If you’ve been following the crypto markets for a hot minute, you’d notice two trends that immediately stand out from the thousands of niches within the already obscure space—one, of memecoins like Shiba Inu and their unexplained rise, and two, the technically astound advances (read: parachains) made on blockchain networks like Polkadot and Kusama.
Polkadot, a top ten cryptocurrency by market cap, enables cross-blockchain transfers of any type of data or asset, not just tokens. Think about it as a blockchain of blockchains, one that powers other blockchains and their applications atop its own.
These blockchains are, simply put, called ‘parachains,’ with each parachain ‘winning’ a slot on Polkadot via a community-verified and governed auction mechanism that uses ‘crowdloans’ at its center. The latter is essentially a way for projects to fundraise for a parachain slot on the Polkadot network.
One such parachain is the Acala Network, a decentralized finance (DeFi) platfo
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