- Polkadot’s parachain Moobeam made a significant investment in the Web3 gaming space.
Price of DOT had declined over the past week, despite large number of developments.
As an experienced analyst, I believe that the recent investment by Polkadot’s parachain Moobeam into the Web3 gaming space is a positive development for the entire ecosystem, especially for Polkadot (DOT). However, it’s important to note that the price of DOT had declined over the past week despite this and other significant developments.
As a researcher studying the cryptocurrency market, I’ve observed that Polkadot [DOT], like many other digital assets, experienced a significant pullback during the recent market-wide downturn. Nevertheless, I’m excited about some promising advancements in its parachain technology that could potentially boost DOT’s recovery.
New developments for moonbeam
Moonbeam Network, a Web3 smart contract platform, is investing $13 million freshly into its ecosystem.
As a researcher studying Moonbeam’s Moonrise program, I can share that this new investment phase focuses on expanding into exciting domains such as gaming and real-world asset tokenization.
As a researcher studying the potential of decentralized networks, my objective is to firmly establish Moonbeam’s role as a leading platform for connecting various blockchain ecosystems, such as Polkadot and Ethereum. This would enable effortless communication and data exchange between these networks, ultimately strengthening their interoperability and enhancing the overall functionality of Web3 applications.
The $13 million total funds are allocated strategically. A $10 million innovation fund is established to foster pioneering Web3 initiatives. N3MUS, which aims to introduce mainstream gaming into the Web3 realm, is the initial recipient of this funding.
As a researcher, I’ve discovered that Moonbeam is expanding its support by allocating an extra budget of $3 million for grants. Specifically, $1.5 million in GLMR tokens will be distributed amongst chosen projects such as StellaSwap and Moonwell, situated on the Moonbeam network, to initiate their incentive programs effectively.
As an analyst, I’d put it this way: A proposal worth $1.5 million, represented in MOVR tokens, is under review for the deployment in Moonriver’s Decentralized Finance (DeFi) ecosystem. The aim is to enhance liquidity on their platforms once approved.
Through financing, co-hosting gatherings, and bridging connections between developers and prospective investors, Moonbeam aims to foster a vibrant community teeming with inventive initiatives on its platform.
Polkadot’s new JAM
One potential improvement that could benefit Polkadot in the future is referred to as JAM. Unveiled in April 2024, this substantial upgrade represents a major transformation for Polkadot since its debut in 2021.
The Relay Chain in Polkadot is the primary focus of JAM (Junction Arbitrary Message), serving as the fundamental backbone for all interconnected parachains within the network.
In a detailed explanation documented as the “JAM Gray Paper,” Gavin Wood, the brainchild of Polkadot, outlined the technical aspects and objectives of JAM. Following a nearly consensus approval from Polkadot token owners, the decentralized governance structure of Polkadot authorized the upgrade.
JAM significantly improves the design of the Relay Chain in Polkadot, making it more efficient and modular. Currently, the Relay Chain serves as the foundational infrastructure for Polkadot, managing the collaborative efforts of parallel processing chains called parachains.
It guarantees that data is consistent across all systems and checks the legitimacy of transactions, enabling safe information sharing between blockchains.
Read Polkadot’s [DOT] Price Prediction 2024-25
Looking at the state of DOT
At press time, DOT was trading at $6.39 and its price had fallen by 10.91% over the last week.
The volume at which it was trading at had also fallen by 39% during the same period.
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2024-06-14 18:15