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Qtum launches DeFi developer program

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Yesterday, the Qtum Foundation announced the launch of a $ 1 million DeFi development fund. Which will be aimed at developers and teams looking to create scalable DeFi dApps.

Qtum joins the DeFi world

Qtum’s press release was posted yesterday on its blog, where it assured that, despite the recent popularity of DeFi, the sector still faces “various limitations and challenges.”

In this sense, the Qtum smart contracts network has become the latest ecosystem to launch a strategy aimed at attracting Ethereum developers.

So he announced a $ 1 million (and up to $ 5 million) grant program aimed at fostering DeFi innovation and development on the open source Qtum Blockchain.

And, a very important aspect is that Qtum has an advantage over the rest given its compatibility with the Ethereum EVM. So, Qtum believes its PoS Blockchain is a better candidate for hosting DeFi. That’s compared to networks like EOS, TRON, and Waves, which have also made proposals to Ethereum developers.

Along the same lines, you can read in the blog post that “After 3 years of technological iteration, Qtum has gradually developed a variety of unique technical and environmental characteristics, which are fully suitable for the construction of DeFi projects.”

DeFi on the rise

The growth of DeFi in 2020 has set the tone for the crypto market. However, that growth has been achieved at the expense of Blockchain congestion and high fees.

In this sense, as mentioned Taylor Monahan, DeFi has gone exponential.

So, in case Qtum manages to attract part of the demand to its own Blockchain, it could be established as a more scalable Ethereum alternative. Since Qtum can alleviate the problems thanks to its high TPS and ultra-low fees.

About Qtum

For those who have never heard of it, it is a cryptocurrency that combines the functionality of Ethereum’s smart contracts with the security of Bitcoin.

Likewise, Qtum is based on the Proof of Stake (PoS) protocol and has a decentralized governance protocol (DGP).

Qtum even has its own stablecoin, QCash, which was launched in 2017. However, instead of being pegged to the US dollar, the stablecoin is pegged to the Renminbi.





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