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October 3, 2022
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Huobi wants to become a key player in the Polkadot ecosystem –

Two Friday announcements from Huobi Global indicate that this cryptocurrency exchange wants to become a key player in the development of the Polkadot network.

In two blog posts, the stock market announced the Polkadot sponsorship program and the $ 5 million Tether fund. This fund is intended to support “developers, event organizers, content creators and ambassadors” throughout the Polkadot ecosystem.

The sponsorship program allows the recommendation of Polkadot projects for placement in the “Polkadot Environmental Zone”, a special section of the Huobi exchange. Sponsors will also reportedly receive invitations to the annual Huobi conference and other events.

To submit an application, sponsors must show interest in the success of Polkadot. The minimum sponsorship amount is 300,000 DOT tokens (over $ 1.5 million), half of which must be locked in Huobi as asset certificates.

Ethereum and Polkadot can coexist

Huobi’s investments follow several quarters of Polkadot’s announcements. The network launched decentralized, a finance-oriented alliance with Chainlink and Plasm as members. Additionally, the Web3 Foundation announced the launch of the “Thousand Validators Program”. This program is designed to provide education, support and funding that will increase the number of validators of the platform.

Infrastructure and ecological investments came after the creator of Polkadot Gavin Wood on Thursday argued that Polkadot and Ethereum can coexist. In comments at the Polkadot Decoded summit, the developer who also co-founded Ethereum denied that there was only room for one protocol layer 1.

“If Ethereum ends up as a chain that’s kind of a bridge […] I think there is a very good chance that Polkadot and Ethereum will happily coexist “

Wood said.

In today’s Twitter comment, Larry Sukernik, head of investment at Digital Currency Group, warned platforms like Polkadot not to take developer migration for granted:

According to Coingecko, the capitalization of the Polkadot DOT token is now $ 4.7 billion, compared to $ 67 billion for Ethereum.

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