Moonbeam is one giant leap for Polkadot and the future of interoperability. Don’t be surprised to see your favorite dApps on Moonbeam with its EVM focus. Covered: Moonbeam Network is Live What Exactly Does The Protocol Do? Moonbeam Crypto Has Made History in the L1 Space What’s Next For Moonbeam? Moonbeam Network is Live Last […] The post Moonbeam Officially Launches on Polkadot; Token Pumps 35% appeared first on CryptosRus.

Moonbeam Officially Launches on Polkadot; Token Pumps 35%

Moonbeam is one giant leap for Polkadot and the future of interoperability. Don’t be surprised to see your favorite dApps on Moonbeam with its EVM focus.

Covered:

  • Moonbeam Network is Live
  • What Exactly Does The Protocol Do?
  • Moonbeam Crypto Has Made History in the L1 Space
  • What’s Next For Moonbeam?

Moonbeam Network is Live

Last November, Moonbeam Network won the second-ever parachain auction on Polkadot with more than 35 million DOT (approximately $1.4 billion USD) contributed for the auction. Now, just a couple months later, the protocol is live on mainnet, and the token (GLMR) went to the moon in short order.

Much like Polkadot, the engagement and hype for Moonbeam appears to be substantial, but at the same time, muted. Nevertheless, the mainnet launch of Moonbeam is a giant leap for Polkadot and its long-awaited parachains. As mentioned above, the GLMR token has beamed to the moon, up 35% at press time. The token is mostly traded on Binance and Okex. It peaked at around $19.50 and has since retraced to $14.50.

Recommended: Why Polkadot May Dominate 2022 As The ‘Meta-Chain’

What Exactly Does The Protocol Do?

So what is Moonbeam exactly? What is the GLMR token for? First of all, Moonbeam network is the “sister” parachain to Moonriver network, a fully EVM compatible parachain on Kusama. So, understanding that Kusama is really a “community chain” to provide a testnet environment for Polkadot, Moonriver could be seen as a testing ground for Moonbeam projects.

Moonbeam is, simply put, an Ethereum-compatible smart contract parachain on Polkadot. So how are they different from any other EVM compatible chain? Well, Moonbeam is actually tailored and tool specifically to make deploying smart contracts on Ethereum easier, safer, and more efficient. Meaning, developers can “re-deploy existing smart contracts to a Polkadot environment without the need to refactor or rewrite.”

In essence, this means bridging dApps to Polkadot via Moonbeam is critically easier than before. As their website points out, “Moonbeam helps projects expand their reach to new users and markets with a multi-chain approach.” In many ways, Moonbeam is a protocol that bridges entire projects into the Polkadot ecosystem seamlessly. Top projects already building on Moonbeam include Chainlink, The Graph, SushiSwap, Cream, and BePro.

So why hold GLMR? Well, GLMR is a gas token. Meaning, Moonbeam requires a utility token (GLMR) to function. Transaction fees are paid in GLMR. You can stake it to help the network and use it for governance. As noted in a report on Moonbeam by Michael Arrington’s XRPCapital, the project has already developed a massive ecosystem before the launch of mainnet, as seen below.

Moonbeam Has Made History in the L1 Space

There are already over 80 projects building on the network before the L1 is live. The report states that this is the first time an L1 has launched with a “mature ecosystem already in place.” What is notable about Moonbeam is that is a Layer-1 but doesn’t have to worry a lick about consensus, security, or producing blocks, because they inherit this from Polkadot’s Layer-0. As the report points out:

They create application-specific L1s without building a blockchain from scratch. Polkadot’s Relay Chain is the “layer zero”, allowing each Parachain to share its security. The L1s can focus on their core competencies.

According to a new article from Forbes, their sister network, Moonriver, already has the developer activity that trumps some of the Top Layer-1’s in the space. To their credit, they have barely had any funding; $1.4m in the first round, following this up with a $6m raise six months later. Moonbeam is really one of the most telling instances of reaping the idea of “working with your head down.”

What’s Next For Moonbeam Crypto?

Moonbeam is the implementation of what Polkadot advocates have been trumpeting for a long time, and that is interoperability. Moonbeam will make a major splash in the EVM compatibility race and the multi-chain space in general. It has the chance to be the first mover as “a portal for multi-chain applications.” Their TVL will be something to keep an eye out for, as it will show the true track of Polkadot.

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