperability has always been the name of the game, and now crypto assets such as Acala’s stablecoin ($aUSD) and Karura ($KAR) can move privately and freely across ecosystems.”
Calamari Network’s parachain asset ($KMA) will interact within the Karura ecosystem, accessing various DeFi products for staking, lending and other use cases. Calamari XCM integration with Karura will allow assets across both parachains in production environments. Native asset transfers from Karura to Calamari Network can be privatized and transferred in a shielded manner.
Dan Reecer, Chief Growth Officer at Acala says “it’s rewarding to see aUSD already making big advances in the Polkadot ecosystem. We want to continue the DeFi conversation and make sure we’re offering the privacy benefits Manta has to offer. Partnering with Manta adds a critical privacy layer for our community as a whole.” In March 2022 Acala and Manta Network and seven other Polkadot parachain teams announced the creation of 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 added that “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 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.
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 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.
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About Acala
Acala is a decentralized finance network powering the aUSD ecosystem. The core product, Acala USD (aUSD), is a decentralized, multi-collateral, crypto-backed stablecoin serving as the native stablecoin of the Polkadot ecosystem. Acala’s Ethereum-compatible blockchain has built-in DeFi protocols for application developers to leverage, including a trustless staking derivative (liquid DOT — LDOT), a decentralized exchange, and the EVM+, a hybrid EVM offering a fully Ethereum-compatible development environment plus full compatibility with Substrate.
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