Moonbeam: A Smart Contracts Platform for Building Polkadot Ecosystem

Moonbeam Network is a Substrate-based smart contract chain that makes it easy to build locally interoperable applications that are compatible with Ethernet’s EVM.

Moonbeam: A Smart Contracts Platform for Building Polkadot Ecosystem

It is powered by the Polkadot Polkadot Network and developed by PureStake. With Moonbeam smart contracts and compatibility with the Ethernet development toolset, decentralized applications with cross-chain capabilities can be built quickly with bridge-based integration.

In March 2021, Moonbeam’s parent company PureStake closed a $6 million funding round led by CoinFund and followed by Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures and others.

The auction for the second parallel chain slot in the Kusama network ended on June 29 at around 17:30 p.m. Moonbeam’s first network, Moonriver, successfully won the second slot in Kusama with 205,935 KSMs locked. After 2 hours, Moonbeam was able to access the Kusama relay chain and steadily release blocks as a parallel chain! In this article, we will analyze the value of Moonbeam as Polkadot’s smart contract platform.

Moonbeam’s First Mover Advantage

First of all, to discuss Moonbeam’s first-mover advantage, we need to evaluate Polkadot smart chain, which has better scalability and cross-chain interoperability than Ether, and is a new generation of public chain closer to Web3 concept. However, the active developer community and even mature applications on Ether are incomparable to the fledgling Polkadot.

How can we attract applications to the chain in the early stage of public chain development and quickly form a virtuous cycle of developer-user-developer? In addition to incubating smart contracts based on substrate development, transplanting mature projects to the chain seems efficient and simple. In other words, compatibility with ethereum has become a priority for the current new public chains. In this context, Moonbeam is a parallel chain compatible with Ether EVM and helps developers to make low-cost dapp migration, which is irreplaceable in the early stage of Polkadot ecology development.

The above is to look at Moonbeam from the perspective of Polkadot ecology.

For developers, multi-chain deployment is where the trend is. Recently, we can see many Ethernet projects choose to deploy on other public chains or layer2, such as BSC and Polygon, and similarly, Ethernet projects will also consider Polkadot. The project will probably explode earlier than other Polkadot projects.

In essence, Moonbeam is in the platform business. Currently, there are only three paths for project owners to build their own applications based on Polkadot: shooting down parallel chains, sharing parallel threads, and building applications based on other parallel chains that support smart contracts. It is too early for parallel threads to be implemented. For project parties, the only third way is the most likely to get off the ground quickly. Based on Moonbeam, developers are free to build all kinds of Dapps in a faster and cheaper environment, and because Moonbeam is highly EVM compatible and supports the Solidity language, project developers from external ecosystems will be able to deploy existing Solidity smart contracts and Dapps on Moonbeam with minimal code tweaks. The Solidity smart contract and Dapps frontend can be deployed on Moonbeam with minimal code adjustments.

The above is a developer’s perspective of Moonbeam on Ether.

Moonbeam’s Platform Effect

Thanks to Moonbeam’s platform effect, more than 150 projects have already been tested online on the Moonbeam test network as part of their multi-chain strategy. Among them are some of the more well-known headline projects like Sushiswap, Balancer, Dodo, and Polkastarter. We have roughly categorized Moonbeam’s eco-partners, and these projects cover various tracks such as Defi, Asset, Infrastructure, and NFT. As far as the Defi track is concerned, projects on Moonbeam have covered decentralized exchanges, prophecy machines, lending, derivatives, aggregators, capital management, insurance, algorithmic stable coins and other applications, and the Defi financial Lego on Polkadot chain has been initially built. Surprisingly, interoperable Web3 concept projects such as Equilibrium, Ocean Protocol, etc. are also ready to be deployed on Moonbeam. the number of Moonbeam partners continues to grow.

In addition, in addition to projects on Ether/Near/EOS ported to Moonbeam, many projects developed with substrate will also be integrated with Moonbeam. Therefore, the definition of Moonbeam as “rebuilding Ether on Polkadot” is still biased. Native projects developed in substrate on the Polkadot chain include Seascape, Equilibrium, Crust, and others.

To sum up, Moonbeam is precisely eating the early dividends of Polkadot ecosystem building – introducing Ether projects and strengthening itself, while feeding Polkadot ecosystem. Secondly, Moonbeam’s canary network Moonriver has successfully shot the parallel chain, which will surely trigger the platform effect and attract more small and beautiful Polkadot projects for integration.

Posted by:CoinYuppie,Reprinted with attribution to:
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