The decentralised finance project Moonbeam Network (GLMR) was launched less than a fortnight ago, but has already surpassed one million transactions. Here’s a closer look at this promising start
Moonbeam Network (GLMR) off to a promising start
Operational since January 11, the blockchain Moonbeam Network, with its parachain on Polkadot (DOT), has reached one million transactions in nine days. Four days later at the time of writing, it has 200,000 more transactions and nearly 110,000 unique addresses.
⚡ ONE MILLION TRANSACTIONS ⚡️
Moonbeam hits 1M tx on the network! Moonbeam is lighting up @Polkadot‘s ecosystem with new integrations, 100k+ wallets, 700+ ERC-20 tokens & 1M GLMR tokens locked with collators.See the networkhttps://t.co/6ZhRLYDHgX pic.twitter.com/tczI7mAjlR
– Moonbeam Network (@MoonbeamNetwork) January 20, 2022
For many, 2022 is shaping up to be the year of interoperability. And if this is confirmed, Moonbeam Network wants to be one of the ambassadors in this field.
Bringing Ethereum applications to the Polkadot network
Moonbeam Network is an “EVM compatible” blockchain. The EVM or Ethereum Virtual Machine, allows a simplified integration of applications using the Solidity language on its network. This is the case for Polygon and Avalanche’s C-Chain (AVAX) on which the Aave lending and borrowing protocol is deployed. It is also thanks to this that a decentralised exchange platform such as Sushiswap can be present on numerous networks such as Ethereum, the Binance Smart Chain, Fantom or even layer 2 Arbitrum, to name but a few.
Where Moonbeam brings novelty is undoubtedly thanks to its parachain. Indeed, if a parachain is to be considered as an individual network, each of them is connected to the main Polkadot network: the Relay Chain. It is thanks to this technology that Moonbeam is said to bring Ethereum applications to Polkadot. This is an asset in a future where different networks can communicate with each other.
What to do on Moonbeam Network
To date, few applications are available, which is understandable for a network that has only been operational for a fortnight. But for those who have at least 50 GLMRs, the network’s native token, it is possible, for example, to delegate them to a validation node directly from the official Moonbeam website in order to generate yield.
Note also that the network already has its first functional decentralised exchange platform: StellaSwap. The capital locked up on this application (the total locked value, or TVL) is still small, around $145 million to date, and we strongly encourage you to do your own research before using the protocol. However, this may be an opportunity to grow your GLMR tokens by taking advantage of the interest offered on one of the network’s first applications.
Will Moonbeam Network become a pillar of the decentralised finance ecosystem? It is of course too early to say. But the project’s arrival with great fanfare is noteworthy, and it could continue to make news.
