withdraw liquidity

Acala plans to restore operations in phases, prioritizing the functionality for LPs to withdraw liquidity assets

Chain Catcher news, Acala has announced a progress update following the abnormal minting incident. The network is currently in a state of preparing to resume operations, with plans to launch the Acala network in phases. Phase 1 will allow LPs to withdraw liquidity from the liquidity pool, Phase 2 will enable all operations except for oracles, and Phase 3 will enable oracles.Acala stated that the current total circulating supply of aUSD is 10,961,589, of which 5,837,712 aUSD needs to be re-collateralized and has been fully collateralized. The Acala Foundation used its own funds (3,794,703 USDC and 42.7M ACA) as collateral to borrow 5,837,712 aUSD through a CDP, and then burned the aUSD to achieve re-collateralization. The aUSD funds are a donation from the Acala Foundation to the network. The Acala Foundation will also manage the CDP positions and the related aUSD debt repayments.Additionally, multiple liquidity pools in Acala Swap have been re-capitalized and rebalanced to pre-incident levels, including the aUSD/LDOT pool, aUSD/iBTC, aUSD/LCDOT, ACA/aUSD, aUSD/INTR, and DOT/LCDOT. The Acala Foundation provided the following funds for the re-capitalization and rebalancing of the liquidity pools: including 2,489,614 ACA, 80,853 DOT, 0.164 iBTC, 995,020 INTR, and 530,700 LDOT.The Acala Foundation will continue to work with legal, law enforcement, and other partners to retrieve all incorrectly minted aUSD and mis-minted exchange tokens and return them to the protocol. Currently, some assets have been frozen on-chain through community governance voting, and some assets are frozen in multiple CEXs. (Source link)
2022-09-23
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