Moonbeam Network Offers Best of Both Ethereum and Polkadot

Moonbeam is an Ethereum-compatible smart contract parachain on Polkadot.

Moonbeam simplifies using popular Ethereum developer tools to build or redeploy Solidity projects in a substrate-based environment.

Moonbeam portrays itself as much more than just an EVM implementation. It is a highly specialized para-chain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more.

The Moonbeam platform extends Ethereum’s base features with additional features such as on-chain governance, staking, and cross-chain integrations.

Derek Yoo, the CEO of PureStake, founded the Moonbeam Network. The PureStake platform provides secure and reliable public blockchain infrastructure to blockchain app developers, projects, and enterprises.

Stefan Mehlhorn is the COO of both Moonbeam and PureStake. He is a specialist in early-stage company management and operations. He has experience working with Samsung Pay, Candibell Inc., LoopPay, Permeassa, and Thinking Phone Network, among others.

Other members of the team include Katie Butler and Nate Hamilton from PureStake, who head the marketing and business development teams of the Moonbeam Network, respectively.

Moonbeam is a smart contract platform on Polkadot and is compatible with Ethereum and ERC-20 assets. 

The Moonbeam protocol allows developers to redeploy apps that they have already built on Ethereum to Polkadot with minimal effort.

Developers don’t need to rewrite their programs and can connect all the tools from Ethereum. They are accustomed to using development environments such as Hardhat, Truffle, and Metamask.

GLMR, or Glimmer, is Moonbeam’s utility token. Holders can use the GLMR token to pay for transactions or vote on governance proposals. It is also used to pay rewards to stakers. It was launched in January 2022.

Moonbeam, being a decentralized platform, requires the Glimmer token to function. 

The GLMR token can be 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 ballot, electing council members, voting, etc.
• Paying for transaction fees on the network.

GLMR Tokenomics

When the GLMR token was launched, its initial total supply was 1 billion tokens. Out of this, a portion of the tokens was reserved to ensure network maintenance of a para-chain slot on the Polkadot network.

The tokens are primarily distributed among long-term protocol and ecosystem development, the 2021 Moonbeam Crowdloan, seed funding, strategic funding, founders and early employees, and others.

The market cap of the Glimmer token is $210,981,024, with an average 24-hour trading volume of $8,637,317. Its fully diluted market cap is $294,052,756.

It has a circulating supply of 791,136,371 GLMR, with a total supply of 1,095,022,513 GLMR. It has no limit on maximum supply. 

Simplified Deployment

Users can write their smart contracts in anything that compiles to Solidity bytecode without having to re-write or configure them.

Broad Tool Compatibility

It leverages Ethereum’s broad development ecosystem by using tools like MetaMask, Hardhat, Waffle, Remix, and Truffle, in addition to substrate-based APIs.

Pre-built Integrations

There are built-in integrations for assets like DOT and ERC-20s and infrastructure services like Chainlink and TheGraph. It is making continual efforts to integrate with other Polkadot-native assets.

The Best of Both Worlds

It provides both the power of Polkadot and the ease-of-use of Ethereum. Moonbeam delivers complete Ethereum compatibility within a Polkadot parachain environment. With this, developers can continue to use the programming languages and tools that they have been using since their development, but within a fast growing and scalable Layer 1 chain.

Launchpad for Applications

Moonbeam is so much more than a bridge. It is a launchpad for applications that want to tap into Polkadot’s success without heavy code rewrites. The Moonbeam platform can be used to redeploy Solidity smart contracts to a parallel instance- with zero or minimal changes.

Moonriver Network is the Moonbeam’s Kusama deployment that serves as a CanaryNet to the Moonbeam Network. Moonriver (MOVR) is the utility token of the Moonriver Network.

As decentralized smart contract platforms, Moonbeam and Moonriver require their utility tokens, GLMR and MOVR, to function properly. Holding these utility tokens can serve as the gateway for network participants to access their corresponding network’s important functions.

FAQs

What is the current market sentiment for Moonbeam?

The prices of Moonbeam are experiencing a bullish view from the community. More than 75% of users have given a bullish rating to GLMR.

Where can a user buy GLMR?

GLMR tokens are traded on centralized crypto exchanges. The most popular exchange to buy and trade GLMR is OrangeX. 

Which is the most common trading pair for Moonbeam?

The most common trading pair involving GLMR is GLMR/USDT.

What is the all-time high for GLMR?

The all-time high is $19.50, recorded on January 11, 2022.

What is the all-time low for GLMR?

The all-time low is $0.160477, recorded on September 22, 2023.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.