Polkadot Acala aUSD Credit Card

Polkadot Acala credit card where cardholders can transact with aUSD without gas fee and aUSD lenders could earn up to 20% yield from inside and outside of Polkadot ecosystem during crypto winter.

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The Problems

  • Consumers hate paying for shipping fee. It’s the same for gas fee.
  • Cryptocurrencies are not yet widely used and crypto issuers want to get their cryptos in the hands of many.
  • Today’s so-called crypto credit cards only give crypto as rewards, not using crypto as currency. And Visa card from Crypto.com is actually a prepaid (debit) card, not credit card.
  • Recession is coming, thus Acala and Polkadot projects need to sustain their source of income.
  • Too many users and dapps developers on Ethereum are suffering from excessive gas fees.

The Solution

  • Issue Acala credit cards to let anyone spend in aUSD stablecoin without paying for gas.
  • Enable crypto consumers to spend on credit whereby Acala offers lines of credit to cardholders while earning up to 20% in yield (interest).
  • Acala and Polkadot projects could sustain themselves by accepting this crypto card as means of payment.
  • This card could entice existing Ethereum dapps to migrate to Acala/Polkadot.

What it does

Acala credit card (powered by CryptCard) works like a standard credit card except that it uses aUSD as the currency, not fiat. Also, cardholders use their crypto wallets to "swipe" instead of plastic cards making this payment method more environmentally friendly.

How we built it

We at CryptCard produce credit cards that transact in cryptocurrencies, not fiats. We operate the card application system and payment gateway while connecting merchants, lenders and cardholders. Each applicant is processed by our credit analysts based on the applicant's credit score. The better their score, the lesser their interest rate and vice versa.

Challenges we ran into

We needed to learn Substrate and how Polkadot/Acala works. Memorable moments were mistakenly sending tokens to an empty wallet. We finally understood the meaning of "ExistentialDeposit." And we kept bugging tech support on Acala/Polkadot discord. Thanks so much guys!

Accomplishments that we're proud of

Learning how to get our platform to work on Polkadot and Acala.

What we learned

Our challenges made us understand the true ideals that Polkadot and Acala are trying to achieve.

What's next for Polkadot Acala aUSD Credit Card

The aim is to really launch this crypto credit card for the benefit of all especially to prepare for the incoming recession.

Built With

  • acala
  • ausd
  • crypto
  • evm
  • metamask
  • polkadot
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