For weeks, crypto prices have been at new lows and it is not clear what it will take for the trend to change. The Polkadot ecosystem’s cryptocurrency began to rally on May 24, despite the downtrend. They have maintained gains of between 10% and 25%, which could indicate that certain market sub-sectors are poised for a breakout.
Here are three Polkadot-related ecosystem protocols that have seen token prices rise in the past few days.
Cala launches a $250 Million aUSD ecosystem fund
Acala (ACA), the largest decentralized finance (DeF), platform on the Polkadot Network, is mainly due to the launch aUSD, the native stablecoin within the Polkadot ecosystem.
Traders were looking for safer stablecoin options after the collapse of Terra’s LUNA (UST) and Terra’s LUNA (UST).
ACA rallied on March 23rd, after the project launched a $250 million aUSD Ecosystem Fond’. This fund aims to support startups at early stages who plan to create strong stablecoin use case cases on any Polkadot and Kusama parachains.
Acala, nine parachain teams, and a group of venture funds have launched the $250 million ‘aUSD Ecosystem Fund’ The fund is seeking early-stage projects from any @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 that a kickoff rewards program has been launched. It offers 1 million ACA tokens to reward LCDOT/DOT, LCDOT/aUSD ACA/aUSD liquidity providers, ACA/aUSD, ACA/aUSD, and aUSD/LDOT customers.
The price of ACA rose 31% after the announcement of the aUSD ecosystem funds. It fell to $0.364 on May 23, and reached $0.478 on May 24, at the highest.
Star rallies after Microsoft announces a partnership
The Astar (ASTR network) is a smart contract hub in the Polkadot community. It supports Ethereum (ETH), WebAssembly, and other layer-two options like ZK-rollups.
Astar was developed to be a multi-chain smart contracts platform that can support multiple blockchains and virtual machine so they can be integrated with the Polkadot ecosystem.
AstridDAO (an Astar-based protocol that mints collateralized BAI stablecoins) announced on May 24 that it had partnered with Microsoft to be part of Microsoft for Startups. This initiative “removes traditional barriers to building companies with exclusive access to marketing, technology, and support.”
Hello Astridians! PARTNERSHIP ANNOUNCEMENT @Microsoft welcomes AstridDAO to @msft4startups program to Accelerate Growth of Decentralized Money Market and Stablecoin $BAI Details below https://t.co/r9YO7E4NaS pic.twitter.com/J26pbrwCTU
— AstridDAO (@AstridDAO May 24, 2022)
The partnership, if successful, will accelerate AstridDAO’s go-to market speed and maximize its market impact. You can also get up to $350,000 in benefits via Azure credits, Microsoft Teams, Github Enterprise and Microsoft Teams.
The price of ASTR jumped 61% after the announcement of the partnership, from $0.055 per day to $0.0888 daily.
Similar: Polkadot and Ethereum: Two equal opportunities to dominate the Web3 World
Moonbeam deployment with Uniswap v3.
Moonbeam (GLMR), an Ethereum-compatible smart-contract parachain on Polkadot, streamlines the use Ethereum developer tools to create or redeploy Solidity project in a Substrate based environment.
Interoperability between the Ethereum network and other applications is highly desired since the majority of decentralized apps currently run on Ethereum, as well as a large portion of decentralized finance’s value.
With the May 24 announcement of a proposal to deploy Uniswap v3 onto the Moonbeam network, the benefits of EVM interoperability were demonstrated. This means that Moonbeam users will soon have access to the top decentralized crypto exchange.
Everyone at @GnosisChain & @MoonbeamNetwork, congratulations! Both chains have received the proposals. v3 will now be deployed.
— Uniswap Labs May 23, 2022 (@Uniswap).
The price of GLMR rose 29% to $1.15 on May 23, from a low at $1.15 on May 23, to $1.48 daily on May 24, as its 24-hour trading volume increased 106%, to $75.3 million.
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