Moonbeam (GLMR) launch brings EVM interoperability closer to the Polkadot network

Cross-chain compatibility with the Ethereum (ETH) web has go a indispensable constituent for immoderate layer-one protocol looking to stay applicable due to the fact that a bulk of projects and funds locked successful astute contracts are recovered connected the top-ranked astute declaration platform. 

After years of improvement and promises of interoperability, the Polkadot web moved toward its archetypal Ethereum virtual instrumentality (EVM) compatible astute declaration protocol with the motorboat of Moonbeam (GLMR). The level is designed to marque it casual to usage Ethereum developer tools to physique oregon re-deploy Solidity projects successful a Substrate-based environment.

Data from Cointelegraph Markets Pro and TradingView shows that aft a volatile commencement which saw its terms plaything from a debased of $8.40 connected Jan. 11 to a precocious of $15.97 connected Jan. 14, GLMR is present consolidating adjacent $10.45.

GLMR/USDT 1-hour chart. Source: TradingView

Three reasons wherefore GLMR could spot accrued attraction from investors see Moonbeam’s authoritative motorboat connected Polkadot with cross-chain enactment for Ethereum, its integration with aggregate bridging protocols that supply entree to the wider crypto assemblage and the motorboat of Moonbeam-based projects that are attracting worth to the network.

Moonbeam could get the archetypal mover advantage

The astir important improvement providing momentum for Moonbeam has been the project’s authoritative motorboat connected the Polkadot network,  a determination which should bring cross-chain interoperability with the Ethereum web to the sharded multi-chain protocol.

1/ ​ Moonbeam is LIVE connected @Polkadot! We are excited to denote that Moonbeam is the archetypal afloat operational parachain connected Polkadot. Moonbeam volition bring galore caller integrations, enactment & users to airy up Polkadot’s ecosystem. ⚡ #MoonbeamLightsUphttps://t.co/yBhgyWwaRn

— Moonbeam Network (@MoonbeamNetwork) January 11, 2022

After becoming the archetypal task to unafraid 1 of the Polkadot parachain auction slots successful aboriginal November, Moonbeam has go the archetypal afloat operational parachain connected the network. This enabled much than 80 projects already built connected Moonbeam to beryllium deployed.

The afloat motorboat process began connected Dec. 17 and took a play of 3 weeks to gradually rotation retired functionality and alteration EVM and equilibrium transfers. GLMR token holders tin present adhd the web to their MetaMask wallet and transportation assets wrong the Moonbeam ecosystem oregon crossed different EVM-compatible networks.

Integrations with cross-chain bridges

Another origin helping GLMR found itself wrong the crypto ecosystem has been its integration into cross-chain bridge-equipped protocols that let Moonbeam web assets to migrate to different protocols and networks.

Excited to denote that cBridge present supports @MoonbeamNetwork plus bridging betwixt 15 chains!
Bridge your $USDT, $USDC and $CELR astatine https://t.co/35fICZsz3A and usage connected @zenlinkpro ! More dex partners and tokens to come!
Inter-chain Message Framework disposable soon! pic.twitter.com/ahdHrUVm4f

— CelerNetwork (@CelerNetwork) January 14, 2022

Some of the much fashionable bridges that person integrated Moonbeam see the cBridge from Celer and the Multichain swap protocol, which has announced enactment for 10 assets that tin beryllium bridged betwixt Moonbeam and Ethereum.

Related: Industry players respond to Vitalik Buterin's thoughts connected cross-chain ecosystems

New projects bring worth to the Moonbeam network

A 3rd origin helping the Moonbeam web get up and moving has been the involvement from developers who person launched their projects connected the network. This has helped pull users and assets to the recently launched protocol.

These see projects similar the automated marketplace shaper protocol Solarflare, the decentralized speech (DEX) StellSwap and the cross-chain DEX protocol ZenLink.

As a effect of aggregate protocol launches connected Moonbeam, the full worth locked (TVL) connected the web reached astir $200 cardinal during its archetypal week unrecorded connected the Polkadot mainnet.

Total worth locked connected Moonbeam. Source: Defi Llama

The top-ranking protocol connected Moonbeam successful presumption of TVL is StellaSwap with $89.3 cardinal followed by BeamSwap with $46.4 million.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.