Moonbeam Becomes First Parachain to Launch on Polkadot

0


Key Takeaways

Moonbeam has completed its parachain launch on Polkadot.
Crowdloan contributors can now claim their Moonbeam token rewards and stake them on the network.
Key infrastructure is set to go live on Moonbeam over the coming weeks, including Chainlink and The Graph.

Share this article

The Moonbeam Network has announced the completion of its launch process, becoming the first fully operational parachain on Polkadot. 

Moonbeam Debuts on Polkadot

The era of Polkadot parachains has begun.

Moonbeam became the first fully operational parachain on Polkadot Tuesday, completing its three-part launch process that started three weeks prior on Dec. 17. The full launch has removed the network’s superuser key, handing control directly to Moonbeam token holders. 

The first stage of Moonbeam’s launch started with centralized block production. Once developers confirmed everything was running smoothly, independent collators were added to help decentralize the network. Now that Moonbeam has fully launched, the network has reached a minimum of 48 collators and has activated Ethereum compatibility and token staking.  

Those who contributed to the Moonbeam parachain auction crowdloan that took place in November can now start claiming their Moonbeam governance token rewards. Initially, contributors can claim 30% of their total allocated GLMR tokens, plus an additional three weeks’ worth of vested emissions starting from when the launch process began. The remaining 70% of rewards will be released incrementally over the next 96 weeks. 

Token holders can also start delegating their GLMR tokens to a collator to earn staking rewards. The reward distribution is based on the number of tokens a user has contributed versus the total amount bonded to the collator, similar to how staking rewards are distributed on other Proof-of-Stake chains. 

Moonbeam’s GLMR token has enjoyed a strong start to trading, climbing 66% on the day. The token is currently trading at $17.44 at press time.

GLMR/USD chart. Source: CoinGecko

Moonbeam is an Ethereum-compatible smart contract platform built on one of Polkadot’s parachain slots. As a parachain, Moonbeam is secured by the main Polkadot relay chain and will enjoy interoperability with subsequent parachains as they go live. 

Because Moonbeam is compatible with the Ethereum Virtual Machine, developers can easily port over applications from the Ethereum mainnet with relatively few changes to the underlying code. As such, in the weeks following Moonbeam’s launch, key infrastructure from Ethereum is set to launch on the network, including Chainlink oracles, indexing protocol The Graph, and several multichain bridges. 

Before establishing itself on Polkadot, Moonbeam launched its Moonriver companion network on Polkadot’s canary network called Kusama. Like Moonbeam, Moonriver is also EVM-compatible and currently hosts 30 applications, including many multichain protocols such as decentralized exchange Sushi and yield optimizer Beefy Finance. Following the success of Moonriver, many in the Polkadot community are hoping Moonbeam will also be able to foster a thriving DeFi ecosystem.  

Disclosure: At the time of writing this feature, the author owned ETH, GLMR, DOT, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Polkadot Holders Are Backing Acala and Moonbeam for Parachains

Moonbeam and Acala Network have raised a combined total of $882 million to bid in Polkadot’s upcoming Parachain auctions. Polkadot Projects Await Parachain Auctions Moonbeam and Acala Network look set…

A Guide to Yield Farming, Staking, and Liquidity Mining

Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity…

What Are Polkadot’s Parachain Auctions?

The Polkadot ecosystem is preparing for one of its biggest events to date: the launch of parachain auctions.  Polkadot Prepares for Parachain Auctions  Layer 1 smart contract platforms like Solana,…

Polkadot Ready for Kusama Parachain Auctions

Polkadot’s founder Gavin Wood has announced that parachain auctions on Kusama should take place from next week. First Parachain Auctions to Launch Parachain auctions on Polkadot’s canary network Kusama will…



Source link

You might also like
Leave A Reply

Your email address will not be published.