The decentralized finance project Moonbeam Network (GLMR) was launched less than two weeks ago, but has already surpassed the one million transaction mark. Let’s take a closer look at this promising start.
Promising start for Moonbeam Network (GLMR)
Operational since January 11, the Moonbeam Network blockchain, with its parachain on Polkadot (DOT), has reached one million transactions in nine days. Four days later at the time of writing this article, it has 200,000 more transactions and nearly 110,000 unique addresses.
For many, 2022 is shaping up to be the year of interoperability. And if this is confirmed, Moonbeam Network will 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 of Polygon and the C-Chain of Avalanche (AVAX) on which is deployed the lending and borrowing protocol Aave. It is also thanks to this that a decentralized exchange platform such as Sushiswap can be present on many networks such as Ethereum, the Binance Smart Chain, Fantom or the 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 network of Polkadot: the Relay Chain. It is thanks to this technology that Moonbeam is said to bring Ethereum applications on 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 still available, which is understandable for a network that has been operational for only two weeks. But for those who have at least 50 GLMRs, the network’s native token, it is for example possible 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 decentralized exchange platform: StellaSwap. The capital locked in on this application (the total locked-in value, or TVL) is still small, around $145 million to date, and we strongly urge 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 decentralized finance ecosystem? It is of course too early to say. But we note the arrival of the project in fanfare, which could continue to make news.