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Moonbeam grants: Will cross-chain activity hub promo drive boost GLMR adoption?

By Raphael Sanis

09:59, 6 October 2022

Moonbeam
Moonbeam launched its ecosystem grants in 2021 to drive adoption and growth – Photo: Shutterstock

Moonbeam, an interoperable network on the Polkadot (DOT) blockchain, is continuing to attract developers with its ecosystem grants.

The latest to submit proposals include the decentralised finance (DeFi) platform StellaSwap and the lending protocol Moonwell Artemis.

With two days left for the Moonbeam community to vote on these grants, its native GLMR cryptocurrency has surged by 10% in the past seven days.

GLMR to USD

Driving Web 3.0 adoption

Moonbeam launched its ecosystem grants in January 2021 to boost growth on its network. Thee grants were designed to encourage activity on, and adoption of the network, and contribute to what Moonbeam calls its “multi-chain vision”.

The programme specifically rewards platforms that target community engagement, especially those that have a compelling roadmap and a compelling team, Moonbeam claims.

There are three levels of grants. The first two give successful applicants between $50,000 and $150,000. Level three grants hand over a maximum of $3m.

Latest proposals

StellaSwap and Moonwell have both recently submitted applications for a level three grants.

SOL/USD

180.40 Price
-1.760% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,492.98 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.14 Price
-2.480% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

67,434.45 Price
-0.550% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

The DeFi platform StellaSwap says it can contribute growth to Moonbeam through “attracting a ton of liquidity to foster a conducive and robust trading marketplace”.

Its application continued: “The ecosystem grant will be used to deepen the market depth of strategic assets for widespread utility across the ecosystem.”

While there are two days remaining for GLMR holders to vote, the success of StellaSwap’s grant is looking likely. More than three million GLMR have been used to vote for the grant, against 1.2 million GLMR used to oppose it.

Similarly, Moonwell Artemis says its proposal, too, can boost liquidity in the Moonbeam ecosystem. It argues that this liquidity can “be broadly useful for other dApps and developers” across the network.

Moonwell’s grant is also likely to pass, with 3.4 million GLMR voted in favour of the proposal and roughly 300,000 GLMR against.

GLMR's deteriorating price

Despite GLMR’s cross-chain focus, it has been a tough period for Moonbeam’s cryptocurrency. GLMR has struggled to fend off the bear market and recently fell to its all-time low of $0.43 on 30 September.

The token has shown signs that it is bouncing back from this low. As of 6 October, GLMR was trading at $0.50, up 15% from that all-time low.

Markets in this article

DOT/USD
Polkadot / USD
6.3017 USD
-0.1136 -1.780%

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You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
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