Moonbeam is a Polkadot parachain that enables cross-chain integration with the rest of the Polkadot ecosystem as well as external blockchains.
Moonbeam is a smart contract platform that operates as a Polkadot parachain. Launched on December 17th, 2021, it offers seamless integration with other Polkadot parachains as well as with external blockchains like Ethereum and Bitcoin via bridges. This makes frictionless token transfers and cross-chain smart contract execution possible and provides developers with the tools and flexibility they need to build decentralized multi-chain applications. Its native token is Glimmer (GLMR), which is used for transaction fees, governance, staking, and other essential operations.
Moonbeam is fully compatible with Ethereum, making it easy for developers to launch decentralized applications on Moonbeam using popular Ethereum-based development tools while also benefiting from Polkadot’s cross-chain interoperability, shared security, and other features. Developers can use Moonbeam to build hybrid applications that operate on both Ethereum and Polkadot. This allows them to avoid Ethereum’s high gas fees by performing tasks in Moonbeam’s faster and more efficient parachain infrastructure instead. This interoperability is especially useful in Web3 gaming— it lets gamers transfer in-game assets and NFTs between platforms for a more connected gaming experience.
Moonbeam also provides a highly scalable and secure environment for decentralized finance (DeFi). It is a powerful platform for developing decentralized exchanges (DEXs) and other financial services that require cross-chain interoperability. It also enables the tokenization of real-world assets (RWA), like real estate, and supports decentralized physical infrastructure networks (DePINs), such as wireless networks.
Moonbeam allows you to do several things. Check them all out here. You will immediately jump to the Home page. You can navigate the different features Moonbeam has to offer by selecting them on the left part of your screen.
Moonbeam’s home page gives you an overview of the network. It also displays your network activity, such as your balance, staking rewards, and assets.
The “Staking” tab allows you to stake your $GLMR to secure the network in exchange for rewards. In “Overview”, you can choose the amount you wish to stake, delegate collators, set up auto-compounding of rewards, and view your overall staking activity. You can also unstake your already staked tokens here. Take note that there is a fixed 7-day unbonding period upon unstaking wherein you cannot accrue staking rewards.
The “Cross-Chain” feature allows you to bridge assets between different blockchains. In “Parachain” bridges, you can bridge assets between Polkadot parachains.
Here, you can set the asset and amount you wish to bridge, set your source and destination network, and view your fees and transaction history. You can also click “Other bridges” to find more bridge options that build on the Moonbeam ecosystem.
Cross-Chain functionality is essential to Moonbeam since it allows different blockchains with different coding and architecture to still be able to communicate and leverage each other’s strengths. As a parachain on Polkadot, it is able to use Cross-Consensus Message Format (XCM) to communicate with the entire Polkadot ecosystem. For example, Moonbeam can talk to Polkadot, Acala, Astar, etc. and vice versa.
Moonbeam itself is also fully Ethereum Virtual Machine (EVM) compatible allowing seamless communication and asset transfers with the Ethereum ecosystem. It is also compatible with other blockchains such as Cosmos and Avalanche.
Moonbeam’s “Governance” feature allows its community to actively participate in the decision-making of the project. Its decentralized governance model ensures that the protocol can adapt and evolve over time without the need for hard forks. In “Overview”, you can view the different types of ongoing proposals and use your $GLMR to vote on them. “Signal Voting” lets you express your initial opinion on proposals before formal voting begins. You can also participate in “Discussions” with other community members and set up “Alerts” for various events on the blockchain.
Moonbeam also allows you to view and learn about the different projects building on their blockchain in the “Projects” tab. In “Overview”, you can view all the projects, search for specific projects or sort them by popularity, date of creation, and transactions. You can also jump to a specific project category by selecting it on the left side of your screen.
“Crowdloan Rewards” allows you to access and claim any remaining rewards from past crowdloan contributions to Moonbeam. Note that this will only be applicable if you’ve contributed to any crowdloans. Your screen will show your total rewards, claimed rewards, and claimable rewards, if any.
The “Others” tab allows you to access additional functions. “Ecosystem” lets you discover other projects within Moonbeam. “Chain Explorers” allow you to specifically view explorer projects on the network. “Requests” shows you product requests on the blockchain.
