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Smart Contract Parachain Moonbeam is Ready to Go Live on Polkadot

Moonbeam is a parachain smart contracts project for Polkadot that offers Ethereum compatibility. The project is going to serve the same purpose as Moonriver for Kusama redirecting new traffic, staking, trading volume contributions, and deployments for Polkadot. Moonbeam is the winner of the second round of slot auctions for parachain operations.

With the slot auctions, Polkadot selected 80 projects for collaboration. The Moonbeam Network recently posted the update on their official Twitter account. According to the tweet, Moonbeam has become the first-ever operational parachain on Polkadot. During the next few weeks, features like multi-sig, The Graph, bridges, Chainlink oracles, and many more will go live on the parachain.

The Moonbeam Foundation has been credited with successfully running and managing the crowdloan campaign. The smart contracts platform at Moonbeam is EVM or Ethereum Virtual Machine compatible and has managed to gather the largest number of contributors. According to the data shared by the Moonbeam network thus far 200,000 contributors locked in their answers.

Meanwhile, the DOT submitted through the parachain has reached 35 million recently valued at $944 million currently. It is also the largest number of DOT tokens facilitated by any parachain project thus far.  Crowdloan rewards of up to 30% are already distributed among the contributors based on their participation percentages. The crowdloans rewards are in the form of GLMR tokens native to Moonbeam also transferable through MetaMask extension.

There are other important features that Moonbeam parachain has activated for Polkadot. With the help of the relay chain, full nodes or collator-chains Polkadot network can send and receive messages from multiple parachains. During the initial launch stage, superuser keys or SUDO were replaced by EVM that allowed balance transfers.

At present, around 48 collators are operating on Polkadot. The new option has also allowed investors to take part in the on-chain governance. Polkadot users can get access to all the necessary information for new block generation and new transaction executions as collators. The developers also added an upgrade by aggregating the parachain transactions and generating state transition proof for relay chain validation.