Build Acala
Search…
Build Acala #1
Build Acala pre-registration is closed on 9th April 2021 UTC 7:00 am. Contributions will be accepted beginning 16th April 2021. Register Now! Sign in to check status.

Update

May 16 2021 - Event Conclusion

Thank you again for participating in the first Build Acala event! We have completed contribution audit, and below are summary of stats:
    ~260k DOT has been raised in the Build Acala event for the Acala Treasury (more on the holding account here).
    16.7 million ACA tokens (and 1.67 million KAR tokens) have been allocated to over 5,600 participants
    ~50% of the verified users participated in the Build Acala event.
    98% of participants have completed the entire process signalling a highly-engaged community.
    This event was intentionally kept a low profile with zero marketing effort, only minimally communicated through the newsletter and the Discord announcement channel. Thank you for those who joined us in the event. We hope to see you around in a variety of upcoming events!
    You can also update your DOT address now until 23rd May 2021.

April 17 2021

April 16 2021 - UTC 2:57pm

Thank you for participating in the first Build Acala event! We’re thrilled to announce that Build Acala has successfully funded the Acala Treasury to ensure meaningful community sovereignty and network sustainability. This event has now ended, and we look forward to future events, including the upcoming Karura Crowdloan event, liquidity mining programs and additional Build Acala events to be announced at a later date. Though participation in Build Acala was limited, we are very happy to have been able to involve so many of you. For those who were unable to participate, please note that any registrants with a verified status will have a chance to participate in future events, and additionally, any registrants with an incomplete status will have a chance to complete KYC and verification at a later date. We will be auditing and confirming all payments in the next two weeks, and you will be notified. Our team is always working to improve the community experience, including the process for each event. We appreciate your patience and understanding. Thank you for joining us on this journey to build a decentralized, open, and fair future together. Read what happens after the event here.Read verification results and join future events.

April 16 2021 - UTC 12:30am

We are informed that all registrants have been processed at around 11:30am UTC, and every single manual review has been completed. Read the details here.

April 16 2021 - UTC 11:25am

Waiting room is open. You can join anytime between 11am UTC and 1pm UTC. Join hereRead Waiting Room FAQ.

April 16 2021 - UTC 10:40am

Reminder that waiting room will open in at 11am UTC, 2 hours prior to the event starting at 1pm UTC. Read the process FAQ here.
Last batch of manual review is being processed, will update soon.

April 16 2021 - UTC 7am

We are informed that some users have ETH address instead of DOT address under their Account Information. DOT address is not required for the contribution event. We only need it prior to mainnet launch and token distribution. Therefore the ETH/DOT address edit will be disabled until the event is concluded to avoid confusion. This issue will be fixed after the event and the address field will be editable then. Please stay chill~
Also you might wonder what happens after the event

April 16 2021 - UTC 4am

Last batches of KYC are being processed, estimated time for completion is 3-4 hours before event starts. Everyone is working non-stop to complete every single registrant. We appreciate your understanding.
Currently the system has 'Blocked' status. It will be changed to 'Purchase' once the event starts, and you can then follow the prompt there to complete the process. Please read the pocess and payment FAQ here.
ACA price and caps are now set and denominated in DOT. Read why here.DOT/USD price will be set at the start of the event and remain unchanged for 24 hours. BTC/USD price is provided by oracle which changes every hour on the hour. Read more here.
ETH address issue should be resolved. It should be DOT address. This address is editable until further notice as we are close to launch and distribute tokens.

April 15 2021 - late night update

KYC is now closed. For the ones that are "Under Review", the service provider will make a final determination prior to the start of the event. Once the final batch of review is completed tomorrow, an update will be provided here. Refer to KYC FAQ here
BTC PaymentWhile contribution can be made from exchanges, software or hardware wallets, the platform only supports Bitcoin native SegWit (bech32) address for payments, which starts with “bc1”. Refer to BTC address FAQ

Apri 15 2021

If your status in the system is 'Verified' then you can participate in the event, however allocation is not guaranteed. All the 'Verification Under Review' ones will be processed before the event starts.

April 14 2021

Build Acala Contribution Event Start Time: 1pm UTC on Friday, April 16th1pm UTC in other timezones is: 9am Toronto, 3pm Berlin, 4pm Moscow, 6:30pm Delhi, 10pm Tokyo, 11pm Sydney. The start time covers most timezones participating in the event, while the team will stay up at 1am. We appreciate your understanding
Queue in Waiting Room The waiting room system is there to increase the fairness of participation and reduce system overload. Due to the unprecedented demand, we may still anticipate system delays, we appreciate your patience and understanding. The waiting room will open 2 hour prior to the event at 11am UTC April 16th. Everyone who are in the waiting room prior to the event start time will get an equal chance to participate.
Join the waiting room and participant the event via the sameBuild Acala sitewhere you have completed registration.Please refer to event process and payment FAQ for details.
BTC Payment BTC is accepted for logistical reason. At the time of payment, a unique BTC address is generated for each participant. To make it easy for most participants, contribution of BTC can be made from any source (exchanges, hardware wallet, software wallet etc.) Only Segwit (bech32) address which starts with "bc1" is supported by the platform. Refer to Why BTC FAQandBTC Segwit Address here

April 13 2021

Individual Cap is set at minimum 30 DOT and maximum 50 DOT to allow more community members to participate in the event. Exact start time will be released tomorrow. Refer to payment FAQ
All KYC will be processed before the contribution event startsRefer to KYC FAQ.
Price will be released on 14th April.

April 12 2021

All KYC will be processed before the contribution event starts. If your kyc is under review, please wait to be contacted if further information is required. Due to high demand, it may take a few days to manual verify. We appreciate your patience. Refer to KYC FAQ.
Payment will be in BTC.Refer to payment FAQ.

April 10 2021

Registration is now closed. All KYC will be processed before the contribution event starts. DOT address will remain editable under `Account Information` until further notice (prior to delivery of ACA/KAR). Refer to DOT address FAQ
Payment will be in BTC for logistical reasons. Price and individual cap will be released on 14th April. Refer to payment FAQ

April 9 2021

Due to unprecedented volume in the Build Acala event, pre-registration will be closing at 7 a.m. UTC on 9th April 2021. KYC will continued to be processed. Refer to pre-registration close FAQ
No contribution/payment is required until the event starts on 16th April. Refer to payment FAQ. If you have submitted required documents, you will receive an email when it's completed. Due to overwhelming demand, it may take a few days to verify. We appreciate your support and patience. Refer to KYC FAQ.

Key Points

    This Build Acala event is intended to allocate ACA tokens to our community members before the parachain auction and in preparation for Acala's mainnet launch.
    In the Build Acala event, ACA tokens are denominated in DOT, though participation in the event requires BTC as the settlement token. BTC is used as the payment token for logistical reasons.
    All proceeds of the event will be converted to DOT and contributed to Acala’s on-chain Treasury.
    Deployment of the Acala Treasury will be determined by the network governance following Acala's launch. These contributions will not go to the Acala team or foundation.
    The Acala Treasury can then be allocated to the decentralized Sovereign Wealth Fund (dSWF) for use cases like providing liquidity to DeFi protocols, ensuring stability for the Acala Dollar, and sustaining the network through development and operational initiatives like obtaining future parachain slots, and supporting grants.
    For every 10 ACA distributed, 1 KAR will also be distributed to the same account used to participate in the event upon Karura's launch.
    ACA will be distributed upon the mainnet launch of Acala.
    KAR will be distributed upon the mainnet launch of Karura.

1. About Acala

Acala is the all-in-one decentralized financial hub of Polkadot. At its core, Acala is an Ethereum-compatible platform for financial applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities and robust security. The platform also offers a suite of financial applications including: a trustless liquid DOT staking derivative (LDOT), a multi-collateralized Acala Dollar stablecoin backed by cross-chain assets (aUSD), and an AMM DEX – all with micro gas fees that can be paid in any token.

1.1 Our Journey

Acala was founded in November 2019 by a leading development team in the Polkadot and Kusama ecosystem, which has received four Web3 Foundation grants and founded the Substrate Developer Academy (led by Acala CTO Bryan Chen). Acala is backed by Coinbase Ventures, Pantera Capital, Polychain Capital, Digital Currency Group, and Hypersphere, among many other top firms.
In 2019, the team received their first significant Web3 Foundation grant to develop a decentralized stablecoin (the Acala Dollar) and have since completed all milestones. Acala received a second grant for the composable Acala EVM stack with the first milestone already delivered (grant list). Acala received a third grant for XCM implementation for fungible assets, which has been integrated and tested by 10+ parachain teams.
Acala has assembled an exceptional team and completed the development and audits of a DeFi hub and three financial primitives (Stablecoin, AMM DEX and Liquid Staking), all of which were envisioned in its whitepaper. Acala now has 200,000+ lines of original code open-sourced from day one, and the team is ready to launch on Kusama and Polkadot as soon as the parachain functionality becomes available.

1.2 Key Highlights

    Acala’s Platform & DeFi Products
      Acala’s DApps and network are fully functional and ready for launch. Use the Getting Started guide to get testnet tokens and try out the live testnet DApps.
      Testnet Candidate 5 (TC5) has 50,000+ new accounts, 800,000+ transactions processed, and has finalized over 3 million blocks.
    Innovation
      Acala pioneered the idea and implementation of a full-stack (Substrate + EVM) specialized blockchain focusing on decentralized finance (DeFi).
      Acala created multiple financial primitives that became a DeFi hub and infrastructure serving the Polkadot and Kusama ecosystem:
        a stablecoin borrowing protocol that uses DOT and cross-chain assets like BTC as collateral, with an integrated liquidation process using Off-chain workers and a hybrid of built-in AMM DEX and auctions.
        a tokenized staked asset e.g. Liquid DOT (LDOT) to increase the liquidity of staked assets for use within DeFi.
        a cross-chain AMM DEX served as a unified liquidity layer.
        bring-your-own-gas where fees are payable in any supported assets like stablecoins.
        a decentralized Sovereign Wealth Fund (dSWF), as an on-chain trustless mechanism to ensure the long-term prosperity and sustainability of Acala.
    Ecosystem & Integrations
    Growth & Community
      The Acala and Karura community has been growing at a breakneck speed with over 200,000 people across our channels. Join us by following all the Acala and Karura channels.
      The Acala Ambassador Program is alive and onboarding new ambassadors on an ongoing basis. Ambassadors are already contributing to five key working groups: translations/localization, content, developers, events, and community moderation.

1.3 ACA Token

    ACA is the native token of Acala.
    ACA has a fixed supply of 1,000,000,000 (redenominated from 100,000,000 old ACA).
    ACA can be used for paying transaction fees, staking to deploy smart contracts and pallets, node incentivization, algorithmic risk adjustment, and governing the network and protocols.

1.4 KAR Token

    KAR is the native token of the Karura.
    KAR has a fixed supply of 100,000,000.
    KAR can be used for paying transaction fees, staking to deploy smart contracts and pallets, node incentivization, algorithmic risk adjustment, and governing the network and protocols.
    Learn more about KAR token here.

2. The Build Acala Event

The purpose of the Build Acala event is to bootstrap the Acala Treasury and allocate ACA tokens to our community members earlier than parachain auctions and other public events in preparation for Acala's mainnet launch. Delivery of ACA tokens to community members will be at the mainnet launch of Acala.
    In the Build Acala event, ACA tokens are denominated in DOT, though participation in the event requires BTC as the settlement token.
    All proceeds of the event will be converted to DOT and contributed to the Acala Treasury.
    Deployment of the Acala Treasury will be determined by the network governance following Acala's launch. These contributions will not go to the Acala team or foundation.
    The Acala Treasury can then be allocated to the decentralized Sovereign Wealth Fund (dSWF) for use cases like providing liquidity to DeFi protocols, ensuring stability for the Acala Dollar, and sustaining the network through development and operational initiatives like obtaining future parachain slots, and supporting grants.
    For every 10 ACA distributed, 1 KAR will also be distributed to the same account used to participate in the event upon Karura's launch.
    ACA will be distributed upon the mainnet launch of Acala.
    KAR will be distributed upon the launch of Karura.

2.1 Bootstrapping the Acala Treasury & Decentralized Sovereign Wealth Fund

The Acala Treasury is essentially the value under management governed by the holders of ACA tokens through Acala’s governance. The Acala Treasury can be allocated to the decentralized Sovereign Wealth Fund (dSWF) for use cases like providing liquidity to Acala’s DeFi protocols, ensuring stability for the Acala Dollar, and sustaining the network through development and operational initiatives like bidding on future parachain slots to gain access to Polkadot's shared security, and supporting grants. Although Acala foresees its very first parachain auction will heavily rely on crowdsourced support, the funds in the Acala Treasury and the dSWF will only be used as a supplement to support Acala’s future parachain auction bids as necessary.
Effectively upon network launch, all proceeds from this Build Acala Event will be contributed to the Acala Treasury, which can then be allocated to the decentralized Sovereign Wealth Fund (dSWF) to inject liquidity, generate yield, and gain access to network security. Acala may also reserve up to 10% of all proceeds to bootstrap Karura's Treasury, which upon the network launch will effectively be managed by holders of KAR tokens.
For the purpose of the event, ACA sale price is denominated in DOT but payable in BTC, and all proceeds will be converted to DOT before being contributed to the Acala Treasury.
This will accelerate our mission towards the true decentralization and economic sovereignty of Acala. Let's build it together!

2.2 ACA Distribution

For the purpose of fairness and predictability, the bonding curve for ACA and DOT is a flat line – the exact rate will be disclosed before the sale starts. For every 10 ACA a participant receives, the participant will also receive 1 KAR. This will effectively bootstrap the decentralized stewardship of both networks while ensuring a dedicated early-adopter community for Acala's DeFi products.

2.3 Distribution Details

    Primary Token Symbol: ACA (Acala Native Token)
    Gift Token Symbol: KAR (Karura Native Token)
    Registration Date: UTC 10:00 pm 7th April - UTC 7:00 am 9th April
    Event Start Date: 1pm UTC 16th April
    Fully Diluted ACA Token Supply: fixed non-inflationary supply of 1,000,000,000 ACA
    Fully Diluted KAR Token Supply: fixed non-inflationary supply of 100,000,000 KAR
    Initial Circulating Token Supply: ~47,100,000 ACA
    ACA Token Price: 0.016 DOT
    Payment Currency Accepted: BTC
    Individual Purchase Caps: min 30 DOT, max 50 DOT per registrant
    Lockup: Unlocked at launch
    Eligibility: Non-U.S. participants only; participants from certain jurisdictions excluded.
The Build Acala Event is for our community members who intend to participate in the network, use its DeFi products, deploy smart contracts, and/or participate in the governance of Acala.
This is not a public event. This is for Acala community members only. A list of marked registrants will be allowed to purchase up to their individual caps. Participants are marked based on their community contributions and involvement, as well as anti-sybil detection during the registration process.
The Build Acala Event registration is closing on UTC 7:00 am 9 April.

3. Post-Sale Logistics

The ACA token will be distributed to participants of the Build Acala Event upon the launch of Acala. The KAR token will be distributed to participants upon the launch of Karura.

4. ACA Token Economics

ACA is the native utility token of Acala. ACA is used for network utilities (paying fees, staking to deploy smart contracts and pallets, staking for collator nodes) and network governance (risk parameter adjustment, adding new collaterals, voting for network upgrades, etc.) as outlined in Acala's Whitepaper.
ACA has a fixed supply of 1,000,000,000 (redenominated from 100,000,000). The entire supply of ACA will be minted on the genesis and there is NO new issuance.

4.1 ACA Distribution

Acala is built with decentralization at heart. 51% of ACA has been committed to the community, ecosystem and network operation through the "Auction Reward/Liquidity Program", "Treasury/Reserve", and "Ecosystem Program". We have intentionally selected a large distributed list of "Early Backers" and "Backers" who support us long term with complementary expertise.

4.2 Token Schedule

Token schedule upon mainnet launch
All allocations except this new Build Acala event adheres to locking and vesting schedules. It is assumed that the 1st-year parachain auction reward is 11% of supply with 30% of which is liquid on launch, and the 1st-year liquidity mining program is 6% of supply linearly distributed. These are all subject to change and will be updated upon confirmation.

5. Join Us

We are at the forefront of a revolution to build a decentralized and fair internet of value that is accessible to everyone. Acala is building the decentralized financial infrastructure and product foundations to make it fast and easy to use or build financial applications, improving efficiency, security and transparency. And we can't possibly do this alone. Thank you for joining us on this journey to build a decentralized, open, and fair future together.
Key documents, code and apps:
Join the Acala community:
Last modified 2mo ago