The report said that Huobi and the Web3 Foundation are pouring resources into supporting projects on the Polkadot network, as Huobi Global indicates that the cryptocurrency exchange is angling to become a key player in the growth of the Polkadot.
It has been reported that the Seychelles-based exchange announced a Polkadot Sponsorship program, as well as a $5 million Tether stablecoin fund from the Huobi Innovation Lab to support “developers, event organizers, content creators, and ambassadors” throughout the Polkadot ecosystem.
However, the sponsorship program allows individuals to recommend Polkadot projects for listing in the “Polkadot ecological zone,” a special asset listing section of the Huobi exchange.
Sponsors are also granted an invite to Huobi’s annual conference, as well as to other offline events.
The report said that sponsors are required to have a significant vested interest in the success of Polkadot in order to apply. Minimum requirements include 300,000 DOT tokens (over $1.5 million), of which half must be locked with Huobi as asset certificates.
Likewise, Huobi’s investments follow a pair of similar announcements from Polkadot on December 3 (Thursday). The network launched a decentralized finance-focused alliance whose founding members include oracle provider Chainlink and layer-two network Plasm.
The Web3 Foundation announced the launch of the “Thousand Validators Programme,” which will provide education, support, and funding aimed at increasing the number of network validators for the platform.
Furthermore, the infrastructure and ecological investments come after Polkadot creator Gavin Wood argued on Thursday that Polkadot and Ethereum can co-exist. In comments made at the Polkadot Decoded summit, the programmer, who also co-founded Ethereum, dismissed the idea that there is only enough room for one layer-1 protocol.
Thus, Wood said:
“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.”