Acala Network’s Phase 1 Vote To Resume Operations Gets Passed

September 26, 2022 - Around 1 mins mins to read

Acala Network’s Phase 1 vote to resume operations got passed and its LPs can withdraw liquidity from pools.

Acala Network's Phase 1 Vote To Resume Operations Gets Passed

Acala previously said that the Acala network will be launched in stages, with phase 1 allowing LPs to withdraw liquidity from pools, phase 2 enabling remaining activities except for oracles, and phase 3 enabling oracles.

The community referendum for Stage 1 of resuming Acala operations has passed and been executed.

LPs who choose to unstake LP tokens or withdraw liquidity on Acala now have the option to do so. https://t.co/yzvOz7zwxT
— Acala (@AcalaNetwork) September 26, 2022

Acala is a decentralized financial Polkadot parachain that provides cross-chain capability to the aUSD ecosystem.

A misconfiguration issue involving a new iBTC/aUSD liquidity pool in August resulted in the erroneous minting of more than 3 billion aUSD. The smart contract misconfiguration allowed Acala liquidity providers (LPs) to receive the mistake mints and continuously supply additional liquidity in order to get more aUSD, resulting in the stablecoin being depegged.

Next comes phase 2, which enables all remaining operations except oracles. The Acala Foundation said it would continue to work with legal, law enforcement, and other partners to retrieve the remaining funds.

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