Moonbeam Ignite Is Back With New Liquidity Programs

To foster on-chain activity and grow its ecosystem, the Moonbeam community approved the grant of 3,090,035.23 GLMR tokens.
Moonbeam Ignite Is Back With New Liquidity Programs

The Ethereum-compatible smart contract platform Moonbeam announced the revival of its Moonbeam Ignite with brand new liquidity programs to boost the “intensity of Moonbeam’s white-hot ecosystem”.

According to the announcement, the new liquidity projects include three names: a perpetual exchange Beamswap, a lending DeFi protocol Moonwell, and a non-custodial protocol Gamma. 

All of these projects are funded by the Moonbeam Ecosystem Grants tranche two. According to the official data, BeamSwap, Gamma, and Moonwelll will respectively receive grants of 622,927.68, 890,254.15, and 1,576,853.40 GLMR tokens.

Till now, more than 7M GLMR has already been distributed this year through community grants with the consent of Moonbeam community members. The community members hold decision-making power on Moonbeam, and only they can decide how much traction each project will get. 

Out of 622,927.68 GLMR tokens given to Beamswap, 249,171 GLMR tokens are being used to increase market liquidity for Beamex, a decentralized perpetual exchange. 

The remaining 373,756 GLMR tokens are provided for Beamswap v3 concentrated liquidity AMM, which will help the project retain users. 

Moonwell, the largest DeFi protocol by TVL in the Dotsama ecosystem, will use its supply of 1,576,853.40 GLMR tokens to reward liquidity providers on its platform.

Gamma will use the granted fund of 490,400 GLMR tokens to maintain and enhance Moonbeam activity in terms of active users, transactions, and TVL.

According to the announcement, Gamma will utilize tokens as “direct liquidity incentives over five months to liquidity providers via Gamma’s managed vaults, available through major Moonbeam DEXes: Uniswap (via Oku), StellaSwap, Beamswap.”

After onboarding new liquidity projects on Moonbeam Network, the community is expecting growth in on-chain activity and liquidity. 

Also Read: Moonbeam Surges 50% on Strong Technicals and Upbit Listing

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