Polkadot (DOT) is one of the most robust third-generation blockchain networks launched to date, designed to overcome the limitations of legacy chains. The blockchain network introduces the concept of parachains, the Relay Chain, and parathreads, each of which intends to ease the transition for dApp developers as they explore the cross-chain integration capabilities of Polkadot and its underlying Substrate framework.
With the Polkadot parachain slot auction introduction just around the corner, several promising projects are lining up to bid on limited slots. Moonbeam is one such project that has already established its dominance over the Polkadot network, positioning itself as the "Ethereum on Polkadot." Via Moonbeam, dApp developers gain access to a fully Ethereum-compatible smart contract parachain on Polkadot, meaning they can leverage all the existing features of Ethereum alongside the underlying benefits of Polkadot.
Fueling DeFi Growth On Polkadot
Launched in 2020, Moonbeam serves as a highly specialized layer-1 chain capable of mirroring Ethereum’s Web3 RPC, subscriptions, logs, keys, accounts and other functionalities, thus extending the core features of Ethereum to facilitate additional features like on-chain governance, cross-chain integrations and staking.
As of now, the Moonbeam team is preparing for the upcoming Polkadot parachain launch while simultaneously rolling out the fourth phase of its community-led sister parachain Moonriver on Polkadot’s testnet Kusama. Moonriver won the second round of the first batch of Kusama parachain slot auctions with a successful crowdloan of more than 205,935 KSM contributed by 5,977 contributors worldwide and will serve as the testnet for Moonbeam.
The team behind Moonbeam and Moonriver have been working day-in and day-out since the project’s launch, as they continue rolling out updates and new features to the platforms. Just months after its launch, PureStake (the company that developed Moonbeam) received a grant from the Web3 Foundation for the contribution made towards developing Ethereum compatibility for Moonbeam.
Following the successful Kusama parachain slot auction, Moonriver established itself as the go-to option for dApp developers. With each passing milestone during its five-phase rollout strategy on Kusama, Moonriver increases its dominance within the network. To date, the total value locked (TVL) of DeFi projects using Moonriver has crossed $90 million, with promising DeFi solutions like Solarbeam, AnySwap, Huckleberry, Moonswap, 1Swap, and SushiSwap, among others, leveraging the network’s unmatched speed, scalability and efficiency.
Facilitating A Wide Range of Blockchain Projects
Per Derek Yoo, Moonbeam’s founder, said:
"In the six weeks since we launched Moonriver, there have been 2.5M transactions, 128K wallets addresses created, and $256M of TVL deposited. In short, a large amount of interest in and traction on the network in a very short time across DeFi, NFT, and gaming use cases."
He adds:
"Much of this adoption is the result of the Ethereum compatibility Moonriver offers, which makes it very easy for teams to deploy to the network. But we are also working on unique features that are only possible because Moonriver is built using Substrate and is a parachain on Kusama. This will allow us to extend the base EVM with native cross-chain integrations for assets and remote chain functionality, opening new use cases to developers."
Although Moonbeam will go live on Polkadot later this year, the platform has already integrated some of the most prominent third-party solutions, individual blockchains and DeFi platforms to spread its dominance. Several promising blockchain projects covering AMMs, assets & issuance, bridges, collators, dApps, DeFi, NFTs, oracles, parachains, wallets and storage are currently live or are preparing for deployment on Moonbeam, which has emerged as the central hub for facilitating a consortium of Polkadot projects.
Some notable projects that will leverage Moonbeam’s scalability, interoperability, speed and low costs include Moonlit Finance, RelayChain, Kyve, Daaplooker, MyWish, Impossible Finance, Ocean Protocol, AllianceBlock, AMPnet, Poolz, Polimec by Kilt Protocol and Polkastarter, among others.
Next-gen DeFi projects like Lido, C.R.E.A.M Finance, dTrade, DODO, Polkamarkets, Frax Finance, Orion Protocol, Balancer, SushiSwap, Offshift, IDEX, Linear Finance and Injective Protocol will also use Moonbeam. Other than this, several NFT projects such as Yuser, Jambb, myNFT, Zoombies, Unifty and Seascape are currently underway on the Moonbeam network.
Additionally, Moonbeam has also bridged with solutions like RelayChain, AnySwap, Wanchain, Meter Passport, Axelar, ICON Foundation and ChainBridge by ChainSafe to establish itself as a truly multi-chain solution.