Huobi Global Is Pouring Resources Into Polkadot Projects

The major exchange Huobi Global is pouring a lot of its resources into the Polkadot projects, along with the Web3 Foundation. Together, both companies are looking to become key players in this new ecosystem. The cryptocurrency news show official information coming from an announcement at Huobi Global on Friday, indicating that the crypto exchange is looking to become a key player in the growth of this network.

A series of blog posts pictures this in detail, showing how Huobi Global is announcing few programs. First of them is the Polkadot Sponsorship program, which they announced, along with a $5 million Tether stablecoin fund from the Huobi Innovation Lab that is meant to “developers, event organizers, content creators, and ambassadors” throughout the Polkadot ecosystem.

As we can see in the blockchain news, this Sponsorship program allows individuals to recommend Polkadot projects for listing the “Polkadot ecological zone” which is a special asset listing section of the Huobi exchange. Sponsors are apparently granted an invite to Huobi’s annual conference as well as other offline events.

Speaking of them, Huobi Global is also giving more credits to sponsors. However, they are required to have significant vested interest in the success of Polkadot in order to apply. The minimum requirements include 300,000 DOT tokens (now valued at more than $1.5 million) of which half should be locked with Huobi as the asset certificates.

The announcements also follow a pair of similar announcements that Polkadot made on Thursday, where the network launched a decentralized finance-focused alliance whose founders include big names such as Chainlink and the layer-two network Plasm.

In addition to this, the exchange news show that the Web3 Foundation announced the launch of its “Thousand Validators Programme,” which is said to provide education, support, and funding and increase the number of network validators for the platform.

All of the infrastructure along with the ecological investments come after the creator of Polkadot, Gavin Wood, argued that Polkadot and Ethereum can co-exist. He made comments where he dismissed the idea that there is only enough room for a single layer-1 protocol.

“If Ethereum ends up being a chain that is sort of bridgeable […] I think that there’s a very good chance that Polkadot and Ethereum will happily coexist,” said Wood.

ETH killers often say there are millions of developers who aren’t ideological about which blockchain to build on. That’s their target market.

What they’re missing is this target market will likely look at existing blockchain devs for help with blockchain selection.

— Larry Sukernik (@lsukernik) December 5, 2020

Stats indicate that Polkadot’s DOT token currently sits at $4.7 billion, compared to a staggering $67 billion market cap for Ethereum.