Customized Acala EVM+ for EVM based dapps to get deployed in Acala Ecosystem
DEFI project Acala, that’s expected to come live in Polkadot, has built Acala EVM+, which will enable Ethereum Dapps that are built using the Ethereum Virtual Machine(EVM) to deploy on Acala through Acala EVM+.
The Acala EVM+ will provide for an Ethereum compatible environment for these EVM based Dapps, where EMV based smart contracts can be deployed on Acala EVM+ using the same tooling used in the Ethereum Network - Metamask, Truffle, Waffle. There will be minimal changes required for EVM based Dapps to be deployed in Acala EMV+.
Ethereum DEFI users can get into Acala DEFI switching to ‘Acala Market’ Network in their Metamask
Ethereum DEFI users can log on and get access to Acala Defi from their Metamask wallet itself, where they need to switch networks from Ethereum to “Acala Market”.
The Acala platform they use will be fast and get capabilities provided by Polkadot’s Substrate framework.
This means that though the Acala EVM+ is customised to be Ethereum compatible, it does not inherit problems of the Ethereum Network; scalability, network congestion and high fees.
Ethereum DEFI users will get liquidity of the DEFI assets in Acala’s ecosystem
Ethereum DEFI users can access Acala’s DEFI ecosystem and gain exposure to liquidity available in Acala’s DEFI market which will have DEFI using DOT tokens, DOT derivatives like Liquid DOT; LDOT, decentralised native stablecoins like Acala Dollar; aUSD besides natively issued USDC and USDT tokens.
Acala's DEFI ecosystem can be checked out in its testnet form - Acala Mandala
EVM based Dapps inside Acala EMV+ will be interoperable with other Polkadot parachains
Daaps in Acala EMV+ will be interoperable with assets of other chains inside the Polkadot ecosystem, while other parachains in the Polkadot ecosystem can get access and engage with assets of these Dapps on Acala EMV+.
Cross-chain interoperability for Dapps in Acala EMV+
Acala will provide for bridges to Bitcoin and Ethereum networks, so users get cross chain liquidity. Dapps in Acala EVM+ will also be interoperable with any Blockchain network Acala Network is bridged to, so cross chain liquidity benefits users here as well.
Acala DEFI can be checked in its testnet form - Acala Mandala.
Bridges of Acala to other Networks giving users cross chain liquidity
Summarized main points from the post
Overall, when Acala launches in Polkadot there will be the expected DEFI activities using assets of the Acala ecosystem(DOT, LDOT, aUSD, aUSDT, aUSDC) but more than that any Ethereum dapp can get into the Acala ecosystem by getting deployed in Acala EVM+.
Flowchart of Acala detailing the DEFI's functions and capabilities
Once this is done, these EMV based Dapps will be interoperable with all the assets of the Blockchain Network Acala gets bridged to. All this sounds pretty good.
Let’s see what happens when Acala launches in Polkadot, but before that we have to watch how Polkadot’s parachain auctions scene unfolds. Everyone expects Acala to win a parachain slot in Polkadot as ts twin Kurara won a parachain slot at Polkadot’s Canary Network Kusama.