• Lumx launched a $250,000 fund to boost blockchain development on the Polygon network.
• The fund supports blockchain operations like smart contract development and NFT generation.

Web3 startup Lumx has introduced a $250,000 fund to drive on-chain development on the Polygon network in Latin America. The LATAM Acceleration Fund helps advance the use of blockchain technology and provides grants to companies that are developing applications with Lumx’s APIs on any Polygon network.

The fund will support different blockchain operations such as user interactions with smart accounts, smart contract development, and NFT generation. Furthermore, it offers free access to Web3 products to enable developers and companies in the region to easily get started.

Latin American Countries Show High Cryptocurrency Adoption Rates

This Latin American region is significant in the acceptance of blockchain and cryptocurrency. According to Chainalysis’ “2023 Geography of Cryptocurrencies” report, three Latin American countries fall within the top 20 of the global cryptocurrency adoption index. Brazil is ranked 9th, followed by Argentina at 15th and Mexico at 16th. This high adoption rate indicates that the region has the possibility of more growth and advancement in the use of blockchain.

Lugui Tillier, Director of Business Development at Lumx, emphasized the initiative’s potential to enhance Brazil’s standing in global Web3 development and drive high-level projects across the region. “Blockchain technology is extremely powerful, but without relevant applications, it is nothing. After several cycles focused on infrastructure, we are entering a cycle of on-chain applications, and Lumx will drive this progress on Polygon! It’s time to build! It’s time to build!” Tillier stated.

The LATAM Acceleration Fund targets real-use cases of blockchain technology that can prove the value of on-chain mechanics. Through financial investments and assistance, Lumx and Polygon Labs hope to foster the growth of new applications that can take advantage of the features offered by the Polygon platform.

Polygon Network Experiences Surge in Active Addresses

Polygon (MATIC) has recently witnessed a surge in network activity while lagging behind other leading cryptocurrencies. This spike is during the period of disclosures on the transfer of Polygon’s MATIC token to new POL tokens.

Based on the on-chain data from Santiment, the active addresses connected to the Polygon network skyrocketed after the token migration announcement. According to Santiment’s Active Addresses 24-hour metric, which counts addresses that have engaged in a transaction in the last 24 hours, the number of addresses went over 4,200 at the weekend. This is a jump from the fewer than 1,500 active addresses noted the day prior to the announcement.

This recent increase is in stark contrast to the overall trend of decreasing daily activity that has been observed since March. The increase in the active addresses also shows the effects of token migration news, which attracts more users to the Polygon network. This is in contrast to the earlier declined trend as the activities have been seen to have picked up again. At the time of writing, MATIC is trading at $0.55, with a 24-hour increase of 1.5%.