Acala, which burned 1.2 billion AUSD tokens after the hack, approached the dollar constant again.
Acala was hacked 2 days ago, and its stablecoin was depegged, 99 percent off its value. AUSD, the native stablecoin of Polkadot-based DeFi protocol Acala, has come close to regaining the dollar stable after the burning of 1.2 billion AUSD tokens minted by exploiters who took advantage of a bug over the weekend.
Acala Holds Community Vote for Burning AUSD
Acala held a community vote recommending the burning of 1.2 billion aUSD tokens to counter the effects of Sunday’s exploit. As a result of the voting, 1.2 billion tokens were burned for AUSD, which fell 99 percent, approaching the dollar constant.
The recently passed community governance referendum has now been executed.
1,292,860,248 total erroneously minted aUSD have been returned to the honzon protocol and burned.
Details in thread below ⤵
— Acala (@AcalaNetwork) August 16, 2022
Due to the attack, the AUSD stablecoin had lost its stable, hitting an all-time low of 0.5713. It was trading at 0.8534 levels yesterday, and it seems to have increased to 0.9022 as of the time of writing.
Acala developers said in a community forum post on Monday that more than 99 percent of the exploited AUSD remains in Acala, with a small percentage being exchanged for ACA and other tokens and transferred from the Acala parachain.
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