Acala previously said that the Acala network will be launched in stages, with phase 1 allowing LPs to withdraw liquidity from pools, phase 2 enabling remaining activities except for oracles, and phase 3 enabling oracles.
Acala is a decentralized financial Polkadot parachain that provides cross-chain capability to the aUSD ecosystem.
A misconfiguration issue involving a new iBTC/aUSD liquidity pool in August resulted in the erroneous minting of more than 3 billion aUSD. The smart contract misconfiguration allowed Acala liquidity providers (LPs) to receive the mistake mints and continuously supply additional liquidity in order to get more aUSD, resulting in the stablecoin being depegged.
Next comes phase 2, which enables all remaining operations except oracles. The Acala Foundation said it would continue to work with legal, law enforcement, and other partners to retrieve the remaining funds.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Over 84% of the staked Sui token supply is controlled by the founders, raising centralization…
The Coinbase class action lawsuit, echoing a previous case against the exchange, accuses it of…
Tether's CEO, Paolo Ardoino, highlights discrepancies in the Bitfinex data breach, revealing that only a…
Bitfinex data leak allegedly by FSOCIETY includes 2.5TB of exchange data and 400K users' details.…
According to Parsec, Friend Tech v2's launch disappointed many, with 95% users unable to claim…
The legal debate over Ethereum classification intensifies as Consensys sues SEC for regulatory overreach.
This website uses cookies.