Blockchain company Alchemy and innovation hub Astar Network will collaboratively power developer tooling on Polkadot.
As such, the two entities have partnered to accelerate web3 development on Polkadot.
As per the press release shared with CryptoPotato, the move essentially aims to simplify the process for developers to create decentralized applications on Polkadot’s leading parachain – Astar Network.
The developers will also be able to use Alchemy’s APIs to create sophisticated apps that utilize features previously unavailable on Polkadot.
Alchemy Supernode, one of the most widely used web3 APIs, will be leveraged by the partnership.
The goal is to provide enhanced monitoring and analytics. Astar, on the other hand, will act as the parachain that connects Polkadot to all prominent Level 1 blockchains.
Sota Watanabe, founder and CEO of Astar Network, believes the collaboration will help devs receive the relevant resources to foster web 3 development.
“Supporting the developer ecosystem is one of Astar’s core values, and our collaboration with Alchemy will help bring even more incentives and innovation to the community. Our collaboration will provide the resources needed to grow the builder community in web3 on Astar, Polkadot, and beyond.”
Despite the market downturn, Polkadot has performed fairly well.
As per blockchain analytics platform Messari’s latest report, its network usage, and developer activity have remained strong during the second quarter of the year.
Polkadot’s market cap was down by more than 86% since its ATH of $49 billion in November 2021.
Data suggests that the blockchain platform closed the last quarter with a $7.9 billion valuation.