Moonstake and Stake Technologies will work together to expand the Polkadot ecosystem. They will also proactively discuss potential implementation of the staking of Plasm Network token, PLM, onto Moonstake’s staking platform and the possibility of collaboration in the DeFi space.
Moonstake started in the staking business last year with the aim to create the largest staking network in Asia. Since then, Moonstake has developed wallets for both Web Wallet and Mobile Wallet (iOS/Android) that are compatible with more than 2,000 cryptocurrencies.
In January 2021, Moonstake added Polkadot’s staking service. Since Moonstake launched its support of staking Polkadot’s cryptocurrency (DOT), it successfully achieved a staking volume of 15,000 DOT during its test launch period. At the same time, to accelerate the spread of Polkadot in the blockchain industry through staking, Moonstake has also entered into a strategic partnership with RockX, one of Polkadot’s world’s leading node operators to support the ever-growing Polkadot ecosystem together.
Plasm Network is a public blockchain that can implement a Layer2 scalability solution that is scheduled to be connected to Polkadot, a blockchain that connects other blockchains. And it realizes “high speed processing of transactions” that could not be possible until now. There are growing expectations for the use of technologies in payment, IoT and games. In addition, since Polkadot (Relaychain) itself does not support smart contracts, Plasm Network, an Ethereum-compatible application platform with high processing performance will play an important role in the Polkadot ecosystem.
After the launch of Polkadot’s mainnet, Plasm Network has become the world’s first successful connection to Rococo V1, Polkadot testet , on Jan 21. They have received six grants from the Web3 Foundation, a global blockchain foundation founded by Dr. Gavin Wood, and flagship project of Polkadot.
Plasm Network has collaborated with Chainlink, a decentralized provider of Oracle and Zenlink, a cross-chain DEX protocol as well as academic institutions such as UC Berkeley.
“We are very pleased to partner with Stake Technologies and the Plasm Network and its development,” Moonstake founder Mitsuru Tezuka said. “The company’s development progress and industry presence over the past two years including the world’s first connection to Polkadot’s testnet is remarkable. We look forward to working with them on a product that will be used by users around the world in a variety of areas including DeFi as well as being highly compatible with Moonstake’s business with Polkadot.”
“Since our company was established, we have been involved in the open source development of Polkadot that we believe will be the foundation for the next generation Web 3.0,” Stake Technologies founder Sota Watanabe said. “We also recognize that there are high expectations from the world for the Plasm Network since it was launched in mid-2020. The network has been getting attention from around the world and establishing a presence in the ecosystem.
Staking is obviously the core function of PoS public blockchain like Polkadot and Plasm Network. We hope that our users use Moonstake to stake PLM tokens and we will do our best to provide them with our best services.”
