Lark Davis Rates Polkadot-Based Projects; Moonbeam Ranks First

  • Polkadot completes 40 parachain auctions on the network and 60 on Kusama.
  • Japan Virtual and Crypto-assets Exchange Association approved Efinity token (EFI).

Crypto expert and author Lark Davis tweeted on February 26 about the latest developments in the Polkadot ecosystem. He also shared an article his team curated highlighting the best-performing Polkadot-based projects that users should be aware of.

The document speaks about the completion of nearly 40 parachain auctions on the network and 60 on Kusama. Moreover, Polkadot is very close to achieving the halfway point for its 100 parachain maximum.

Davis’ team believes that the greater the number of DOT tokens getting locked up, the more rewards are produced, which is powering further incoming plans and projects on the Polkadot blockchain.

According to the article, Moonbeam (GLMR) is at the top of the list. Moreover, as announced in the Polkadot roundup, three projects – Stella Swap, Squid, and Axelar Network, have collaborated to enhance cross-chain interoperability within the Moonbeam ecosystem. This collaboration enables dApps developed on Moonbeam to benefit from new cross-chain functionalities, thereby improving the overall user experience.

The second project to make the list is Acala (ACA). The ACA token experienced a major rise in value in February. Two weeks ago, the cryptocurrency increased by 8.24% to a value of $0.1521108739, despite the broader crypto market experiencing a decline of 1.58%. Currently, the coin is trading at $0.1416 after growing 1.85% according to CoinMarketCap.

Parallel Finance (PARA) was third on the list, followed by Astar (ASTR). Last week, Sony Network Communications announced a partnership with Astar Network to launch a Web3 incubation program. This program will be dedicated to supporting projects that emphasize the use of NFTs and DAOs.

Additionally, Startale Labs, a Singapore-based company founded by Astar Network CEO Sota Watanabe, will organize the Web3 incubation program. The program is scheduled to run from mid-March to mid-June 2023. Meanwhile, applications for the program will be accepted from Feb. 17 to March 6.

Clover Finance (CLV), Efinity (EFI), and Composable Finance (LAYR) stood fifth, sixth, and seventh on the list. On January 26, 2023, the Japan Virtual and Crypto-assets Exchange Association (JVCEA) granted approval for the Efinity token (EFI), enabling Japanese crypto-asset providers to process EFI.

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