The Qtum Foundation will launch a grant program with rewards ranging from $1 million to $5 million for DeFi developers who use Qtum technology to build DeFi applications and protocols.
Recently published on her blog, the Qtum Foundation announced the launch of a new grant program to reward DeFi ecosystem developers. Through this new rewards program, the Qtum Foundation seeks to foster and incentivize development and innovation within DeFi ecosystems. decentralized finance (DeFi) based on the Qtum platform. Developers who receive these grants will also be able to enjoy the Foundation’s full support for developing applications and protocols using Qtum’s advanced technology.
Although Ethereum is blockchain most popular and in-demand for the development of new decentralized finance applications and protocols, there are also other options on the market such as Qtum, which thanks to its characteristics has potential qualities for the development of these ecosystems.
First, Qtum's compatibility with the Ethereum Virtual Machine (Ethereum Virtual Machine – EVM) allows the platform to migrate and deploy smart contracts from the Ethereum network to Qtum, without any friction or high interaction costs. Likewise, the integration of other features such as MetaMask also allows DeFi application developers to interact on the platform with an experience consistent with the Ethereum network. Therefore, the Qtum platform offers great features and unique benefits to developers for the creation and deployment of high-value DeFi applications.
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Accelerated development of DeFi ecosystems
In its post, the Qtum Foundation acknowledges that the growing boom these ecosystems are currently experiencing is what is driving the Foundation to launch a new grant program. The combination of decentralized finance (DeFi) and blockchain technology is “a wonderful revolution” that is causing great ecstasy worldwide. However, both blockchain and DeFi are technologies in constant development and growth, so they still face limitations and problems that represent significant challenges for these digital infrastructures.
According to the Foundation, one of the main obstacles facing blockchain technology today is ensuring support for much more complex DeFi applications, systems, and protocols. However, thanks to its compatibility with the Ethereum virtual machine, Qtum developers claim that this platform offers better features and tools for hosting DeFi applications.
“In the future, the development of DeFi smart contracts will not be limited to EVM. But no matter what virtual machine is used, Qtum can be compatible with it, so the entire DeFi ecosystem can be further integrated into the Qtum platform. Developers can use different programming languages and operating environments on Qtum as needed to build more complex DeFi applications.”
Furthermore, this platform guarantees greater scalability than Ethereum, as it is capable of processing a high number of transactions per second with practically zero transaction costs.
About Qtum
Launched in 2017, Qtum is the first open-source blockchain platform designed to support smart contracts (smart contracts), based on the same UTXO model used by the network Bitcoin and the accounting model used by the Ethereum network. Qtum combines the best of Bitcoin and Ethereum to offer a solid platform for application development. In addition, it is based on the staking protocol (Proof of Stake – PoS) and has a decentralized governance protocol.
Likewise, despite having only been on the market for 3 years, Qtum has become an important platform, since thanks to its constant development it has more practical, appropriate features and greater advantages for the design and construction of more complex DeFi projects.
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