Showing posts with label Acala. Show all posts
Showing posts with label Acala. Show all posts

A USD-based on polka dots depegs from USD parity, losing 98% of its value.

 As a number of dollar-pegged crypto assets depegged from their dollar value this year, 2022 has been the year of unstable coins. The value of the Polkadot-based stablecoin alpaca usd (AUSD) fell to below one US penny on August 14 before rising again to around $0.95 a few hours later. According to reports, the Acala protocol was breached, and an attacker made 1.2 billion AUSD.



AUSD Stablecoin from Polkadot Drops Significantly Below the $1 Parity

A number of stablecoins, including USDT, USDC, DAI, and a few others, have had a terrible year in terms of maintaining their value in U.S. dollars. The whole Terra ecosystem collapsed as a result of the depegging of the terra usd (UST), now known as USTC, and more than $40 billion left the crypto industry. Stablecoins like Waves' neutrino usd (USDN), Abracadabra's magic internet money (MIM), and Tron's USDD dropped below the $1 threshold as a result of that incident.

Terra's USTC never regained the $1 peg, but on August 14, 2022, all three currencies will switch to $0.99 per coin. However, the Polkadot-based stablecoin alpaca USD (AUSD) lost its peg on the same day. According to information from coinmarketcap.com, a record low of about $0.006383 per unit was set on Sunday. AUSD's price had returned to the $0.95 level as of the time this post was being written at 3:15 p.m. (EST), but it quickly dropped to $0.01165.

The problem was tweeted reported by Polkadot's Acala Network just before the significant changes in the value of the AUSD. According to Acala Network's official Twitter feed, "We have found a configuration fault in the Honzon protocol which impacts AUSD." "We are urgently voting to halt operations on Acala while we look into and address the problem. As soon as the network resumes regular operation, we will update you, the team said.

Changpeng Zhao (CZ), the CEO of Binance, also tweeted on the AUSD situation. CZ stated:

"ACALA protocol is currently compromised. Apparently, there was a bug in the iBTC/AUSD pool and [the] attacker’s wallet now holds over a billion AUSD. We are monitoring. (AUSD is not listed on Binance)."

Misconfiguration, according to Acala Protocol 'Error Mints of a Significant Amount of AUSD' were the outcome.

According to a flurry of additional stories, a hacker successfully made 1.2 billion Australian dollars, which finally led to the stablecoin's depegging incident. Acala acknowledged the miscalculation that led to the excessive minting of AUSD many hours later. The team announced on Sunday that they have located the problem as a misconfiguration of the iBTC/AUSD liquidity pool, which went online earlier today and caused incorrect mints of a sizable number of AUSD.

The team continued, "These incorrectly minted AUSD remaining on Acala parachain combined with these swapped Acala parachain native tokens have been transfer disabled pending Acala community collective governance decision on [the] resolution of the problem minting." According to the AUSD market statistics on coinmarketcap.com, the U.S. dollar value of AUSD is still $0.01159 per coin at 4:00 p.m. (EST) despite this news.


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Acala and Moonbeam are being backed by Polkadot Holders for Parachains.

After receiving huge crowdloans, Acala Network and Moonbeam appear to have a good chance of winning spots in Polkadot's parachain auctions. Moonbeam and Acala Network have collected $882 million in total to compete in Polkadot's future parachain auctions.


Parachain Auctions Are Awaiting Polkadot Projects

Polkadot's parachain auctions appear to be scheduled for Moonbeam and Acala Network. According to DotMarketCap, just under 100,000 Polkadot investors have collectively donated $1.108 billion in DOT tokens to the top 13 parachain choices ahead of tomorrow's first round of auctions.

Acala Network and Moonbeam, two of the Polkadot ecosystem's most popular projects, are now dominating the fight for crowd financing, and hence appear to have a good chance of securing spots in the next auctions.

Polkadot intends to accomplish interoperability by hosting several parachain networks on its platform. It intends to support a total of 100 parachains. Because the number of teams it can accommodate is restricted, teams must compete in auctions to secure a spot. Staking DOT, which teams raise through crowdloans, is required for the auction process. Teams reward donors with tokens in return for the loans.

Acala is the top parachain competitor, according to DotMarketCap. It has thus far raised $566 million from 11.1 million DOT tokens. Moonbeam, on the other hand, has garnered 6.3 million DOT valued $316 million. Acala and Moonbeam, in particular, will be interoperable with the Ethereum Virtual Machine. Moonbeam is a smart contract development platform that is geared toward a multi-chain future. Acala Network is working on a decentralized finance ecosystem that will include a stablecoin, staking derivatives, and a decentralized exchange.

Astar, Parallel Finance, Clover Finance, and Manta Network are among the other projects that have raised considerable sums of DOT tokens. According to Polkadot's auction timetable, five rounds will be held weekly between Nov. 11 and Dec. 16.

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