Acala Foundation, the DeFi hub of Polkadot, is collaborating with institutional liquid staking protocol Alluvial to launch the first enterprise-grade liquid staking solution for Polkadot (DOT).
Non-Custodial DOT Liquid Staking Product
According to an official press release, from today, Alluvial’s support for Polkadot (DOT) makes it the first multi-chain liquid staking solution for institutions. The institutional liquid staking protocol is already establishing a new liquid staking standard with early support from Coinbase Cloud and Figment. With the launch of the new product, Acala’s non-custodial DOT Liquid Staking product can serve the needs of institutions in a compliant, permissioned environment offering KYC/AML checks and non-custodial asset management. Commenting on the development, Matt Leisinger, CEO of Alluvial, said:
“We’re incredibly excited that Acala is joining with Alluvial. The liquid staking standard is now multi-chain, a first for the ecosystem, and a big step forward towards achieving the mission of bridging the world’s wealth to secure a neutral and decentralized foundation for the next generation of the internet,”
The product also allows token holders to strategically utilize their DOT tokens in a user-friendly, secure, and efficient manner. Once a user stakes their DOT on Acala, they receive Liquid DOT which is a receipt token that represents ownership of staked DOT. It can then be used to mint Acala USD (aUSD), lend, trade, stake, and participate in additional use cases.