The decentralized finance project Moonbeam Network (GLMR) was launched less than two weeks ago, but the million transactions has already been exceeded. Focus on this promising start.
A promising start for Moonbeam Network (GLMR)
Operational since January 11, the Moonbeam Network blockchain , with its parachain on Polkadot (DOT) , reached one million transactions in nine days . Four days later as of this writing, it has 200,000 more as well as nearly 110,000 unique addresses .
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 area.
Bringing Ethereum Applications to the Polkadot Network
Moonbeam Network is a so-called “ EVM compatible” blockchain . The EVM or Ethereum Virtual Machine , allows a simplified integration of applications using the Solidity language on its network . This is particularly the case of Polygon and the C-Chain of Avalanche (AVAX) on which the Aave loan and borrowing protocol is deployed . It is also thanks to this that a decentralized exchange platform like Sushiswap can be present on many networks such as Ethereum, the Binance Smart Chain, Fantom or even layer 2 Arbitrum to name a few.
Where Moonbeam brings novelty is undoubtedly thanks to its parachain . Indeed, if a parachain and to be considered as an individual network, each of them is connected to the main network of Polkadot: the Relay Chain . It is through this technology that Moonbeam is said to bring applications from Ethereum to Polkadot. This is an asset in a future where the different networks will be able to 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 only been operational for two weeks. But for people with at least 50 GLMR , the native token of the network, it is for example possible to delegate them to a validation node directly from the official Moonbeam website in order to generate returns.
Also note that the network already has its first functional decentralized exchange platform : StellaSwap . The capital locked on this application (the total value locked, or TVL) is still low, close to $145 million to date and we strongly urge you to do your own research before using the protocol. However, this may be a possibility of making your GLMR tokens profitable by taking advantage of the interest offered on one of the first applications of the network .
Will Moonbeam Network become a pillar of the decentralized finance ecosystem? It is of course too early to tell. But we note the arrival with fanfare of the project, which could continue to be talked about.
