Polkadot Network’s Moonbeam Goes Live

January 30, 2022 3:18 pm

There is good news for fellow Polkadot investors and holders.

Recently, Polkadot announced the launch of Moonbeam which is essentially the blockchain network’s smart contract protocol that allows the chain to be compatible with the Ethereum network.

This is important because any network that is looking to grow would be missing out on a lot if they weren’t compatible with the ETH network since the majority of projects these days rely on ETH smart contracts.

As a result, the launch of this Moonbeam platform will make it very easy to use Ethereum developer tools to build Solidity projects in the environment.

CoinTelegraph reports:

Three reasons why GLMR could see increased attention from investors are Moonbeam’s official launch on Polkadot with cross-chain support for Ethereum, its integration with multiple bridging protocols that provide access to the wider crypto community and the launch of Moonbeam-based projects that are attracting value to the network.

The most significant development providing momentum for Moonbeam has been the project’s official launch on the Polkadot network,  a move which should bring cross-chain interoperability with the Ethereum network to the sharded multi-chain protocol.

Another factor helping GLMR establish itself within the crypto ecosystem has been its integration into cross-chain bridge-equipped protocols that allow Moonbeam network assets to migrate to other protocols and networks.

A third factor helping the Moonbeam network get up and running has been the interest from developers who have launched their projects on the network. This has helped attract users and assets to the newly launched protocol.

The Moonbeam project was actually funded by a crowd loan campaign back in late 2021 where it raised around 35 million DOT tokens (Polkadot) from an estimate 200,000 contributors.

This amounted to nearly $944 million in funding in order to make the project a success.

The crowd loan campaign was a major success as it had the most amount of participants and the highest amount of DOT tokens received by any parachain on the Polkadot network so far.

Now that this parachain in the Polkadot ecosystem is fully operational, anyone can build interoperable blockchain solutions on the network that are compatible with Ethereum which has expanded the market significantly for Polkadot.

Since the launch of the new platform, the team has mentioned that they are already experiencing growth in the number of projects on the chain as well as overall Polkadot usage.

Currently, there are more than 80 projects that are ready to launch on Moonbeam and the team is optimistic that this is just a starting point for the network’s expansion to tackle more and more use cases.

Bitcoinist reports:

After securing a parachain slot on Kusama, the Moonbeam team hasn’t looked back and currently, Moonriver has emerged as the top project on Kusama, achieving a total locked value (TVL) of $93,272,786 within months.

“In the six weeks since we launched Moonriver, there have been 2.5M transactions, 128K wallets addresses created, and $256M of TVL deposited.

In short, a large amount of interest in and traction on the network in a very short time across DeFi, NFT, and gaming use cases,” according to Derek Yoo, the founder of Moonbeam.

Polkadot is currently the 11th largest blockchain by market size and the addition of Moonbeam adds more to the long list of potential reasons for why DOT will continue to grow.

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