While the growth of smart contracts and DApps seems to be stalled at the moment, Ethereum based blockchain projects received $34.5 million in funding last week.
InstaDApp, Godsunchained, and SKALE network raised the amount for development. These are independent projects working on Ethereum.
Moreover, the SKALE network aims to scale the Ethereum blockchain. It procured $17.1 million in funding from global venture firms, including Winklevoss Capital, Arrington XRP Capital, ConsenSys Labs, and so on. The team behind SKALE is working on launching its mainnet, which will function as a second layer to scale the network.
The team working on the most popular blockchain games, GodsUnchained, separately raised $15 million from the leading technology investor, Naspers and Galaxy Digital.
InstaDApp, another Defi service on Ethereum also raised 2.4 million seed funding for development. These decentralized applications provide an interface for DeFi protocols. MakerDAO and Compound are leading the space on Ethereum.
As reported yesterday on CoinGape, recently a Ponzi scam, FairWin accounted for 50% of the Gas fees on Ethereum. Network occurrences like these give a bad name. However, Ethereum powers several legitimate projects as well.
Ether [ETH] Price
Altcoins faced a lot of selling pressure last quarter. Ether [ETH] also faced significant selling pressures. The price of ETH at 5: 30 Hours UTC on 3rd October 2019 is $179.
On the fundamental side, the launch of Ehereum 2.0 is acting as a reliable positive indicator. However, the launch is due next year. Hence, ETH could test another low before that.
Furthermore, the recent projects are backed by substantial value. Nevertheless, there is still time until real-world use cases of these projects come to light. David Hoffman, the COO at Realt tweeted,
While it will take a while for this money to get spent and products built, we should all be excited for what comes!
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com