Ethereum Moonbeam Compatible Smart Contract Parachain Available on Polkadot

The day of the long-awaited launch has come, when Moonbeam, a Ethereal-Compatible smart contract parachain, launched in Moles.

With the launch process completed, the winner of the second slot auction became the first fully operational parachain in Polkadot, ready to receive the rollout of more than 80 projects.

Project deployment

Moonbeam is expected to “light up the Polkadot ecosystem” with activity in the same way as Moon River, brought dapps and use to kusama.

In the coming weeks, a variety of infrastructure projects including bridges, multi-sig support, The Graph, Chainlink oracles, and more will go live on the parachain.

The long-awaited launch of Moonbeam follows a highly successful crowdfunding campaign, which was organized by the Moonbeam Foundation.

In fact, the EVM-compliant smart contract platform place a new precedent for group lending: having both the highest number of contributors (more than 200,000 followers worldwide) and the highest number of DOTs (35 million DOT, which equates to $ 944 million at the time) received by any parachain.

The first 30% of the group loan rewards (45 million GLMR) will be distributed to participants based on the percentage of their contribution, while the remaining 70% (105 million GLMR) will be awarded on a straight-line basis over the lease period of 96 week parachain.

Now that Moonbeam’s native GLMR tokens are transferable, users can connect Moonbeam to MetaMask and start using them.

GLMR was trading as low as $ 11 earlier today, according to CoinMarketCap.

Moonbeam 24-hour chart to USD (CoinMarketCap)
Moonbeam 24-hour chart to USD (CoinMarketCap)

The price was up 157% as the day progressed and briefly surpassed $ 27. At the time of writing, the token is changing hands for $ 23.60.

Parachain’s Ethereum support allows developers to implement existing Solidity smart contracts and dapp frontends on Moonbeam with minimal changes while benefiting from relay chain security, as well as integrations with other Polkadot-connected blockchains.

The launch process, which began on December 17, gradually introduced new functionality.

When block production and decentralization were implemented and verified to be running smoothly, the final phase of the rollout began.

Strainer Stake, Group Loan Rewards, and Governance

During the final phase of the launch, the superuser key (Sudo) was removed and EVM and balance transfers were enabled.

Balance transfers enable collector participation, group loan rewards distribution, and also enable users to participate in on-chain governance. At this stage, the active set of collators increased to 48.

Acting as full nodes in the relay chain, collectors, one of the key features of Polkadot’s multi-chain design, allow messages to be sent from one parachain to another.

In a kind of housekeeping function, they aggregate parachain transactions from users and produce state transition tests for relaying chain validators.

While maintaining a full node for the relay chain and a full node for its parachain, collectors retain all the information necessary to create new blocks and execute transactions.

In short, all systems work!

Posted in: Polkadot, Parachute

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