Tech

Polkadot’s Moonbeam Network Shines Bright with 10M Volume

5 months ago
Bitcoin Ethereum News
  • Polkadot’s Moonbeam Network has celebrated crossing $10 million in total volume.
  • This achievement tracks the network’s substantial growth and development in Q4 2023.

Polkadot’s Moonbeam has been demonstrating its might in the blockchain industry, celebrating crossing $10 million in total volume this week. Launched in 2022, the smart contract platform for cross-chain connects applications and helps unite multiple blockchains from Ethereum to Polkadot and beyond.

With Moonbeam Routed Liquidity attracting assets to parachains, apps, and users on the Polkadot and across other blockchain platforms, the team is imploring the community to keep building.

The Ethereum-compatible smart contract parachain on Polkadot has witnessed remarkable growth since its launch, accruing a market cap of $340 million, placing it as the 147th-ranked cryptocurrency. At the time of press, the network’s native token GLMR is trading for $0.4132 after a marginal increase of 1% in the last 24 hours.

Moonbeam Network Q4 2023 Growth

The recent milestone comes off the back of some impressive substantial growth and development in Q4 2023 by the network. With the details shared by Messari Crypto analyst Nick Garcia, he noted that the network had $126,000 in revenue in Q4 (+123% QoQ). In total, the network generated $450,000 in revenue in 2023.

In addition, the percentage of GLMR staked has consistently risen over several quarters, culminating in 37% of its total supply being staked by the end of Q4.

The analysis further revealed Daily active addresses reached 5,000 (+54% QoQ). Coinciding with this, was transaction volume which increased to 52,000 daily transactions (+14% QoQ). The analyst further notes;

In Q4 2023, Moonbeam’s Cross-Consensus Messaging (XCM) activity reached an all-time high with 185 messages per day, a 108% increase QoQ, driven by increased ecosystem activity and strategic integrations.

Furthermore, during the same period, the Total Value Locked (TVL) on Moonbeam was recorded at $70 million, representing a 34% increase in QoQ. Based on these metrics, the strong close to 2023, sets the stage for an even greater performance in 2024.

Crypto analyst Lark Davis, who has over one million followers on his X account has been a notable supporter of the Moonbeam project. At the start of the year, the market commentator named the token one of the 8 under the radar coins to watch in 2024.

The token set an all-time high of $19.50 in 2022 and has since lost more than 97% of this gain. Notably, it reached its all-time low about four months ago when it hit $0.1605 in September 2023. Since reaching this record low, the token has managed to rebound by adding 157%.

Based on this performance and the possible return to the all-time high, the discount price makes the digital asset an ideal investment with little risk and high reward potential.

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