The time has finally come, the first Ethereum Virtual Machine (EVM) compatible Parachain Moonbeam (GLMR) has been live on Polkadot (DOT) since January 11th. Thanks to the EVM compatibility, decentralized applications can be integrated on Moonbeam with just a few clicks and can thus immediately enjoy the benefits of the Polkadot Parachain.
Similar to Moonriver (MOVR) on Kusama (KSM), Polkadot’s “brother network”, Moonbeam is supposed to get Polkadot’s smart contract ecosystem going.
Although Moonbeam was only able to take second place behind Acala Network (ACA) in Polkadot’s first Parachain auction, the project is now the first fully functional Parachain on Polkadot. In addition, Moonbeam already supports over 80 various decentralized applications that can migrate instantly from Kusama. In addition, other projects on Twitter have already announced their successful integration at Parachain.
In the next few weeks, the integration of well-known infrastructure projects such as The Graph (GRT) or Chainlink (LINK) will take place at Parachain.
The long-awaited start by the Polkadot community follows a very successful crowdloan campaign.
The Moonbeam broke two records. On the one hand, it was the Polkadot project that, with over 200,000 investors, was able to win over the most supporters. On the other hand, it raised a total of 35 million DOT (over $ 900 million) – more than any other Parachain project.
In return for the DOT tokens contributed by the community via crowdloan, the investors have now received a total of 150 million GLMR tokens, which are currently worth around 10 US dollars.
30 percent, i.e. 45 million GLMR, can be paid out to the crowdloan participants immediately. The remaining 105 million GLMR tokens, on the other hand, will be distributed to crowdloan investors on a linear basis over the next two years.
For every DOT that investors contributed to the Parachain project, they received 4.1946 GLMR tokens (over $ 40). Not a bad deal considering that a DOT is currently only worth $ 26.21.
Overall, the community receives tokens that were around Are worth $ 1.5 billion.
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The first Parachain is live with Moonbeam