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Acala Network

avoid.net/acala-network→32/100·82% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·dFds3D…ZjBJ

Summary

Acala Network is a Polkadot-native DeFi hub offering a multi-collateralized stablecoin (aUSD), liquid staking, and an AMM DEX. On August 14, 2022, a misconfiguration in a newly deployed liquidity pool caused 3.022 billion aUSD to be erroneously minted, triggering a 99% depeg; approximately 98% of the erroneous tokens were subsequently recovered and burned via community governance votes. The incident raised significant concerns about the protocol's claimed decentralization after the team unilaterally placed the network in maintenance mode and froze token transfers without an on-chain vote.

Connected Entities

3 entities · 60 linked investigations
Organizations
□Polkadot58□Acala Network
Tokens
♦Coinbase62
Relationships
  • Acala Network→mentioned with→Polkadot(70%)
  • Acala Network→mentioned with→Coinbase(65%)
  • Polkadot→mentioned with→Coinbase(60%)
Also appears in
Euler Finance·58Crossmint·70Ripple Labs·47The Sandbox SAND Bridge Exploit·38Allo Protocol·57PAX Gold (PAXG)·62Clober Liquidity Vault·52Kaspa·64Optimism·60Robinhood Crypto·54+ 50 more

Connected Through

2 shared actors · 243 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Acala Network?

Timeline(16 events)

2019

Founders Bette Chen, Bryan Chen, Ruitao Su, and Fuyao Jiang meet at the first Substrate Hackathon and begin collaborating on what becomes Acala Network.

March 2020

Acala raises $1.4 million in a seed round from investors including Polychain Capital.

September 2020

Acala raises approximately $7.3 million in additional funding with backing from Coinbase Ventures, Pantera Capital, and Polychain Capital.

31 August 2021

ACA token ICO sale begins, running through September 3, 2021.

November 2021

Acala wins Polkadot's first parachain auction, securing approximately $1.3 billion in DOT crowdloan contributions.

4 August 2022

Acala announces the upcoming launch of the iBTC/aUSD liquidity pool.

13 August 2022

iBTC/aUSD liquidity pool goes live on Acala Network.

14 August 2022

Misconfiguration in DexSavingRewardRates parameter triggers erroneous minting of 3.022 billion aUSD across 16 addresses. aUSD price collapses from $1.03 to $0.009. Acala team unilaterally places network in maintenance mode and freezes token transfers. Community governance passes urgent votes to pause DEX, Honzon protocol, oracle pallet, and cross-chain communications.

15 August 2022

Community governance burns approximately 1.292 billion erroneously minted aUSD. CoinTelegraph and CoinDesk report on centralization criticisms surrounding the network freeze.

17 August 2022

Acala publishes initial trace results identifying 3.022 billion erroneous aUSD mints across 16 addresses.

20 August 2022

Second governance vote approves burning of remaining 1.682 billion aUSD held in LP positions.

5 September 2022

Acala publishes full incident trace report confirming approximately 2.97 billion aUSD recovered with losses from off-chain transfers estimated between $1.6 million and $10 million.

26 September 2022

Acala Network announces resumption of full operations after community referendum approves reactivation.

17 June 2024

Acala 2.0 Sinai Upgrade deployed, with stated improvements to DeFi functionality and security architecture.

2025

ACA token records closing price of approximately $0.010, representing a 90%+ decline year-over-year.

2026

ACA token falls to approximately $0.00072, down approximately 92.9% from the prior year and over 99% from its all-time high of $2.79.

Provenance & Audit Trail
Anchored on SolanaVerify on-chain13 Wayback Archivessrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event). 13 of 17 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:55 AM

last updated: 9/15/2026, 8:59:29 PM

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