Acala commits $250 million for Polkadot DeFi investments

Acala (ACA), the first project to win Polkadot parachain auction, announced Wednesday it is launching a $250 million “aUSD Ecosystem Fund” to support startups in Polkadot’s budding DeFi ecosystem.

Acala says the funding will be granted out specifically to teams building use cases for the Acala dollar (aUSD) – a crypto-backed stablecoin that aims to become the backbone of DeFi on Polkadot and Kusama.