Qtum Announces $1 Million DeFi Development Fund For Developers

Qtum announces a $1 million new DeFi development fund that can be used for both solo and team developers that are looking to create scalable Dapps. The blockchain smart contract network became the biggest ecosystem to wow the ETH developers as it can boast compatibility with the EVM of ethereum which means developers and port projects directly so let’s find out more in the latest cryptocurrency news today.

Qtum is not the first blockchain platform that opened its doors to DeFi developers. Matic Network issued a similar call recently with a huge grant program to kickstart adoption. The founder Patrick Dai is determined to make the network a chain of choice for frustrated developers that were priced out of deploying smart contracts on the Ethereum mainnet, pledging a total of $5 million to boost DeFi adoption.

DeFi is the current trend for the year as blockchains such as Tron and EOS made overtures to the developers and positioned their systems as more suited to host Dapps that can rely on higher transaction volume. Qtum laid out its case for the Qtum chain and this will be the first home for Defi innovation according to the blog post:

 “On-chain privacy is a relatively lacking but a crucial feature for the current DeFi ecosystem.”

Qtum announces the $1 million fund and at the same time, its stablecoin Qcash which was launched in 2017, it makes it a perfect launchpad for the Asian crypto projects. The value proposion can be distilled into offering the best things out of ethereum and bitcoin combined. One of the biggest issues with Ethereum is that it is interacting with multiple smart contracts such as when pooling assets or liquidity mining which uses up a huge amount of gas, meaning it will get expensive fast.

Because Qtum uses Bitcoin’s UTXO model, each transaction has a few inputs and multiple outputs. When used in conjunction, multiple contracts can be called in parallel for one transaction with a different caller for each output. This means that the users can interact with a few Defi contracts which will lower the costs down. Ethereum’s transition to ETH 2.0 is scheduled for early 2021 which is expected to bring down the fees. The Defi developers should keep building the blockchain that is packed to overflowing and they can entrust their projects to an alternative chain that is more scalable.