Harvest Moon, a New DeFi Ecosystem on Moonbeam

Ethereum-compatible smart contract platform Moonbeam is launching a new campaign. Harvest Moon aims to support DeFi activity and the next wave of cross-chain connected apps.

Moonbeam is a Polkadot-based and Ethereum-compatible smart contract network launched in January 2022. Additionally, on June 23 it declared that it has entered the next phase of its launch called Harvest Moon. In this article, you will discover more about this campaign.

Moonbeam to Launch DeFi-Focused Campaign Harvest Moon

Furthermore, the DeFi-focused campaign will foster activity on the network. It will run from three to four months and target building core DeFi primitives. These are needed for the multi-chain connected smart contract ecosystem to flourish.

Bear markets are good times to build and Moonbeam aims to do exactly that for the next few months.

The first phase of Harvest Moon will help these applications develop and grow while the next wave of projects is deployed. Furthermore, developers can build new kinds of apps spanning assets and functionality from many chains. They can use Moonbeam’s tools and cross-chain messaging capabilities.

Moreover, Moonbeam has already attracted some big DeFi names to the ecosystem. These include Curve Finance and Ethereum staking service Lido. Additionally, there are native protocols such as the StellaSwap DEX and lending and borrowing protocol Moonwell.

More About Moonbeam

Additionally, the Moonbeam Foundation has stated that it has allocated up to 1.5% of the GLMR genesis supply for the endeavor. The tokens will go towards a grant-based liquidity program for the Harvest Moon campaign. Furthermore, the 15 million tokens are worth around $10.8 million at current prices.

On the other hand, according to DotMarketCap, there is $14.3 billion in total value locked in the Polkadot ecosystem. Additionally, the number of tokens allocated to Harvest Moon and the length of the campaign are subject to change.

Earlier this month, the Moonbeam Foundation and Arrington Capital announced the launch of a new $100 million ecosystem fund dedicated to supporting projects.

GLMR Price Outlook

Moonbeam’s native token, GLMR, has lost 2.6% on the day. As a result, it was trading at $0.733 at the time of writing. GLMR is getting beat up in the broader market slump. At the time of writing this article, its marketcap is $225.9 million and a 24-hour trading volume of $23 million.

Furthermore, GLMR is now trading down more than 96% from its January all-time high of $19.50 according to CoinGecko. There are 308 million tokens circulating out of a maximum supply of a billion giving it a market cap of $220 million.

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