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Acala Token is a decentralized cryptocurrency that was created to provide a stable, secure and reliable form of digital currency for users. It was launched in 2020 and is based on the Polkadot network, a blockchain platform that allows interoperability between different blockchain networks. Acala Token is designed to be used as a stablecoin, providing users with a reliable way to store and transfer value. It is also used as a medium of exchange for goods and services, as well as for payments and remittances.
Acala is a project of the Acala Foundation, a non-profit organization that works to promote the development of decentralized finance (DeFi) applications on the Polkadot network. The Acala Foundation is backed by a group of leading investors, including Polychain Capital, Binance Labs, and Web3 Foundation. Acala Token is used as a staking token, allowing holders to earn rewards by staking their tokens. It is also used as the native currency for the Acala network, allowing users to purchase goods and services and pay for fees. Acala Token is also used for liquidity mining, where users can earn rewards for providing liquidity to decentralized exchanges.