The Enjin blockchain gaming platform, the Moonbeam network and the DeFi protocol, Acala, are building their future on the Polkadot blockchain, and have already secured a space in the parachains of this network, announced since 2019.
Recently, Enjin y Moonbeam raised several million dollars in financing rounds aimed at promoting the development of their new projects, which will be developed in the blockchain from Polkadot, a blockchain built for scalability and high performance. Likewise, the decentralized finance protocol (DeFi), Acala Network, powered by Polkawallet and Laminar, was the first to hold a space within the Polkadot parachains, on the testnet Rococo.
Parachains are Polkadot's own concept, which refers to independent blockchain networks, but which are connected to each other in the Polkadot ecosystem. As reported by Bit2Me News, Polkadot developers built the network under the philosophy that a generic blockchain cannot do everything, but rather that the future is independent networks, with specific functions, that coexist within the same digital ecosystem. . Thus, each of the parachains developed in Polkadot will meet specific objectives, offering specific solutions for each need and guaranteeing efficiency at all times.
Enjin, Moonbeam and Acala seek to participate in this ecosystem, to promote their projects with precise tools designed to meet the needs of each of their communities.
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$24 million in investment rounds
Enjin is building a new platform for tokens NFT based on Polkadot and the Substrate protocol. Call Efinity, the new platform focuses on helping “humanity to create a truly free and global digital economy”. Enjin developers point out that this is a next-generation blockchain network, designed especially for non-fungible tokens (NFTs); a new class of tokens that is revolutionizing the digital gaming, art, music, and many other industries.
“We find ourselves at a moment in human history when NFTs are reaching the general public, carried around the world, from famous artists and musicians, to global brands and corporations.”
Enjin, the blockchain-based digital gaming ecosystem that has seen impressive growth in recent years, reaffirms its commitment to NFTs with the soon-to-be-launched Efinity. For its development, the platform raised 18,9 million in a private investment round, where important industry companies participated. Efinity will have its own native token, called EFI, that users will be able to use to make stakes and to participate in network governance.
Moonbeam, the “Ethereum” of Polkadot
On the other hand, Moonbeam raised 6 million in a financing round, which will be used to drive the commercial expansion of the protocol. Moonbeam is a smart contract platform built on Polkadot and compatible with Ethereum, which is focusing on boosting the DeFi and NFT economy.
The developers of this protocol are in talks with those responsible for projects such as SushiSwap, Balancer, IDEX and Ocean Protocol, to migrate these protocols to the Moonbeam blockchain. Also, this network is boosting the creation and adoption of tools for DeFi and for NFTs, together with the platform Seascape, to allow developers to “create great DeFi games and help other game developers do the same”.
Being built on Polkadot, Moonbeam offers great benefits of interoperability, scalability, and speed.
Parachain for Acala Network
Recently, the developers of the Acala Network protocol celebrated on Twitter being the first to get a space on the Polkadot parachains. The developers reported that this launch, carried out on the Polkadot testnet, Rococo, propels the protocol on its path towards interoperability of Polkadot blockchains.
Acala, as defined on its website, is a complete decentralized financial center and platform for stablecoins that drive liquidity and cross-blockchain applications.
The innovation that Polkadot brings with its new concepts and ideas is driving the value of its DOT token in the markets. At press time, DOT is trading at a value of $36 per unit, showing a growth of more than 1.200% since August of last year.
Continue reading: Statemint is coming to Polkadot parachains to offer functionality for stablecoins, CBDCs, and NFT tokens
