Polkadot Parachains Increased After The Introduction Of A $250 Million USD Stablecoin Fund

Polkadot (DOT) ecosystem began to rise on May 24 and have managed to maintain gains ranging from 10% to 25%, possibly indicating that specific market sub-sectors are about to break out.

Here are three Polkadot ecosystem protocols whose token prices have been trending higher in recent days.

Acala launches a $250 million aUSD ecosystem fund

Acala (ACA) is the most popular decentralized finance (DeF) platform on the Polkadot network, owing to the debut of aUSD, the Polkadot ecosystem’s first native stablecoin.

Traders were looking for “safer” stablecoin choices after the collapse of Terra’s LUNA and TerraUSD (UST).

On March 23, ACA surged after the project announced the establishment of a $250 million “aUSD Ecosystem Fund” to encourage early-stage entrepreneurs to develop strong stablecoin use cases on any Polkadot or Kusama parachain.

Acala also announced the establishment of a kickoff rewards programme, which would reward LCDOT/DOT, LCDOT/aUSD, ACA/aUSD, and aUSD/LDOT liquidity providers with 1 million ACA tokens.

The price of ACA increased by 31% from a low of $0.364 on May 23 to a daily high of $0.478 on May 24 following the launch of the aUSD ecosystem fund.

Polkadot community’s Astar rallies after revealing a partnership with Microsoft

The Polkadot community’s Astar (ASTR) network is a smart contract hub that supports Ethereum (ETH), WebAssembly, and other layer-two solutions such as zk-Rollups.

Because the Polkadot relay chain does not support the Ethereum Virtual Machine (EVM), Astar was built to be a multi-chain smart contract platform that can support other blockchains and virtual machines and interface with the Polkadot ecosystem.

On May 24, it was announced that AstridDAO, the Astar-based protocol that mints the collateralized BAI stablecoin, had signed a partnership with Microsoft to become a part of Microsoft for Startups, a programme that “removes traditional barriers to building a company by providing exclusive access to technology, coaching, marketing, and support.”

If it works out, AstridDAO’s go-to-market pace will be accelerated, and its market influence will be increased. It also contains perks worth up to $350,000 in the form of Github Enterprise, Microsoft Teams, and Azure credits.

Following the news of the agreement, the price of ASTR jumped 61% from $0.055 to a day high of $0.0888.

Uniswap v3 to deploy on Moonbeam

Moonbeam (GLMR) is an Ethereum-compatible smart contract parachain on Polkadot that makes it easier to build and redeploy Solidity apps in a substrate-based environment using Ethereum developer tools.

Interoperability with the Ethereum network is a highly desired feature, as the majority of decentralized applications and a large portion of the value in decentralized finance are now run on Ethereum.

The value of EVM interoperability was highlighted on May 24, when a proposal to deploy Uniswap (UNI) v3 on the Moonbeam network was approved, indicating that the leading decentralized exchange in the crypto ecosystem will soon be available to Moonbeam users.

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

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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