Polkadot parachains posted double-digit gains after partnership announcements, protocol integrations, and a stablecoin development fund caught the attention of crypto investors.
Cryptocurrency prices have been exploring new lows for several weeks and it is currently unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies in the Polkadot (DOT) ecosystem started to rise on May 24 and were able to maintain growth between 10% and 25%, which is a possible sign that some sub-sectors of the market are on the verge of falling. break out.
Here is a look at three Polkadot ecosystem protocols whose token prices have risen over the past few days.
Acala Launches $250M Ecosystem Fund
Acala (ACA) is the leading decentralized finance (DeF) platform on the Polkadot network, thanks in large part to the launch of aUSD, the first native stablecoin in the Polkadot ecosystem.
Since the collapse of Terras LUNA and TerraUSD (UST), traders have been looking for “safer” stablecoin options.
On March 23, the ACA rallied after the project announced the launch of a $250 million “aUSD Ecosystem Fund” aimed at supporting early-stage startups planning to build robust stablecoin use cases for each polkadot or kusama parachain.
Acala also announced the launch of the Startup Reward Program, which has reserved 1 million ACA tokens as a reward for liquidity providers LCDOT/DOT, LCDOT/aUSD, ACA/aUSD, and aUSD/LDOT.
Following the announcement of the aUSD Ecosystem Fund, the ACA price rose 31% from a low of $0.364 on May 23 to an intraday high of $0.478 on May 24.
Astar bounces back after Microsoft partnership announcement
The Astar Network (ASTR) is the smart contract hub for the Polkadot community, supporting Ethereum (ETH), WebAssembly, and other layer 2 solutions such as zk-Rollups.
Since the Polkadot relay chain does not offer support for the Ethereum Virtual Machine (EVM), Astar was created to be a multi-chain smart contract platform capable of supporting multiple blockchains and virtual machines so that they can be integrated into the Polkadot ecosystem.
On May 24, it was reported that AstridDAO, the Astar-based protocol responsible for minting the BAI secured stablecoin, has signed a partnership agreement with Microsoft to become part of Microsoft for Startups, an initiative that “traditional barriers to building a business with exclusivity are removed.” access to technology, coaching, marketing and support.”
If successful, the partnership should accelerate AstridDAO’s time to market and maximize its market impact. It also includes benefits up to $350,000 in Github Enterprise, Microsoft Teams, and Azure credits.
Following the partnership announcement, the ASTR price rose 61% from $0.055 to an intraday high of $0.0888.
See also: Polkadot vs. Ethereum: two equal chances to dominate the Web3 world
Uniswap v3 for deployment on Moonbeam
Moonbeam (GLMR) is an Ethereum-compatible smart contract parachain on Polkadot that makes it easy to use Ethereum developer tools to create or redeploy Solidity projects in a substrate-based environment.
Interoperability with the Ethereum network is a highly requested feature as most decentralized applications currently run on Ethereum, along with much of the value of decentralized finance.
The EVM interoperability advantage was demonstrated by the May 24 announcement that the proposal to deploy Uniswap (UNI) v3 on the Moonbeam network has been accepted, meaning that Moonbeam users will soon be able to access the main decentralized exchange in the crypto ecosystem.
Following the announcement, the price of GLMR rose 29% from a low of $1.15 on May 23 to an intraday high of $1.48 on May 24, with 24-hour trading volume up 106% to $75.3 million.
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