By
Godfrey Benjamin
April 18th, 2024
Moonbeam and Arrington have been working together since the onset of the former, back in January 2022.
The Polkadot ecosystem has received a new boost after its leading L1 protocol, Moonbeam Foundation, and Arrington Capital announced a $100 million fund for multi-chain developers. The $100M ecosystem fund is dedicated to supporting developers building on Moonbeam protocol.
“This is the first ecosystem fund for the Moonbeam Network. The entirety of the funds will go toward helping new projects develop and scale multi-chain applications, including new use cases that leverage the interoperability potential of Polkadot and innovative general message-passing technologies outside of Polkadot. The fund is designed to benefit projects across all categories, including DeFi, marketplaces, NFTs, and gaming,” the announcement reads.
Moonbeam and Arrington Capital Long-Term Relationship
Moonbeam and Arrington have been working together since the onset of the former, back in January 2022. Reportedly, Arrington Capital has helped the network scale its operations through financial advice and strategic investment.
Moreover, Arrington Capital believes in a multi-chain future for the existing blockchains.
“Moonbeam has gained significant momentum as a new Layer-1 protocol and provides a needed spark for the larger multi-chain movement, a trend which we are seeing across our portfolio,” said Michael Arrington, Partner at Arrington Capital. “We are thrilled to more deeply support the Moonbeam team’s goal of empowering cross-chain expansion for startups and developers in the simplest way possible. This fund signifies our enthusiasm for Moonbeam, and we’re excited to work closely with the rapidly expanding ecosystem of teams there.”
Notably, developers can build multi-chain decentralized applications on top of the Polkadot platform. Reportedly, over 100 projects are running live on the Moonbeam network.
Worth noting, Moonbeam’s users have completed over 6.5 million transactions during the first five months. Additionally, the network has seen the deployment of nearly 5,000 smart contracts from 775 developers.
“Growing a successful Web3 project requires not only great teams and technology, but also the right partners to provide capital, strategic advice, and connections to other teams,” said Derek Yoo, Founder of Moonbeam. “Arrington Capital helped Moonbeam from the beginning to scale, make strategic decisions, and connect with many of the partners we have today. So it was natural for us to work with them to create a fund where they could help projects in our ecosystem in the same way. I expect the Arrington Moonbeam Growth Fund to be a significant catalyst for the expansion of the ecosystem.”
Side Notes
The blockchain industry thrives on decentralization, scalability and system security. Polkadot intends to scale its market through the use of L1 protocols that help optimize the three aspects.
According to market data provided by CoinGecko, Polkadot is ranked position 11 by market capitalization. The native token, DOT trades around $9.11, with a market cap of approximately $10.1 billion.