Crypto prices happen to be exploring new lows for days and presently it’s unclear what it will require to turn back trend. Regardless of the downtrend, cryptocurrencies inside the Polkadot (Us dot) ecosystem started to rally on May 24 and also have were able to maintain gains varying from 10% to 25%, a potential sign that particular sub-sectors from the market are near an outbreak.
Here’s a glance at three Polkadot ecosystem protocols which have seen their token prices trend greater in recent days.
Acala launches a $250 million aUSD ecosystem fund
Acala (ACA) may be the leading decentralized finance (DeF) platform around the Polkadot network, mainly because of the launch of aUSD, the very first native stablecoin within the Polkadot ecosystem.
Following a collapse of Terra’s LUNA and TerraUSD (UST), traders were trying to find “safer” stablecoin options.
On March 23, ACA rallied following the project announced the launch of the $250 million “aUSD Ecosystem Fund” that aims to aid early-stage startups intending to build strong stablecoin use cases on any Polkadot or Kusama parachain.
Acala, nine parachain teams, and several venture funds have launched the $250 million ‘aUSD Ecosystem Fund’ ️
The fund needs early-stage projects from the @Polkadot or @KusamaNetwork parachain with strong $aUSD stablecoin use cases https://t.co/OJ2V47ZUry pic.twitter.com/NDgLg2bG8N
— Acala (@AcalaNetwork) March 23, 2022
Acala also announced the launch of the kickoff rewards program which has put aside a million ACA tokens as rewards for LCDOT/Us dot, LCDOT/aUSD, ACA/aUSD and aUSD/LDOT liquidity providers.
Following a aUSD ecosystem fund announcement, the cost of ACA spiked 31% from the low of $.364 on May 23 to some daily a lot of $.478 on May 24.
Astar rallies after revealing a partnership with Microsoft
The Astar (ASTR) network is a great contract hub for that Polkadot community that supports Ethereum (ETH), WebAssembly along with other layer-two solutions like zk-Rollups.
Because the Polkadot relay chain does not offer Ethereum Virtual Machine (EVM) support, Astar was produced to become multi-chain smart contract platform able to support multiple blockchains and virtual machines to enable them to integrate using the Polkadot ecosystem.
On May 24, it had been says AstridDAO, an Astar-based protocol accountable for minting the collateralized BAI stablecoin, had signed a partnership with Microsoft to end up part of Microsoft for Startups, an initiative “which removes traditional barriers to creating a company with exclusive use of technology, coaching, marketing and support.”
Hello Astridians!
PARTNERSHIP ANNOUNCEMENT @Microsoft welcomes AstridDAO to @msft4startups program to Accelerate Development of Decentralized Money Market and Stablecoin $BAI
Details below https://t.co/r9YO7E4NaS pic.twitter.com/J26pbrwCTU
— AstridDAO – No.1 native stablecoin on Astar (@AstridDAO) May 24, 2022
If effective, their bond should accelerate AstridDAO’s go-to-market speed and maximize its market influence. Additionally, it includes as much as $350,000 price of benefits through Github Enterprise, Microsoft Teams and Azure credits.
Following a partnership announcement, the cost of ASTR spiked 61% from $.055 to some daily a lot of $.0888.
Related: Polkadot versus. Ethereum: Two equal chances to dominate the Web3 world
Uniswap v3 to deploy on Moonbeam
Moonbeam (GLMR) is definitely an Ethereum-compatible smart contract parachain on Polkadot that streamlines using Ethereum developer tools to construct or redeploy Solidity projects inside a substrate-based atmosphere.
Interoperability using the Ethereum network is really a highly searched for-after capacity since most decentralized applications presently work on Ethereum plus a most of the value in decentralized finance.
The advantage of EVM interoperability was shown using the May 24 announcement that the proposal to deploy Uniswap (UNI) v3 around the Moonbeam network passed, and therefore the very best decentralized exchange within the crypto ecosystem will quickly be around to Moonbeam users.
Congratulations to everybody at @GnosisChain and @MoonbeamNetwork!
The proposals have passed and v3 is going to be deployed on chains
— Uniswap Labs (@Uniswap) May 23, 2022
Following a announcement, the cost of GLMR rose 29% from the low of $1.15 on May 23 to some daily high at $1.48 on May 24 since it’s 24-hour buying and selling volume elevated 106% to $75.3 million.
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