Cross-chain compatibility with the Ethereum (ETH) network has become a necessary component for any layer one protocol looking to stay relevant because the majority of projects and funds locked into smart contracts are on the best smart contract platform. classified.
After years of development and promises of interoperability, the Polkadot network moved toward its first Ethereum Virtual Machine (EVM) compatible smart contract protocol with the release of Moonbeam (GLMR). The platform is designed to make it easy to use Ethereum development tools to build or redeploy Solidity projects in a Substrate-based environment.
Data from Cointelegraph Markets Pro and TradingView shows that after a volatile start, in which the price went from a low of $8.40 on Jan 11 to a high of $15.97 on Jan 14, GLMR is now consolidating near $10.45.
Three reasons why GLMR could see increased attention from investors are the official launch of Moonbeam on Polkadot with cross-chain support for Ethereum, its integration with multiple bridge protocols providing access to the broader crypto community, and the launch of Moonbeam-based projects that are bringing value to the network
Moonbeam could get first mover advantage
The most significant development that has given Moonbeam momentum has been the official launch of the project on the Polkadot network, a move that should bring cross-chain interoperability with the Ethereum network to the multi-chain shard protocol.
1/ Moonbeam is LIVE on @Polkadot! We are excited to announce that Moonbeam is the first fully operational parachain on Polkadot. Moonbeam will bring many new integrations, activity & users to light up Polkadot’s ecosystem. ⚡ #MoonbeamLightsUphttps://t.co/yBhgyWwaRn
— Moonbeam Network (@MoonbeamNetwork) January 11, 2022
After becoming the first project to secure one of Polkadot’s parachute auction slots in early November, Moonbeam has become the first fully operational parachute on the network. This allowed to implement more than 80 projects already built in Moonbeam.
The full rollout process began on December 17 and took a period of three weeks to gradually roll out the functionality and enable EVM and balance transfers. GLMR token holders can now add the network to their MetaMask wallet and transfer assets within the Moonbeam ecosystem or through other EVM supported networks.
Integrations with cross-chain bridges
Another factor that helped GLMR establish itself within the crypto ecosystem has been its integration into protocols equipped with cross-chain bridges that allow Moonbeam network assets to migrate to other protocols and networks.
Excited to announce that cBridge now supports @MoonbeamNetwork asset bridging between 15 chains!
Bridge your USD USDT, USD USDC and USD CELR at https://t.co/35fICZsz3A and use on @zenlinkpro ! More dex partners and tokens to come!
Inter-chain Message Framework available soon! pic.twitter.com/ahdHrUVm4f— CelerNetwork (@CelerNetwork) January 14, 2022
Some of the more popular bridges that have integrated Moonbeam include Celer’s cBridge and the Multichain exchange protocol, which has announced support for ten assets that can be linked between Moonbeam and Ethereum.
New projects add value to the Moonbeam network
A third factor that has helped the Moonbeam network get off the ground has been the interest of developers who have launched their projects on the network. This has helped attract users and assets to the recently launched protocol.
These include projects such as the Solarflare automated market making protocol, the StellSwap decentralized exchange (DEX), and the ZenLink cross-chain DEX protocol.
As a result of multiple protocol releases on Moonbeam, the total value locked (TVL) on the network reached nearly $200 million during its first week live on the Polkadot mainnet.
The highest ranking protocol on Moonbeam in terms of TVL is StellaSwap at $89.3 million followed by BeamSwap at $46.4 million.
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