HomeCoinsAltcoinsMoonbeam Network Successfully Completes its Launch Process to Polkadot

Moonbeam Network Successfully Completes its Launch Process to Polkadot

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  • Moonbeam network has launched on Polkadot.
  • The platform allows over 80 other projects the opportunity to deploy. 

Moonbeam, the first smart contract platform compatible with Ethereum, has launched on Polkadot. Moreover, Moonbeam stays as the first completely operational project on Polkadot following the launch.

Moonbeam allows over 80 other projects the opportunity to deploy. More so, Moonbeam expects to bring significant activity to Polkadot like parachain Moonriver. This Moonriver which brought DApp deployments and usage to the Kusama network. 

Added to this, the launch process of Moonbeam slowly introduced new functionality for three weeks, starting on December 17. As soon as the block production and decentralization operation had been verified to be smooth, the team moved into the final launch phase, which included removing the super user key (Sudo), enabling the EVM and balance transfers, and increasing the number of collators in use to 48.

In addition, the balance transfer system allows users to stake with collators, claim crowdloan rewards, and participate in onchain governance as active network members. 

In conjunction with the launch, the Moonbeam Foundation held a crowdloan campaign that received over 35M DOT (approximately $944M USD at the end of the crowdloan campaign) from over 200,000 supporters around the world. Crowdloan by Moonbeam had the highest number of contributors and DOT received of any parachain.

A total of 45 million GLMR tokens have been awarded to the first 30% of participants based on the contribution percentage they made. Over the duration of the 96-week parachain lease period, the remaining 70% (105M GLMR tokens) vest linearly. 

GLMR tokens have been vested for three weeks since the lease period began on December 17, 2021. Thus, it equates to an additional 2.6% of the pool or over 3.9M GLMR. Additionally, the Moonbeam Foundation’s DApp makes available the distributed tokens, and any tokens vested to date can be claimed. 

All-in-all, the week after the launch is expected to add the deployment of many infrastructure projects such as bridges, multisignature support, The Graph, Chainlink oracles, and many more. Notably, the GLMR tokens are transferable tokens where users can connect Moonbeam to MetaMask to utilize them.  

Read more: Moonbeam (GLMR) listed on Binance

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