Moonbeam Network explodes on Polkadot after successful launch on Kusama
The first-ever platform that allows developers to roll out EVM-compatible smart contracts on Polkadot, Moonbeam Network, has completed its launch.
Moonbeam Network completes its launch process
Pioneering EVM-compatible smart contracts environment goes live in mainnet on Polkadot (DOT). When will its supporters be able to claim the first batch of rewards?
According to the official announcement shared by Moonbeam Network’s team, its architecture has finally been deployed to Polkadot’s mainnet.
2/ Moonbeam has completed its launch process to @Polkadot. During the last launch phase, the 🔑 super user key (Sudo) was removed, ⛓️↔️⛓️ EVM & 🔄 balance transfers were enabled, and the active set of collators was increased to 48.
Launch process info 👇https://t.co/qmerLzoI5i
— Moonbeam Network (@MoonbeamNetwork) January 11, 2022
Following its launch, Moonbeam became the first fully operational parachain on Polkadot. It completes a multi-stage network implementation, including enabling token transfers, removing super keys (Sudo) for 100% decentralization, and polishing compatibility with Ethereum Virtual Machine (EVM).
Moonbeam deployed its “canary network” to Kusama, a chain of sisters of Polkadot. The Moonbeam Network team highlights that more than 80 projects are ready to launch on Moonbeam in the coming weeks.
“The weeks that follow the launch are expected to include the deployment of a variety of infrastructure projects including bridges, multisignature support, The Graph, Chainlink oracles, and more,” the team stated.
Moonbeam’s crowdfunding bid was backed by nearly $1 billion by 200,000 backers in a record auction. This large contribution will be rewarded with 150,000,000 GLMR. With the Moonbeam mainnet, its tokens became tradable on Gate.io and Binance. The first exchange saw its price skyrocket to $570, 2,280 times higher than the token sale price in September.
By the way, the majority of GLMR will be distributed linearly over the 96-week parachain lease period. Due to the network’s full Ethereum compatibility, GLR can be transferred via Metamask and other mainstream wallets. On March 30, 2021, Moonbeam raised $6 million in private funding led by CoinFund. Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, and IOSG Ventures also backed the start-up in its fundraising efforts.
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