Acala partners with Blockdaemon to launch the first liquid staking product for Polkadot and Kusama. While Acala is the decentralized finance network and liquidity hub of Polkadot, Blockdaemon is regarded as a top-performing blockchain infrastructure provider that will render support to the recently introduced staking derivatives for Polkadot (DOT) and Kusama (KSM).
The debut liquid staking products in the Polkadot and Kusama ecosystem represents a new class of financial products
Acala’s DOT and KSM Liquid Staking are the debut liquid staking products in the Polkadot and Kusama ecosystem. The new products represent a new class of financial products that are targeted at compound staking liquidity. In addition, the liquid staking products can help create new cases for both developers and DeFi users. It has come to light that the products are already launched on Karura, Acala’s Kusama-based blockchain. Furthermore, it is learned that the products will next be found on Acala, the soon-to-launch Polkadot-based blockchain platform.
Presently $21 billion in liquidity is staked on Polkadot and $2 billion on Kusama
It has come to light that more than $21 billion in liquidity is staked on Polkadot while another $2 billion on Kusama. It is learned that the status of the respective assets is locked and dormant. Furthermore, the assets are not able to take advantage of other DeFi applications to multiply returns. From the users’ point of view, they are put through lengthy unbinding periods. The wait time for users to have their assets redeemed for Polkadot (DOT) is 28 days, and for Kusama (KSM), it is seven days. In the form of a solution to the problems, the team of professionals at the Acala team has developed and launched Liquid Staking. The team is optimistic that the newly built protocol will solve the many-a-challenges besides helping the user unlock billions in liquidity for the Polkadot and Kusama ecosystems.
Founder and CEO of Blockdaemon Konstantin Richter comments on the developments
The founder and CEO of Blockdaemon, Konstantin Richter, introduced Blockdaemon as one of the leading blockchain infrastructure providers. Richter stated that the group is focused on striving for innovation in the staking and security space is a top priority for Blockdaemon. He added that Acala’s Liquid Staking product would work as a solution to unlock billions in liquidity across Polkadot and Kusama. He said that the group is excited to be the pioneer node operator to participate in this program to help users compound their DOT and KSM staking yield.