Connect with us
Active Currencies 14902
Market Cap $2,214,106,919,095.30
Bitcoin Share 50.92%
24h Market Cap Change $-2.52

Polkadot: Can Web3 gaming be the catalyst for DOT’s recovery?

2min Read

Moonbeam, a parachain on Polkadot, made a substantial investment in the Web3 gaming industry.

Polkadot

Share this article

  • 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.

Polkadot [DOT] was the victim of the recent drawdown that occurred across the entire crypto market. However, new developments on its parachain could help DOT recover.

New developments for moonbeam

Moonbeam Network, a Web3 smart contract platform, is pouring resources into its ecosystem with a fresh $13 million initiative.

This investment, dubbed the next phase of Moonbeam’s Moonrise program, targets key areas like gaming and real-world asset tokenization.

The ultimate goal would be to solidify Moonbeam’s position as a frontrunner for integrated Web3 networks, allowing seamless connections between blockchains like Polkadot and Ethereum.

The $13 million war chest is strategically divided. A $10 million innovation fund aims to nurture groundbreaking Web3 projects, with N3MUS, focused on bringing Web3 gaming to the mainstream, being the first to benefit.

But that’s not all. Moonbeam is allocating an additional $3 million in grants. $1.5 million worth of GLMR tokens will be distributed to projects like StellaSwap and Moonwell on the Moonbeam network to jumpstart their incentive programs.

Meanwhile, a $1.5 million proposal (using MOVR tokens) awaits approval for Moonriver’s DeFi projects to boost liquidity on their platforms.

By providing financial backing, co-organizing events, and connecting developers with potential investors, Moonbeam aspires to cultivate a thriving ecosystem with innovative projects on its platform.

Polkadot’s new JAM

Another update that could help DOT in the long run would be JAM. Announced in April 2024, this significant update is poised to be the biggest overhaul for Polkadot since its launch in 2021.

JAM targets the Relay Chain, the central hub of the Polkadot network that supports all its independent parachains.

The mastermind behind Polkadot, Gavin Wood, outlined the technical details and goals of JAM in a document called the JAM Gray Paper. After a near-unanimous vote from DOT holders, Polkadot’s decentralized governance system officially greenlit the upgrade.

JAM essentially revamps the Relay Chain with a more streamlined and modular design. The current Relay Chain acts as the Polkadot network’s backbone, coordinating the work of parachains that process transactions simultaneously.

It ensures data compatibility across all systems and verifies transaction validity, allowing secure collaboration between chains.


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.

Source: Santiment

Share

Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.