The post Polkadot: Can Web3 gaming be the catalyst for DOT’s recovery? appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ June 15, 2024 4:14 am