Moonbeam Now Live on Polkadot

January 15, 2022

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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Moonbeam is much more than just an EVM implementation: it’s a highly specialized Layer 1 chain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. The Moonbeam platform extends the base Ethereum feature set with additional features such as on-chain governance, staking, and cross-chain integrations.

Moonbeam combines the best of both worlds: the familiar and easy-to-use tooling of Ethereum and the scalable, interoperable architecture of Polkadot.

Moonbeam second parachain auction winner is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes.

Like Moonriver, its sister parachain on Kusama, Moonbeam is expected to accumulate developer and user activity from the 80+ projects building DApps and protocols on the network. As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot Relay Chain and integrations with other chains that are connected to Polkadot.

On December 17th, Once the block production and decentralization was implemented and verified to be running smoothly, the team proceeded to the final phase of launch, during which the super user key (Sudo) was removed, the EVM and balance transfers were enabled, and the active set of collators was increased to 48. Balance transfers allow users to start staking with collators, claim crowdloan rewards, and serve as active network members by participating in the onchain governance system.

The launch follows a broadly supported crowdloan campaign hosted by the Moonbeam Foundation, which received over 35M DOT (~$944M USD at the time the crowdloan ended) contributed by over 200,000 supporters around the world. Moonbeam’s crowdloan had both the largest number of contributors and the highest amount of DOT received by any parachain.

The first 30% of crowdloan rewards, totaling 45 million GLMR tokens, have been distributed to participants based on the percentage of their contribution to the overall contributions received. The remaining 70% (105M GLMR tokens) is vesting linearly over the 96-week parachain lease period. Since the lease period began on December 17, 2021, there are already three weeks of vested GLMR tokens that contributors can claim. This works out to an additional ~2.6% of the pool or 3.9M+ GLMR. Distributed tokens can be viewed through the Moonbeam Foundation DApp, and any tokens vested to date can be claimed there as well.

The weeks that follow the launch are expected to include the deployment of a variety of infrastructure projects including bridges, multisignature support, The Graph, Chainlink oracles, and more.

As a decentralized smart contract platform, Moonbeam requires the GLMR Glimmer token to function.

GLMR token is used for:

Supporting the gas metering of smart contract execution.
Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run.
Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, ect. and off course paying for transaction fees on the network.

Moonbeam token GLMR price is $13.09 with a 24-hour trading volume of $169,544,994. GLMR price is down -8.9% in the last 24 hours. It has a circulating supply of 76 Million GLMR coins and a total supply of 1 Billion. If you are looking to buy or sell Moonbeam, Binance is currently the most active exchange.

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