Polkadot Parachute Chains Increase After $ 250 Million Stablecoin Fund Launches

Polkadot Parachute Chains Increase After $ 250 Million Stablecoin Fund Launches – Mail Bonus

Crypto prices have been exploring new lows for weeks and it is currently unclear what it will take to reverse the trend. Despite the downturn, cryptocurrencies within the Polkadot (DOT) ecosystem began to increase on May 24 and have managed to maintain profits in the range of 10% to 25%, a potential sign that certain sub-sectors of the market are on the verge of collapse. .

Here are three Polkadot ecosystem protocols that have seen the price of tokens rise in recent days.

Acala launches $ 250 million ecosystem fund

Acala (ACA) is the leading distributed financial system (DeF) on the Polkadot network, primarily due to the introduction of aUSD, the first native stablecoin in the Polkadot ecosystem.

After the collapse of Terra’s LUNA and TerraUSD (UST), traders were looking for “safer” stablecoin options.

On March 23, the ACA gathered after the project announced a $ 250 million “aUSD ecosystem fund” that aims to support the start-up phase of start-ups planning to build strong stablecoin use cases on any Polkadot or Kusama parachain.

Acala also announced the launch of an initial award program that has set aside 1 million ACA tokens as prizes for LCDOT / DOT, LCDOT / aUSD, ACA / aUSD and aUSD / LDOT liquidity providers.

Following the announcement of the USD Ecosystem Fund, the price of ACA rose by 31% from a low of $ 0.364 on May 23 to a daily high of $ 0.478 on May 24.

Astar joins forces after announcing partnership with Microsoft

The Astar (ASTR) network is a smart negotiation center for the Polkadot community that supports Ethereum (ETH), WebAssembly and other two-tier solutions such as zk-Rollups.

Because the Polkadot exchange chain does not offer Ethereum Virtual Machine (EVM) support, Astar was created to be a multi-chain smart computing platform that can support multiple blockchains and virtual machines to integrate the Polkadot ecosystem.

On May 24, it was revealed that AstridDAO, the Astar-based protocol responsible for minting BAI stablecoin, had signed a partnership with Microsoft to become part of Microsoft for Startups, an initiative “that removes traditional barriers to building exclusive companies. access to technology, training, marketing and support. “

If successful, the partnership should accelerate AstridDAO’s market momentum and maximize its market impact. It also includes up to $ 350,000 worth of benefits through Github Enterprise, Microsoft Teams and Azure credits.

Following the announcement of the partnership, the ASTR rose by 61% from $ 0.055 to a daily high of $ 0.0888.

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Uniswap v3 to distribute on Moonbeam

Moonbeam (GLMR) is an Ethereum-compliant Polkadot smart contract pairing chain that optimizes the use of Ethereum development tools to build or restructure Solidity projects in a platform-based environment.

Interoperability with the Ethereum network is a highly sought-after capability as the majority of distributed applications now operate on Ethereum along with the majority of the assets in distributed financing.

The benefits of EVM interoperability were demonstrated with the announcement on May 24 that a proposal to deploy Uniswap (UNI) v3 on the Moonbeam network was approved, meaning that the top distributed hub in the cryptocurrency ecosystem will soon be accessible to Moonbeam users.

Following the announcement, the GLMR rose by 29% from a low of $ 1.15 on May 23 to a daily high of $ 1.48 on May 24, with its 24-hour trading volume increasing by 106% to $ 75.3 million.

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