Acala Plans to Resume Operations in Phases

Acala released a progress update following the aUSD error mints, stating that the network is now in a state of readiness to resume operations and plans to start the Acala network in phases, with phase 1 enabling LPs to withdraw liquidity from pools, phase 2 enabling remaining operations except for oracles, and phase 3 enabling oracles.

The total circulating supply of aUSD is 10,961,589, of which 5,837,712 aUSD was required to be re-collateralized and is now fully collateralized. Acala Foundation borrowed 5,837,712 aUSD through CDP using its own funds (3,794,703 USDC and 42.7M ACA) as collateral. The aUSD was then burned to achieve re-collateralization. The aUSD funds are Acala Foundation's donation to the network. Acala Foundation will also manage the CDP positions and the associated aUSD debt repayment.

Acala Foundation will continue to work with various partners to retrieve and return all aUSD error mints and error mint-swapped tokens to the protocol.