Hoo Research ｜Moonbeam Mainnet Goes Online, New Changes Emerge Since Layer 0 Built Ethereum Projects
Author: Hoo Research
Abstract: Moonbeam is an ethereum-compatible Polkadot smart contract platform that provides an EVM and Web3-compatible API, enabling developers to deploy existing Solidity smart contracts and DAPPs to Moonbeam with minimal changes, and then interoperate with the entire Polkadot ecosystem through Moonbeam and relay chains. Moonbeam tries to solve the problem that the Polkadot relay chain cannot access smart contracts, so that more projects can enjoy the dividends of the Polkadot ecosystem. Polkadot) ecology’s most promising player.
1. Details of the Project
1.1 Parallel chains of Polkadot
The Polkadot.js bidding homepage shows that there are currently five parallel chains (of which Statemint is a public interest parallel chain) successfully bid by Polkadot, namely (in order) Acala, Moonbeam, Astar, Parallel, and Clover.
Each parallel chain has its own characteristics. Compared with other smart contracts, Moonbeam focuses more on full compatibility with Ethernet, aiming to build a more familiar development and operation environment for developers and users who are used to Ethernet. Based on Moonbeam, developers can freely build all kinds of Dapps in a faster and cheaper environment, and because Moonbeam is highly EVM compatible and supports the Solidity language, developers of projects from external ecosystems will be able to deploy existing Solidity smart contracts and Dapps on Moonbeam with minimal code adjustments. Solidity smart contracts and Dapps front ends can be deployed on Moonbeam with minimal code tweaks.
Moonbeam is expected to be the most promising seed player in the Polkadot ecosystem.
1.2 Introduction of Moonbeam
Moonbeam is an Ethernet-compatible smart contract platform on the Polkadot network that facilitates the development of native interoperable applications. Through its Ethernet compatibility, developers can deploy existing Solidity smart contracts and Dapp front-ends on Moonbeam with minimal code tweaks. As a parallel chain on the Polkadot network, Moonbeam will also benefit from the shared security of the Polkadot relay chain and connectivity to other Polkadot-related chains. Moonbeam is developed by the PureStake team and the mainnet went live on December 11, 2021.
Features of Moonbeam :
l Minimal modification: no need to rewrite smart contracts or reconfigure them, they can be deployed using existing results.
l Universal programming language: for Solidity or any compilable EVM language.
l Common development tools and DAPP front-end: mainstream tools (MetaMask, Remix, Truffle or Javascript libraries such as Web3.Js or Ethers.Js, etc.) can be linked to the Web3 RPC terminal.
l Unified accounts, addresses and signatures: existing Ethernet H160 accounts & ECDSA signatures can interact with Moonbeam ;
l Real-time publish-subscribe functionality: subscribe to contract events with related on-chain transactions, balances, etc. updated in real time.
1.3 Moonbeam and Moonriver
Moonriver is Moonbeam’s prior network, designed to provide a permanent test environment for stimulating experiments. The code of newly launched projects will be deployed to Moonriver first and go through a series of tests and experimental validation in its real economic environment. Once the validation is complete and passes the tests, the project code can be officially deployed to Moonbeam on PoC.
Moonriver is a parallel chain deployed in Kusama, and Moonbeam is a parallel chain deployed in Polkadot. Moonriver’s development will stimulate Moonbeam’s development, and Moonbeam’s development will feed Moonriver.
1.4 Big Public Chain Events
l 2022.1.11 Mainnet Launch
Token holders can obtain rewards by pledging and can participate in on-chain governance. Crowd-lending participants will also receive their initial rewards once the network is fully launched. Meanwhile, developers can deploy smart contracts on Moonbeam.
l 2022.1.13 Multi-chain Integration
Multichain, the cross-chain bridge protocol, is integrated with the Moonbeam Network. Users can now use Multichain for cross-chain operations between Moonbeam and Ether for ten assets (ETH, USDC, DAI, USDT, WBTC, SUSHI, CRV, AAVE, BNB, BUSD).
l 2022.1.13 cBridge Collaboration
Support interconversion between 15 chains by working with cBridge.
l 2022.1.20 Solarflare Integration
Solarflare is a decentralized exchange that provides liquidity and supports peer-to-peer trading on the Moonbeam network.
l Moonwell launches in Q1 2022
Moonwell is an open lending and decentralized financial protocol based on Moonbeam and Moonriver. Moonwell Apollo will launch on Moonriver in Q1 2022, and Moonwell Artemis will launch on Moonbeam shortly after Apollo.
2. Token Economy
Moonbeam native token GLMR has a total supply of 1 billion, 20.3% of which will be used for ecological development and developer incentives to drive the rapid development of the Moonbeam ecosystem.
Moonbeam annual inflation is 5% , the purpose of Moonbeam inflation is to pay for the ongoing security needs of the network. Of the 5% inflation, 1% will be used to incentivize verification nodes, 1.5% will be used to pay for parallel chain slot auctions to accumulate funds on the chain to pay for parallel chain slots in perpetuity, and 2.5% will be distributed to users who pledge their GLMR tokens. 80% of the transaction fees generated by Moonbeam’s test network are destroyed and 20% go to the treasury, which can be distributed through on-chain governance to further adopt and projects and programs participating in the network.
According to Moonbeam Foundation’s plan, GLMR will start unlocking linearly. The most recent unlocking time is February 20, 2022 (UTC time) to unlock 100 million, after which the seed round strategy round will begin to unlock, and 2022 will be unlocked one after another, the specific unlocking time nodes are as follows.
The main application scenarios of GLMR:
l Transaction fees: Users can pay gas fees and execute smart contracts through GLMR.
l Pledge: Users can pledge GLMR to become validators or trustees to participate in network consensus and receive GLMR rewards.
l Governance: Enables GLMR token holders to nominate board members and participate in network voting.
l Liquidity Mining: Provides liquidity on Moonbeam blockchain-based decentralized exchanges (DEXes) to earn a portion of the exchange fees.
3. Ecological Development
Moonbeam completed its launch about a week ago and has 131 projects, bringing high-yield liquidity mining opportunities to GLMR. As of January 20, 2022, GLMR’s total TVL is close to $200 million.
As of January 19, 2022, Moonbeam first network Moonriver has 2,220 users who have interacted with DApps in the past 24 hours, of which Solarbeam has 1,751 users in 24 hours, accounting for the majority of DApps interacting in Moonriver.
Moonbeam’s transaction history over the past 14 days has seen a high of 148,686 transactions and a low of 33,693 transactions, which is a significant increase for a new chain.
Moonbeam ecology is currently divided into the following 12 main categories.
3.1 DeFi
Moonbean has included 28 DeFi projects, most of which are well-known DeFi projects that have been online in other platforms, such as Balancer, SushiSwap, DODO, etc. in Dex.
3.1.1 DODO
DODO is a decentralized trading platform driven by an active market maker (PMM) algorithm. It features a highly capital efficient liquidity pool that supports liquidity provision for unilateral tokens, reduces impermanent losses, and minimizes trading slippage.
Official website: https://dodoex.io/
3.1.2 Balancer
Balancer is a generalization of the AMM concept pioneered by Uniswap, allowing end users to have greater control over the pools that can be created. a key feature of Balancer is the ability to create pools containing multiple assets that can have different weights. balancer supports up to 8 assets that can be weighted in different ways to create asset combinations to express different ideas and use cases.
Official website: https://balancer.finance/
3.1.3 SushiSwap
SushiSwap is a clone of Uniswap, with the major difference being that it issues SUSHI tokens first and 0.25% of the transaction fees are distributed directly to active liquidity providers. The team hopes to optimize Uniswap with the SUSHI pass-through economic model.
Official website: https://sushiswapclassic.org/
3.2 NFT
Moonbeam’s partners also include several NFT projects, with 14 DeFi already included, which also coincide with current market trends, such as the following.
3.2.1 MyNFT
Mynft is a Flow-based NFT platform designed to connect the East and West markets and provide users with a premium distribution, trading, and social experience.
Official website: https://www.mynft.com/
Zombies is an infinite world of NFT collectible trading cards based on rarity, scarcity and community. Zoombies allows players to mint, trade and destroy NFT with ZOOM ERC-20 standard tokens for highly liquid value transfers.
Official website: https://zoombies.world/
3.2.3 Unifty
Unifty is a cross-chain NFT platform for distribution, liquidity mining, and bridging, supporting blockchains such as Ether, xDai, Polygon, BSC, and Celo.
Official website: https://unifty.io/
3.3 APIs and Tools
The Graph, Etherscan, API3, SubQuery, Biconomy, etc. are all deployed on moonbeam, as follows.
3.3.1 API3
API3 is a decentralized first-party Oracle network managed by the API3 DAO, specifically including the provision of Web 3.0 decentralized API services, such as the infrastructure required for design and technology development; support for decentralized API services and their profitable continuous operations, such as operations and maintenance and business development.
Official website: https://api3.org/
3.3.2 The Graph
The Graph uses GraphQL to quickly build decentralized applications on Ether and IPFS, with distributed query processing on a decentralized network, ensuring that data stays open and the DApp continues to run no matter what. Developers can deploy to public infrastructures that they don’t have to manage or trust, and that they can trust.
Official website: https://thegraph.com/
3.3.3 Biconomy
Biconomy is currently developing a platform, including an SDK, dashboard, that leverages the benefits of meta-transactions and allows end users unfamiliar with crypto to seamlessly use DApps without the need to understand wallets, encryption, payment transaction fees, etc.
Official website: https://www.biconomy.io/
3.4 Cross-chain bridges
3.4.1 Meter
Meter supports a hybrid consensus protocol for next-generation financial systems, drawing on the issuance mechanism of Bitcoin, which is associated with the physical world through mining; it also uses a hybrid consensus mechanism of PoW and PoS to achieve decentralized trusted currency issuance and bookkeeping, and an independent monetary policy based on community governance to regulate supply and demand to achieve stability.
Official website: https://passport.meter.io/
3.4.2 AXELAR
AXELAR is a decentralized interoperability architecture that connects the blockchain ecosystem, applications, and users. Its aim is to build a blockchain interoperability layer that builds the underlying technology of the network with protocols, tools, and API solutions. AXELAR was developed by members of the founding team of Algorand to frictionlessly connect all blockchain ecosystems that use different languages in order to enable developers to operate with common protocols and APIs, which will prevent DApp developers from rewriting their applications when developing new bridges .
Official website: https://axelar.network/
3.4.3 ICON Foundation
The ICON Foundation aims to create a decentralized network that allows independent blockchains with different governance to trade with each other without intermediaries, and anyone can create a new blockchain project and join the network. A new blockchain project is free to connect to existing projects and create new unique worlds, or blockchain multiverses. iCON itself can be seen as a living organism and ecosystem.
Official website: https://iconrepublic.org/
3.5 DApps
3.5.1 IBetYou
IBetYou uses the basic principles of pledging and takes it up a notch with cryptography powered by Polygon and AAVE. When a pledge is made, both the challenger and their counterpart send pledge tokens to a smart contract that holds the cryptocurrency in escrow, then tokenizes the equity and holds an interest earning agreement on the AAVE platform, and at the end of the pledge, the cryptocurrency generated by the interest is shared proportionally between the decision maker and the IBetYou community.
Official website. https://ibetyou.xyz/
3.5.2 Polkacover
Founded in late 2019, Polkacover is dedicated to building the world’s leading crypto-friendly insurance purchase and policy issuance marketplace, a one-stop shop for crypto and personal insurance needs. It is developing a frictionless insurance marketplace based on Polkacover, bringing innovation, enhanced security, and unparalleled user interaction to the entire insurance industry.
Official website: https://www.polkacover.com/
3.5.3 BePro
BePro (formerly BetProtocol) enables entrepreneurs and developers to create gaming platforms in minutes, without coding, by providing a wide range of tools and technologies that are secure, scalable and compliant with regulations. bePro’s vision is to create a new standard in online gaming technology based on fairness, transparency and security.
Official website: https://www.bepro.network/
3.6 Browsers
The main blockchain browsers including Etherscan, DappLooker, Polkassembly, Polkadot.js, Subscan, etc. for Polka and Etherscan.
3.6.1 Polkassembly
Polkassembly is an open source platform where anyone can discover and participate in Substrate-based on-chain governance by browsing proposals made on the chain, discussing them with the community and voting directly from the website using a browser extension. Proposal authors are the only people who can edit proposal posts and descriptions. The team has extensive experience in Substrate and Web 3.0 development.
Official website: https://kusama.polkassembly.io/
3.6.2 Polkadot.js
Polkadot.js is a very simple scaffolding browser extension that injects the Polkadot API Signer and any associated accounts into the page, allowing any DApp to use it. The extension does only one thing: it manages accounts and allows signing transactions with those accounts. In the early days, it does not inject providers for DApp use and does not perform wallet functions, such as sending funds.
Official website: https://polkadot.js.org/
3.6.3 Subscan
Subscan is the Poca Ecoblock Browser, the first community-developed project of the Darwin Network.
Official website: https://www.subscan.io/
3.7 Predictors
Chainlink, Brand Protocol, DIA, Razor, etc., such as the following.
3.7.1 DIA Data
DIA Data is focused on solving inconsistent, biased, expensive or inaccessible data in the crypto and financial markets in order to make financial data standardized, open source and accessible to everyone.
Official website: https://diadata.org/
3.7.2 Razor
Razor Network is a decentralized prophecy machine project currently running on the Ethernet network and later on its own proof-of-stake network, which connects smart contracts to data in a fast and secure way. Decentralized applications use a network of stakeholders to provide data for smart contracts that can avoid single points of failure and are trustworthy.
Official website: https://razor.network/
3.7.3 Chainlink
Chainlink is a decentralized network of prophecy machines that solves interoperability problems for blockchain smart contracts and securely connects them to off-chain data sources, Web APIs and traditional banking payment systems. chainlink greatly enriches the application scenarios of smart contracts, making them available in many industries such as finance, insurance and supply chain.
Official website: https://chain.link/
3.8 Wallets
Moonbeam collaborates with wallets such as Rabby, Debank, AirGap, Polkadot.js, MetaMask, such as the following.
3.8.1 MetaMask
MetaMask is a browser plug-in wallet that is easy to use without downloading and installing a client and was originally incubated by ConsenSys.
Official website: https://metamask.io/
3.8.2 AirGap
AirGap is a secure self-hosted solution for a wide range of assets such as Polkadot, Kusama and soon Moonbeam. With AirGap’s dual-device approach, the complete concept of making your encryption completely offline can be followed. Or both applications, AirGap Wallet and AirGap Vault, can be installed on the same device and still benefit from the added security.
Official website: https://airgap.it/
3.8.3 Polkadot.js
Polkadot.js is a very simple scaffolding browser extension that injects the Polkadot API Signer and any associated accounts into the page, allowing any DApp to use it. The extension does only one thing: it manages accounts and allows signing transactions with those accounts. In the early days, it does not inject providers for DApp use, nor does it perform wallet functions such as sending funds.
Official website：https://polkadot.js.org/
In addition, there are parallel chains, collectors, storage, assets and distribution, totaling 12 major categories. The complete ecology of Moonbeam is shown in the figure below.
It can be seen that more and more head DAPPs are joining, but among the projects officially announced by Moonbeam for cooperation, most of them are already online on platforms such as Ether, and there are fewer projects developed natively, Moonbeam still needs to make more efforts on ecological development.
4. Team members
Derek Yoo is a seasoned “startup veteran” with a successful career in Web 2. Derek and Steven Kokinos (who later founded the blockchain project Algorand), who co-founded Derek and Steven Kokinos (who founded the blockchain project Algorand) co-founded Thinking Phone Networks, a software company similar to the current nail prototype.
Derek Yoo founded Purstake-Moonbeam (Moonriver) development company in May 19, and became CEO. 12 years as CTO of FOZE, then 1 year as CPO (Chief Procurement Officer), then left to start Purstake. Derek was not satisfied with his role as a “technology developer”, but wanted to build a platform that could meet the needs of more users, and Moonbeam Network was born.
5. Investment Background
The official website shows that there are currently 11 investment institutions, including KR1, Coinbase Ventures, Binance Labs, IOSG Ventures, ParaFi and so on. Public information can be found in the specific financing amount of two, respectively
l $6 million: IOSG Ventures, Binance Labs, ParaFi, Coinbase Ventures, Distributed Capital (Fenbushi Capital)
l $1.4 million (seed): Hypersphere Ventures lead
The investment institutions are partly mainstream institutions, but the amount is not large. The project side has not done fundraising for retail investors, and the parallel chain is in line with the crowd lending mechanism, which is essentially a crowd lending KSM/DOT that the project side has no right to use. All parallel chain teams are facing this problem: there is no access to funds through crowdfunding. The team’s funding source is either fundraising or issuing their own tokens through Bulid (similar to IC0). If a parallel chain team does not have access to a large amount of capital, it is more likely to cash out in the secondary market.
6. Market sentiment
Moonbeam social media, 212,416 Twitter followers, 7,821 Reddit followers, high TG and Discord activity, 1,135 cumulative project development progress commits on Github.
According to CoinCodex data, as of January 20, 2022, the overall Moonbeam price forecast sentiment is bullish, with 6 technical analysis indicators giving a bullish signal and 2 giving a bearish signal.
7. Summary
Moonbeam brings unprecedented development flexibility and convenience, which enables more projects to enjoy the dividends of Poca’s ecological development. The TVL data keeps growing one week after the mainnet launch, but there is still some gap compared to the head public chain. moonBeam officials are actively looking for cooperation projects, the market operation is also actively carried out, and the founder also has successful entrepreneurial experience. The future ecological growth of MoonBeam is very worth looking forward to.
Reference：
- moonbeam.network
https://moonbeam.network/networks/moonbeam/
- moonbeam.foundation
- moonscan.io
- Auctions on Polkadot & Kusama Ecosystem
https://parachains.info/auctions/polkadot-1-5#timeline_polkadot-1-5
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