fromA post by Acala Network co-founder Bette Chen states that the community has voted to burn $2.97 billion worth of Acala USD (aUSD). caused by liquidity bridge failure
Acala is a decentralized financial platform built on the Polkadot (DOT) ecosystem, where last week the price of aUSD fell toless than $0.01 from pegging to the dollar After it was discovered that a $3.022 billion aUSD was mistakenly generated by the misconfiguration of the iBTC/aUSD liquidity pool launched on August 14.
Even the misconfiguration has been fixed. However, over 99% of all newly created aUSD remained in Acala Parachain, and approximately $9.69 million was exchanged from the Acala Parachain. USD to DOT and sent to centralized exchanges
In addition, 35 accounts were also identified as mistakenly acquiring $12.38 million in US dollars.
aUSD is over-collateralized It is a diversified digital asset in the Polkadot and Kusama ecosystem, with a deposit rate of 195% per aUSD. However, the current stablecoin price of $0.84 indicates that the mis-raised coin still affects the balance of the system. This allows developers to issue bounties and make public claims for erroneous assets to be returned back to the Acala network.
“Many services on Acala continue to stall. So the team tried to strike a balance between accuracy and speed. We still have a few things to do before the Acala-based service can be fully resumed. And because the mint aUSD bug is tracked, which when completed Our community will have a clearer picture in defining the AUSD recovery offer.”
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