Moonbeam Network Goes Live on Polkadot! What this means for $DOT & $ETH Interoperability:
Earlier this week on January 11th the first fully functioning parachain went live on Polkadot. Prior to this, a sister network of Moonbeam, Moonriver, was live on Kusama — Polkadot’s test network.
Moonbeam is a Layer 1 blockchain with full Polkadot and Ethereum web 3 capability. This is advertised toward developers that are looking to have their project on an Ethereum-based compatible code but do not want to be susceptible to the high gas cost associated with Ethereum’s Layer 1. That is where Moonbeam comes in. Using the Moonbeam platform with its native token $GLMR, one can run a decentralized application on the parachain due to nature of its smart-contract compatibility with Ethereum while also being plugged into the Polkadot network.
Moonbeam is also unique in the fact that it is the first parachain which is helping connect Ethereum to the Polkadot ecosystem. It can have the first-mover advantage over the other compatible ecosystems that form into Polkadot. It is also worth noting that users can easily access the Moonbeam chain from the most popular web 3 wallets, such as metamask.
The Moonbeam Foundation shares their array of partners from some of the most popular projects in crypto.
Currently, the $GLMR token is trading at $13.02 a token and with a
$979,861,043 market cap as of 3:00 AM CST 1/14/22.
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