Acala announces new staking program

In early August, the parachain project Acala will launch a new staking program for ACA tokens.

💥A new ACA staking program is set to go live next week!

Acala network owners will earn ACA-aUSD LP tokens (liquidity provider tokens) by staking ACA, enabling users to earn ACA, aUSD, and trading fees from network activity.https://t.co/Lgzb7spsug

— Acala (@AcalaNetwork) July 28, 2022

Users will be able to earn ACA-aUSD liquidity provider tokens. The asset enables acquiring ACA, the stablecoin aUSD, or paying trading fees.

As part of the program, the project team will direct $200,000 of surplus network reserves toward token buybacks. The staking yield depends on participation; there is no fixed rate.

According to the statement, ACA is a “non-inflationary” coin, which:

• facilitates operations with aUSD and underpins Acala’s treasury;
• serves as collateral for the issuance of the stablecoin;
• allows participation in protocol governance.

In the last 24 hours, the coin has risen 15.5% (CoinGecko) and trades around $0.31.

In November 2021, the project won the first auction for a Polkadot parachain slot.

In March, Acala launched the aUSD Ecosystem Fund for $250 million to spur the use of the project’s stablecoin.

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