Polkadot’s parachain smart contract platform with Ethereum compatibility, Moonbeam, recently completed its pre-launch process and is now live on the Polkadot Network.
Moonbeam launches on Polkadot
Announcing the launch on Tuesday, the project team noted that Moonbeam is the first fully operational parachain on the Polkadot blockchain. With the release, the protocol will pave the way for the deployment of more than 80 projects in its ecosystem.
Earlier in October, Moonbeam won Polkadot Parachain’s second auction after seeing more than 35 million DOT worth over $1.4 billion brought in by its supporters around the world.
With Moonbeam now live on Polkadot, it intends to bring several new integrations, activities, and users to energize the Polkadot ecosystem and help grow the network.
According to the announcement, Moonbeam removed the superuser key, sudo, during its last launch phase. As a result, control of the network will now be transferred to token holders.
Additionally, Moonbeam has also enabled balance transfers and Ethereum Virtual Machine (EVM) on its platform. The balance transfer will allow users to wager and start claiming group loan rewards.
After this development, the chain will be overseen by token holders using Moonbeam’s governance system. The active set of collectors has also been increased to 48.
Post-launch, GLMR token holders can stake with collectors, claim crowdlending rewards, and serve as active members of the network by participating in the on-chain governance system.
About 30% of the crowdlending rewards, which amounted to around 45 million GLMR, were distributed immediately after the full launch of the project on Polkadot based on the percentage of their contribution, according to the announcement.
The remaining 70% of the rewards, or approximately 105 million GLMR, will vest linearly over the 96-week parachain rental period that began on December 17, 2021.
Currently, there are approximately three weeks of earned rewards that contributors can claim.
Moonbeam said it plans to roll out several infrastructure projects within weeks of launch, including bridges, multi-signature support, The Graph, Chainlink oracles, and more.
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