Moonbeam Network announced the completion of its rollout and is the first fully functional parachain on Polkadot.

Moonbeam is officially working on polkadot

The era of the polkadot-parachain has begun.

MOON became the first fully functional parachain on Polkadot on Tuesday, completing a three-part launch process that began three weeks before December 17th. The full start removed the network’s superuser key and gave the Moonbeam Hodler direct control.

The first phase of MOON’s launch begins with centralized block production. After the developers confirmed that everything was working fine, stand-alone collations were added to help decentralize the network. Now that Moonbeam is fully up and running, the network has hit a minimum of 48 matchers, enabling Ethereum compatibility and token staking.

Those who contributed to the Parachain auction crowdloan, which will take place in November, can now begin claiming their Moonbeam Governance Token Rewards. Contributors can initially claim 30% of the total allocated GLMR plus additional incentive emissions for three weeks from the time of start. The remaining 70% of the rewards will be released gradually over the next 96 weeks.

Hodlers can also initiate delegating their GLMR to an employee for staking rewards. The distribution of rewards is based on the number of user contributed tokens versus the total amount associated with the game, similar to other proof-of-stake chains staking rewards are distributed.

MOON’s GLMR had a strong start in trading, rising 66% over the day to hit an ATH of $ 19.5. However, it has been unable to maintain momentum and is currently trading at $ 10.25 at press time.

GLMR / USD chart. Source: CoinGecko

Moonbeam is an Ethereum compatible smart contract platform based on one of Polkadot’s Parachain locations. As a parachain, Moonbeam is backed up by the main Polkadot relay chain and will be interoperable with subsequent parachains when they go live.

Since MOON is compatible with the Ethereum Virtual Machine, developers can easily port applications from the Ethereum mainnet without changing the underlying code too much. In the weeks after the start of Moonbeam, a critical Ethereum infrastructure will be started in the network, including the Chainlink oracle, the indexing protocol The Graph and several multicast bridges.

Before founding on Polkadot, Moonbeam started its Moonriver Companion Network on Polkadots Canary Network Kusama. Like Moonbeam, Moonriver is EVM compatible and currently hosts 30 applications, including several multi-protocol protocols such as the sushi decentralized exchange and Beefy Finance profit optimization engine. Following the success of Moonriver, many in the Polkadot community are hoping that Moonbeam can also fuel a thriving DeFi ecosystem.

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