Second Parachain Auction Winner Moonbeam Goes Live on Polkadot

Moonbeam, Polkadot’s parachain smart contract platform that supports Ethereum compatibility with Polkadot, has just completed its pre-launch and is now available on the Polkadot website.

Moonbeam Launches Polkadot

The project team announced Tuesday’s launch by noting that Moonbeam was the first parachain fully functional on the Polkadot Blockchain. The protocol’s release will allow over 80 projects to be added to its ecosystem.

Moonbeam was awarded the second Polkadot Parachain Auction in October after receiving more than 35 million DOT from its supporters around the world.

Moonbeam is now available on Polkadot. It intends to add many new activities and users to enhance the Polkadot ecosystem, and help to grow the network.

Moonbeam announced that it had removed the superuser key, Sudo from its last launch phase. The token holders will now have control over the network.

Balance Transfers

Moonbeam also offers balance transfers and Ethereum Virtual Machines (EVM) via its platform. Users can stake their money and claim rewards from the crowd-loan by using the balance transfer.

The token holders will oversee the chain using Moonbeam’s governance system. The number of active collectors has been raised to 48.

GLMR token owners can now stake with collectors, receive crowdloan rewards and participate in the on-chain governance.

According to the announcement, 30% of the crowd-loan rewards totaling approximately 45 million GLMR were distributed within minutes of the launch of the project. This was based on their contribution.

The 70% remaining rewards, which is approximately 105 million GLMR will be linearly vested during the 96-week parachain leasing period that began Dec. 17, 2021.

Contributors can currently claim about three weeks worth of vested benefits.

Moonbeam stated that it plans to deploy multiple infrastructure projects within the next few weeks after the launch. These include bridges, multisignature support and The Graph.

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