So, its #MoonbeamLightsUp time baby!!
Oh yes, the first ever parachain has ignited in the Polkadot blockchain with Moonbeam launching in Polkadot.
Pinned Tweet on Moonbeam in Twitter
Moonbeam is now a Layer 1 protocol on the Layer 0 Polkadot Blockchain, secured by Polkadot’s Relay Chain.
Moonbeam's native token Glimmer(GLMR) got distributed to supporters who contributed DOT to Moonbeam in the parachain crowdloans
The cool thing for crowdloan contributors here, is that we have received our first portion of MoonBeam’s Glimmer (GLMR) tokens as rewards for contributing our DOTs that helped MoonBeam win a parachain slot in Polkadot.
For now, crowdloan contributors have received just 30% share of their total GLMR tokens they are eligible to receive, that’s calculated based on their DOT crowdloan contributions.
The remaining amount of GLMR tokens that crowdloan contributors are eligible to receive will be periodically distributed week after week over a period of 96 weeks (2 years) as that’s the lease time period of the Moonbeam parachain.
Now, these distributed GLMR already have a price which can be checked in CoinGecko. Too cool!!
MoonBeam was the second blockchain to win a parachain slot in Polkadot. The strange thing here is that MoonBeam received more DOT contributions than project Acala which won the first parachain slot in Polkadot.
However, at the time the snapshot was taken to determine the parachain slot winner, Acala had received more amount of DOT crowdloan contributions than Moonbeam, which was why MoonBeam did not win the first parachain slot in Polkadot, even though it had received the largest amount of DOT crowdloan contributions from the community.
Anyway, MoonBeam makes up for not being first there by becoming the first parachain to launch on Polkadot!!
MoonBeam received 35 million DOT in crowdloan contributions by 200,000 supporters.
Price action of GLMR token since it gets listed on Jan 11.
Moonbeam began it’s launch process on December 17. First, Block production began, then after ensuring that the Network is sufficiently decentralised with smooth performance, the final launch phase of MoonBeam unfolded.
Here, in the final launch process, EVM and balance transfers were enabled, active collators began their operations. So, since Jan 12th, the MoonBeam community were able to claim their crowdloan rewards, stake their GLMR with collators and participate in the Network’s onchain Governance .
Meanwhile, the Moonbeam Network became ready for Dapp developers to deploy their Dapp projects.
MoonBeam Network will soon have 80+ projects from the MoonBeam ecosystem building their protocols on the Network, with Dapps like Injective Protocol and Idex launching soon sometime.
MoonBeam will bring significant developer activity and users to the Polkadot ecosystem just like its sister the Moonriver brought to Polkadot’s canary Network, (yes, you guessed it,) the Kusama Blockchain.
Projects building in the Moonbeam Network
Pretty exciting!!
MoonBeam network is built to easily facilitate Ethereum compatible Dapps to deploy on the MoonBeam Network in Polkadot with minimal code changes using the same tools one uses to access the Ethereum Network.
This is expected to bring a lot of Ethereum Dapps along with their users to Moonbeam, benefiting the Polkadot blockchain!!
Well, I have claimed my GLMR tokens in my Metamask wallet. I needed to set the MoonBeam Network by inputting the needed details on metamask to get these tokens. The tutorial for it is here…
I have just 6 GLMR tokens and unfortunately I can’t do the first thing that we users would think of doing to earn more of these tokens, that is staking. This is because there is a minimum amount of 50 GLMR tokens required to bond for staking in the Moonbeam Network to receive those staking rewards.
My claimed GLMR in my metamask wallet
However, there will surely be plenty of things to do with my GLMR tokens soon when Defi projects are going to launch in Moonbeam. Maybe I can do some yield farming.
Speaking of Defi projects launching on Moonbeam, I have read that project Solarflare has launched on Moonbeam.
So, it’s #MoonbeamLightsUp baby!! Yeah.
Who knows, maybe, my DOT and GLMR tokens can yield me some rewards through DEFI, but I am not greedy, just like being an active participant in the Blockchain sphere rather than a mere passive token hodler so as to make my crypto life exciting!!
The Moonbeam platform is set to evolve further in the coming weeks with more enhanced capabilities as more elements like bridges, multisignature support, The Graph, Chainlink oracles, and more are planned to be integrated into the protocol.
Thank you for reading!!
