Lumx launches a $250,000 fund to support blockchain development on the Polygon network in Latin America, emphasizing the growing adoption of blockchain technology in the region.
Points
- Fund Launch: $250K fund to boost Polygon projects in LATAM.
- Blockchain Development: Focus on smart contracts and NFT generation.
- High Adoption Rates: Increased cryptocurrency use in Latin America.
- Polygon Network Growth: Surge in active addresses following token migration news.
Web3 startup Lumx has introduced a $250,000 fund to drive on-chain development on the Polygon network in Latin America. The LATAM Acceleration Fund helps advance the use of blockchain technology and provides grants to companies that are developing applications with Lumx’s APIs on any Polygon network.
Latin American Countries Show High Cryptocurrency Adoption Rates
Lugui Tillier, Director of Business Development at Lumx, emphasized the initiative’s potential to enhance Brazil’s standing in global Web3 development and drive high-level projects across the region. “Blockchain technology is extremely powerful, but without relevant applications, it is nothing. After several cycles focused on infrastructure, we are entering a cycle of on-chain applications, and Lumx will drive this progress on Polygon! It’s time to build! It’s time to build!” Tillier stated.
The LATAM Acceleration Fund targets real-use cases of blockchain technology that can prove the value of on-chain mechanics. Through financial investments and assistance, Lumx and Polygon Labs hope to foster the growth of new applications that can take advantage of the features offered by the Polygon platform.
Polygon Network Experiences Surge in Active Addresses
Based on the on-chain data from Santiment, the active addresses connected to the Polygon network skyrocketed after the token migration announcement. According to Santiment’s Active Addresses 24-hour metric, which counts addresses that have engaged in a transaction in the last 24 hours, the number of addresses went over 4,200 at the weekend. This is a jump from the fewer than 1,500 active addresses noted the day prior to the announcement.
This recent increase is in stark contrast to the overall trend of decreasing daily activity that has been observed since March. The increase in the active addresses also shows the effects of token migration news, which attracts more users to the Polygon network. This is in contrast to the earlier declined trend as the activities have been seen to have picked up again. At the time of writing, MATIC is trading at $0.55, with a 24-hour increase of 1.5%.
解説
- Fund Launch: The introduction of a $250K fund by Lumx highlights the commitment to boosting blockchain projects on the Polygon network, emphasizing the strategic importance of LATAM.
- Adoption Rates: High cryptocurrency adoption rates in Latin America indicate a growing market for blockchain technology, driven by initiatives like Lumx’s fund.
- Network Growth: The surge in active addresses following Polygon’s token migration news underscores the platform’s increasing user engagement and potential for future growth.