Moonbeam grants: Will cross-chain activity hub promo drive boost GLMR adoption?
09:59, 6 October 2022
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.
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”.
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.
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