Strengths and Weaknesses
- Fast transactions: By using the Substrate framework and being deployed as a parachain on the Polkadot network, which is optimized for high-speed transactions
- Experienced team: Moonbeam is developed by a team with experience in blockchain technology, which gives the project a strong foundation for success
- EVM - Compatibility with the EVM will bring a rapidly expanding ecosystem thanks to easy dApp implementation
- Interoperability: Integrating with the Polkadot network allows it to interact with other chains and parachains, making it easy to transfer assets between different networks
- Uniqueness: Moonbeam's integration with the Polkadot network and Kusama opens up a world of possibilities for decentralized applications, allowing them to seamlessly connect with other chains and take advantage of low-cost transactions. This unique feature sets Moonbeam apart in the world of blockchain technology
- Competition - A lot of blockchains are EVM compatible and Moonbeam will have a hard time establishing itself
- Forced investment: To use the Moonbeam network, individuals must first invest in the network's underlying assets, which establishes a barrier to entry for some users
- Poor presentation / marketing: Moonbeam's marketing and presentation may not be as strong as other projects, which could make it harder for potential users to understand the benefits of the platform
Moonbeam is an innovative smart contract platform built on the Polkadot ecosystem that offers full compatibility with Ethereum. This makes it possible for developers to interact with Moonbeam through both Ethereum API and Substrate API. This interoperability with Ethereum allows for a seamless transition of dApps and services from Ethereum to the Polkadot ecosystem, without the need for extensive changes in the codebase.
One of the standout features of Moonbeam is its unified accounts system. While the platform is based on Substrate, it replaces the Substrate-style accounts and keys with Ethereum-style ones. This means that developers and users can interact with Moonbeam using familiar Ethereum wallets and tools like MetaMask and Ledger. All they need to do is simply add Moonbeam's network configurations to their wallet settings, and they can start using their Ethereum accounts to interact with Moonbeam.
Furthermore, Moonbeam also allows developers to use Ethereum libraries and development environments to create dApps and smart contracts. This is a huge advantage for developers who are already familiar with the Ethereum ecosystem as it eliminates the need to learn new tools and languages. Instead, they can leverage their existing knowledge and expertise to build on Moonbeam without any major learning curve.
Developed by PureStake, a development outfit that has also built developer tools for Algorand and runs Polkadot validators, Moonbeam aims to provide seamless integration between Ethereum and Polkadot. The network also receives support from the Moonbeam Foundation.
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Functioning of the Chain
Moonbeam is a decentralized, open-source platform built on Polkadot, that is compatible with the Ethereum blockchain. It uses the Substrate framework and its API is integrated with Ethereum, while it also allows for integration between Ethereum and Polkadot, thereby leveraging the benefits of both chains.
Multiple Moonbeam-Based Networks
There are multiple Moonbeam-based networks, each with its own purpose and focus.
PureStake hosted parachain, the first TestNet for the Moonbeam blockchain platform (September 2020). Moonbase Alpha is a network hosted by PureStake. It features a parachain / relay chain scheme, allowing developers to test the Ethereum compatibility features of Moonbeam in a shared parachain environment without needing to run their own nodes or network.
Deployment on Kusama (June 2021). Moonbeam launched Moonriver as a parachain on the Kusama network in advance of deploying to the Polkadot mainNet. The parachain functionality is live on Kusama, and Moonriver will offer additional parachain-related functionalities such as XCMP and SPREE as they become available.
Moonrock was deployed to Rococo for the first time in May 2021. This allows developers to test the Ethereum compatibility features of Moonbeam in a shared parachain environment.
Deployment on Polkadot (December 2021). Moonbeam is the mainnet of the Moonbeam network and has been deployed as a parachain on Polkadot on December 17, 2021. Moonbeam offers the highest levels of security and availability, and any code running on the mainnet has been vetted through one or more of the other Moonbeam networks. Moonbeam will offer additional parachain-related functionalities such as Cross-Chain Message Passing (XCMP) and Shared Protected Runtime Execution Enclaves (SPREE) as they become available.
It is the most Ethereum compatible smart contract parachain in the Polkadot ecosystem. It allows developers to "port their projects with minimal to no code changes" and tap into the Polkadot ecosystem and its assets.
Moonbeam has the following initial configurations:
- Runs as a Parachain connected to the Polkadot relay chain
- Has an active set of 72 collators
- Has infrastructure providers with API endpoints to connect to the network, or projects can run their own nodes for private endpoints
Important variables to note include a minimum gas price of 100 GWEI and a target block time of 12 seconds (expected to be 6 seconds).
Moonbeam has two types of network endpoints available for HTTPS and WSS. Users can either retrieve their own endpoint and API key from custom endpoint providers, or use public endpoints.
To get started, users can create a local Web 3.0 instance using the Web3.js library and set the Moonbeam provider. The Ethers.js library also allows users to define the provider using the Moonbeam RPC URL. Any Ethereum wallet can generate a valid address for Moonbeam.
The Moonbeam chain ID is 1284, or 0x504 in hex. Telemetry information can be viewed on the Polkadot Telemetry dashboard.
Ethereum Compatibility Architecture
Smart contracts on Moonbeam can be written in Solidity, Vyper, and other languages that compile to EVM. The goal is to provide a secure environment for the development, testing, and execution of contracts compatible with Ethereum.
Moonbeam aims to closely approximate the behavior and semantics of contract execution on Ethereum L1. The Moonbeam node accepts Web 3.0 RPC calls from dApps or development tools and uses both Web 3.0 RPC and Substrate RPC. These calls are processed by Substrate runtime functions, which verify signatures and extrinsics. Contract calls are then passed to the EVM for execution of state transitions. Moonbeam leverages Substrate Pallet-EVM for EVM implementation in Rust and support from the Parity engineering team.
Nimbus Parachain Consensus Framework
Polkadot uses a hybrid consensus model with separate block finality and block production mechanisms. Parachains like Moonbeam only have to worry about block production, with the relay chain validating state transitions. However, parachains face problems with determining which nodes are authorized to produce blocks. Nimbus provides a framework for building slot-based consensus algorithms on Cumulus-based parachains, allowing developers to customize filters that restrict block authorship to a subset of collators in multiple steps. Moonbeam uses a two-layer approach, with the first layer using the parachain staking filter to select an active collator pool based on a stake-based ranking. The second layer adds another filter that narrows down the number of collators to a subset for each slot.
Cross-Chain Message Passing (XCMP)
Secure message passing between parachains.
Shared Protected Runtime Execution Enclaves (SPREE)
The SPREE modules are WebAssembly code that is uploaded to Polkadot through management or parachains. Once uploaded, they can then be used by all parachains. These modules have their own storage and can be called through an interface with parachains. The SPREE modules are crucial for XCMP because they guarantee the code that will be executed on the target parachains. Otherwise, while XCMP guarantees message delivery, it does not guarantee the code that will be executed. The SPREE modules are similar to recipes in cookbooks that guarantee an exact idea of the outcome. These modules could be useful for various functions on Polkadot, including decentralized exchange.
Moonbeam has chosen to build on the Substrate framework and deploy as a parachain on the Polkadot network. Substrate offers functionality such as P2P networking, consensus mechanisms, governance, and EVM implementation. Moonbeam leverages the benefits of the Rust programming language for performance and safety. As a parachain on Polkadot, Moonbeam can integrate with other chains and use existing bridges, including the one for Ethereum. Polkadot's interoperability supports Moonbeam's cross-chain goals. Moonbeam values its relationships with the individuals in the Polkadot ecosystem, including those at Parity and the Web3 Foundation. Moonbeam is the first parachain to have gone live on Polkadot.
- April - Introduction of the Moonbeam parachain
- September - Initial funding round raised 1.4 million USD
- January - Moonbeam won the parachain auction and launched on Polkadot as a parachain
- June - Moonbeam Team released an urgent security patch for Custom Precompiles, and also MoonBeam received a development grant from the Web3 Foundation to develop its own palette for parachain deployment
- August - Cross-chain XCM-to-EVM functionality was deployed on Moonbase Alpha, and collaboration with LayerZero began
- September - Moonbeam XCM was integrated with Astra, and the native token USDT Polkadot was added to the Moonbeam ecosystem
- October - Moonebam launched a community forum and established a partnership with Hyperlane and Darwinia XCM (which connects Moonbeam with Moonriver)
- November - Bifrost Polkadot integrated with Moonbeam for liquidity staking GLMR, and cross-chain contracts were deployed on LayerZero and Hyperlane
- May - Cross-chain integration of Moonbeam with Equilibrium and integration with HydraDX for increased liquidity in the Polkadot ecosystem
On June 27th, the Moonbeam team received a report about a potential security vulnerability within Frontier, a Substrate palette that provides Ethereum compatibility within the Polkadot ecosystem. The vulnerability was reported by the pwning.eth team and later submitted as a report to Immunefi. Moonbeam, Astar, Parity, and Moonwell teams collaborated to assess the severity of the vulnerability. After verification, a fix was prepared and deployment plans were made. However, the main vulnerability was unintentionally disclosed in a public repository during the remediation process. As a precautionary measure, the Moonbeam and Moonriver networks were put into maintenance mode to prevent potential abuse. After the fix was implemented and verified, the maintenance mode was deactivated, and the networks resumed their operation. The overall resolution of this issue took a little over 10 hours. It's neither too long nor too short, but it demonstrates that the communication within Moonbeam among all teams is good, and they were able to resolve the situation within a relatively reasonable timeframe.
Derek Yoo - CEO
Stefan Mehlhorn - COO
Tim Baldwin - VP of Engineering
Francisco Gamundi - Software Engineer
Moonbeam was made by PureStake, a company based in Massachusetts, USA. PureStake provides blockchain technology including infrastructure, APIs, and other developer tools as an Infrastructure-as-a-Service (IaaS).
Moonbeam’s programmers: Total - 285, full-time - 82.
Before co-founding PureStake, Derek Yoo held senior leadership positions at several technology companies, including Vice President of Engineering at Akamai Technologies and Chief Technology Officer at Infoblox. Throughout his career, Derek has been recognized for his expertise in the development of scalable, secure, and high-performance technology solutions.
Decentralized governance is an important component of any blockchain-based ecosystem, and Moonbeam is no exception. The platform utilizes a governance system that allows coin holders to create proposals and vote on changes to the network. Proposals for changes to the blockchain can be submitted by anyone who owns GLMR coins.
There are two types of proposals:
- Democratic proposal: A proposal for network creation that can be submitted by anyone in the community, and other coin holders can approve it. The democratic proposal with the most support at the end of the launch period becomes a referendum
- External proposal: A proposal created by the Council which, if accepted, is submitted to coin holders for voting. The Council sets the vote-counting metric when submitting external proposals
Moonbeam's governance mechanism aims to reflect the desires of its community and engage all coin holders in the decision-making process. Changes to the protocol must be approved through a stake-weighted referendum. The current governance process is based on Governance v1, but the launch of OpenGov, also known as Gov2, is planned after rigorous testing.
Launch Period - 7 days (50,400 blocks)
Voting Period - 14 days (100,800 blocks)
Enactment Period - 2 days (14,400 blocks)
Cool-off Period - 7 days (50,400 blocks)
Proposal Deposit: 400 GLMR
Preimage Base Deposit: 500 GLRM
Maximum Proposals: 100
Maximum Referenda: 2 (maximum number of referenda in progress at any one time. This does not take fast-tracked referenda into consideration)
Is Moonbeam’s Governance Centralized or Decentralized?
Moonbeam's governance mechanism is a combination of both "soft" principles and "hard" on-chain mechanics. The soft principles aim to foster inclusiveness, engagement, transparency, and ethical behavior among coin holders in the decision-making process, and are outlined in the project's Code of conduct.
The hard governance process, which incorporates both centralized and decentralized elements, is driven by an on-chain mechanism that allows coin holders to make key decisions through stake-weighted voting on proposed referenda. This process includes referenda, voting, and specialized committees such as the Council & Technical Committee Governance V1 and the OpenGov Technical Committee. Referenda are tied to specific proposals for changes to the Moonbeam system, including code upgrades and changes to the governance system itself.
Coin holders can participate in the governance process by voting on referenda in a stake-weighted manner, with those that pass being subject to a delayed enactment to allow for dissenting parties to exit the network. The Council & Technical Committee Governance V1 and the OpenGov Technical Committee serve as groups with special voting rights within the system.
While the principles of inclusiveness, coin holder engagement, transparency, and the consideration of the network's greater good are at the forefront of Moonbeam's governance process, the presence of specialized committees with special voting rights and decision-making power could be perceived as centralized elements of the mechanism.
Governance Coin and its Function
Glimmer (GLMR) is the utility coin of the Moonbeam Network.
The function of native coins, beyond governance, is as utility coins with a variety of uses:
- Supporting the gas metering of smart contract executions
- Incentivizing collators, and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
- Facilitating the on-chain governance mechanism including proposing referenda, electing council members, and voting
- Paying for transaction fees on the network
Revenue & Tokenomics
The Moonbeam blockchain acquires money to support the protocol through a variety of methods, including asset sales, grants, and partnerships with other organizations. Additionally, the Moonbeam network charges fees for certain operations, such as the deployment of smart contracts or the execution of transactions. These fees can be paid in the native coin of the Moonbeam network, GLMR, and are used to support the development and maintenance of the protocol. By expanding usage and charging fees for the use of its network and services, the Moonbeam blockchain can generate revenue and ensure its long-term sustainability.
Maximum Supply: Infinite
Initial Supply: 1,000,000,000 GLMR
Circulating Supply: 584,062,364 GLMR
Inflation rate: 5%
Staking: 275,732,146 GLMR
Staking for validators: 45% from the circulating supply (as of February 24, 2023)
Initial GLMR Distribution and Vesting Process
Seed funding of 140,000,000 GLMR was completed in September 2020, with a 24-month vesting schedule and 3-month lock-up, and equal vesting in months 3-24.
Strategic funding of 120,000,000 GLMR was completed in March 2021, with a 12-month vesting schedule and 2-month lock-up, and equal vesting in months 2-12.
- The Take Flight Community Event was completed in September 2021, with a 40-day lock-up and no vesting schedule. Unused coins were reallocated to long-term protocol & ecosystem development
- The 2021 Moonbeam Crowdloan of 150,000,000 GLMR allocated 15% of the network to reward contributors, with 30% of coins distributed at network launch and the remaining 70% vesting linearly over 96 weeks
- The Parachain Bond Funding of 30,000,000 GLMR will be used to pay for DOT, which is required for the Moonbeam parachain slot in years 3-6, with payments potentially taking the form of interest payments or rewards for crowdloan participants
- The Parachain Bond Reserve of 5,000,000 GLMR is for parachain bond purposes, with approximately 5% annual inflation (or 1.5% of total supply) flowing automatically into the fund for use in parachain slot sustainability
- The Treasury holds 5,000,000 GLMR (0.5% of the total supply) for initial funds to be used for on-chain governance and funding public goods, with 20% of spent network fees automatically flowing into this fund
- The Long-Term Protocol & Ecosystem Development allocation holds 166,770,536 GLMR (16.7% of the total supply) for the Moonbeam Foundation to use for protocol development and other programs
- The Liquidity Programs allocation holds 50,000,000 GLMR (5% of the total supply) for liquidity programs to incentivize growth and adoption on Moonbeam. Approximately 30% of this allocation (1.5% of total supply) is planned to be used in the Harvest Moon Program, which was originally scheduled to run in Q2-Q3 2022
- The Developer Adoption Program holds 35,550,000 GLMR (3.6% of the total supply) for pre-launch incentives for early Moonbeam adopters, subject to vesting
- The Key Partners & Advisors allocation holds 39,468,300 GLMR (3.9% of the total supply) for strategic partners and advisors, subject to different vesting schedules based on their roles
- The PureStake Early Backers allocation holds 14,000,000 GLMR (1.4% of the total supply), subject to a vesting schedule
- The Founders and Early Employees allocation holds 100,000,000 GLMR (10% of the total supply) for founders and employees, subject to a vesting schedule with a cliff period
- The Future Employee Incentives allocation holds 46,000,000 GLMR (4.6% of the total supply) for a future employee incentive pool, subject to a vesting schedule with a cliff period
GLMR is a coin that operates on the Polkadot network and aims to maintain an annual inflation rate of 5%. The rate is used to pay for parachain slots on Polkadot, incentivize pick-up nodes, finance the parachain bond reserve, and reward network members. Out of the 5% inflation rate, 2.5% goes back to GLMR developers, while 1% is for incentivizing pick-up nodes, and a further 1.5% goes towards financing the parachain bond reserve.
In contrast, Moonbeam implements deflationary mechanisms for GLMR. Whenever a user or developer executes a smart contract transaction, they must pay a fee to cover computational gas required by nodes, as well as a small platform fee. The fee is then split between the two protocols, with 80% of the GLMR received as commissions being burned, thus increasing the coin’s scarcity. If the number of GLMR burned due to transactions and fees exceeds the 5% annual inflation rate, GLMR will become a deflationary asset. The remaining 20% of GLMR is allocated to the treasury within the network to finance initiatives and projects that enhance engagement with the Moonbeam network, with chain management proposals determining how these funds are spent.
The Uniqueness of the Chain
Cross-Chain Connected Contracts are a game-changer in the world of decentralized applications. They offer a new standard for how these applications are built, making it possible to connect multiple blockchains to create a more integrated and efficient network. With this technology, Moonbeam is leading the charge as a unique platform that provides a robust development environment for developers. Its focus on connectivity and interoperability makes it an ideal choice for developers who want to take advantage of the growing number of blockchains that are available.
Solidity and Vyper Support
Moonbeam is a platform that facilitates the development of decentralized applications. To make this process easier, it offers support for Solidity and Vyper - the two most commonly used languages for smart contracts on the Ethereum blockchain. Thanks to this support, Ethereum developers can easily transfer their dApps to Moonbeam with minimal modifications and reconfigurations. This means they don't have to rewrite their application codes or learn a new language. Instead, they can use what they already know and still take advantage of the benefits that Moonbeam offers as a platform.
Native Interoperability with Substrate
This is an important feature of the Moonbeam platform, enabling sharing with other parachains within the Polkadot and Kusama ecosystems. With this functionality, Moonbeam users can access the native movement of assets and data across the entire ecosystem, which is advantageous both for developers and users.
How the Network is Secured
Moonbeam is one of the parachains in the Polkadot ecosystem that shares security with the Polkadot relay chain, meaning that it benefits from the security advantages provided by the Polkadot relay chain without having to worry about its own security.
However, even though Moonbeam uses the security features of the relay chain, it still needs to manage and operate the network. This is where the 72 collators come in, who are responsible for collecting and validating transactions on the Moonbeam parachain. These collators need to be active in order to produce blocks and keep the parachain running.
Developing smart contracts on Moonbeam requires careful consideration of several security measures that differ from those on Ethereum. These measures include "Arbitrary Code Execution," "Precompiles Can Override a Set Value," "Whitelisting Safe Function Selectors," "Whitelisting Safe Contracts," and "Precompiles Can Bypass Sender vs Origin Checks."
It is important to whitelist safe function selectors and contracts, to ensure that Arbitrary Code Execution does not lead to unintended consequences. Additionally, it is crucial to be aware of the unique features of the Moonbeam network, such as the batch and call permit precompiles, which can potentially bypass the tx.origin == msg.sender check.
Last year, the Moonbeam project introduced the Immunefi bug bounty program to encourage further security testing of the Moonbeam codebase.
Rewards for finding bugs in the blockchain/DLT are as follows:
- Low level - Up to 5,000 USD
- Medium - Up to 20,000 USD
- High - Up to 50,000 USD
- Critical - Up to 1,000,000 USD
To ensure quality and security, Moonbeam collaborates with two auditing firms, SR-Labs and NCC, which perform ongoing, incremental, and full code audits. These audits focus on the code bases in the Moonriver and Moonbeam systems and aim to identify and address potential security issues.
Additionally, the Moonbeam team is actively considering engaging the services of a third firm to further expand the scope of the audit. The goal of this step is to maximize the security, reliability, and performance of the dApps developed by the Moonbeam team. Security and trustworthiness are a priority for Moonbeam, and audits are considered a key part of development. Thanks to collaboration with auditing firms, Moonbeam continuously receives feedback and provides a high level of security and reliability. This collaboration allows the Moonbeam team to better understand potential security threats and respond to them in a timely manner.
How to Run a Full Node for the Moonbeam Network: Official link
CPU 8 Cores (Fastest per core speed)
RAM 16 GB
SSD 1 TB (recommended)
- P2P port must be open to incoming traffic:
- Source: Any
- Destination: 30333, 30334 TCP
Staking Opportunity (Delegation)
Staking on the Moonbeam network is a process by which coin holders can delegate their coins to collator candidates to support their candidacy as a block producer. The more coins a candidate has staked, the higher their chances of joining the active pool of collators and receiving rewards. Delegators receive a portion of the block rewards based on their proportional contribution to the candidate's stake. The delegation process is performed through the use of extrinsic, such as "delegate" and "delegateWithAutoCompound." Coin holders can easily stake their GLMR through the Moonbeam dApp, or by going through similar steps on other Moonbeam and Moonriver networks. To learn more about staking, coin holders can check out the Staking on Moonbeam overview.
Advantages for Node Participant
- As a collator (validator), the reward distribution per block proposed and finalized looks like this:
Reward = (0.2 x amount_due) + (0.5 x amount_due x stake).
Here, “amount_due” is the corresponding inflation being distributed in a specific block, and “stake” corresponds to the number of coins bonded by the collator in respect to the total stake of that collator (accounting for delegations)
- For each delegator, the reward distribution (per block proposed and finalized by the delegated collator) looks like this:
Reward = (0.5 x amount_due x stake)
Here, “amount_due” is the corresponding inflation being distributed in a specific block, while “stake” corresponds to the amount of coins bonded by each delegator in respect to the total stake of that collator
- Running a collator on Moonbeam helps to secure the chain and ensure its long-term stability and functioning in bringing EVM-compatible use cases to the Substrate ecosystem. Running a collator also establishes credibility and long-term alignment with the Moonbeam communities and network, and improves your chances of attracting nominations (delegations)
There is no 2023 Road Map update due, but according to Moonbeam’s newsletter, they are focusing on continuing to progress with cross-chain capabilities.
The only update from February 2023 was Polkadot’s new governance structure for Moonriver, which was approved by the community.
There are 269 projects in the Moonbeam ecosystem, with the 3 largest being:
1. Moonwell Artemis: DeFi
2. Beamswap: DEX
3. Stellaswap: DEX
How Moonbeam Supports Developers:
Moonbeam is committed to supporting developers with building multi-chain applications on its platform. To achieve this, Moonbeam has introduced not only SDKs, APIs, and toolkits, but several new programs specifically for developers, such as Moonbuilder's Academy, Moonbeam Bug Bounty Program, Moonbeam Accelerator Program, and the Moonbeam Ecosystem Fund.
Moonbeam and Moonriver shares the same Discord. The administrators have made efforts to organize different sections to ensure clarity and easy access to information. Additionally, active moderators contribute to creating a welcoming first impression by promptly responding to queries and striving to address issues or suggest alternatives, usually within minutes. This interaction ensures that the community feels supported and has the opportunity to obtain necessary information or assistance in real-time. Discord serves as a live communication tool, enabling the community to engage in discussions, share ideas, and collaborate on the development of the Moonbeam and Moonriver ecosystems.
The community forum, is also connected to the Moonriver blockchain and serves as a place where various proposals for changes and development of the Moonbeam blockchain are discussed. This forum is open to the public and represents an important tool for community engagement and sharing ideas and perspectives. Live discussions take place here regarding technical aspects, new features, enhancements, and other matters related to the Moonbeam blockchain.
The community forum provides an environment where users can present their proposals, gather feedback from fellow community members, and actively participate in shaping the future of Moonbeam. It serves as a vital platform for collaboration and coordination, helping to strengthen community participation and ensuring that user voices are heard when making decisions regarding the future development of the Moonbeam blockchain.
Moonbeam has its own dedicated Twitter account, which boasts a large number of followers. This platform serves as a hub for the Moonbeam community, where they can stay updated on the latest news and developments within the Moonbeam ecosystem.
Moonbeam's Twitter account is the AMA (Ask Me Anything) sessions conducted with dApp developers for the Moonbeam blockchain. These AMAs provide an opportunity for the community to engage directly with the developers, ask questions, and gain insights into the projects being built on Moonbeam. In addition to the AMAs, Moonbeam's Twitter account serves as a reliable source of information, delivering comprehensive updates related to the Moonbeam ecosystem. Whether it's announcements about new partnerships, project launches, upcoming events, or important milestones, followers can expect to find all the relevant news and updates on this platform.
As a parachain on the Polkadot network with full compatibility with Ethereum, Moonbeam possesses all the necessary ingredients for a successful interoperable multi-chain platform. However, since its launch in January 2022, it is still not entirely predictable what the future holds for this network and how it will attract more users.
Moonbeam holds a unique position as the first parachain launched on Polkadot, which instills trust and reputation among users. With its compatibility with Ethereum, it enables a seamless migration and deployment of existing applications and smart contracts to Moonbeam, thereby contributing to the expansion of the Polkadot ecosystem.
However, the success and growth of Moonbeam rely on its ability to engage and captivate a broad community of developers, investors, and users, which I believe won't be an easy task. The entire Polkadot ecosystem is not widely recognized within the cryptocurrency community as it might desire. Nevertheless, this lack of awareness is expected to change with the implementation of the XCM protocol, which aims to enhance interoperability among Polkadot chains. Thanks to this protocol, newcomers from other blockchains will have an easier opportunity to participate in the Polkadot ecosystem.