GLMR cryptocurrency (Moonbeam) is a bridge between the Ethereum and Polkadot platforms, created for convenient work with smart contracts. Thanks to this project, developers do not need to rewrite programs on Solidity for their work in the new ecosystem. The GLMR system does all the time-consuming work for them. People can use the usual Ethereum development tools without spending a lot of time on them.
Owning to Rust technologies and Substrate framework, the project in question became a link between Ethereum and Polkadot systems. This had an impact on the developers' capabilities. With GLMR, using the same tools as before, they can deploy their projects onto Polkadot's scalable network.
Moonbeam has a unique connection to the Ethereum RPC node, making it an important cell in the Polkadot system. GLMR pushes the boundaries of conventional parachains in the Polkadot ecosystem with its unique connection to the Ethereum RPC node. In simple words, it is a passageway that allows you to seamlessly communicate with the Ethereum blockchain, send transactions, and enjoy everything you are used to, i.e., accounts, keys, and other features, as if you never left the Ethereum network.
The great thing about Moonbeam is that it makes it much easier to migrate applications built on Ethereum to the Polkadot network. Developers no longer have to puzzle over how to rewrite their smart contracts for the new environment. They can safely use familiar programs that compile directly into Solidity byte code.
In addition to the Substrate-based API, Moonbeam offers full compatibility with a whole arsenal of development tools, including MetaMask, Hardhat, Waffle, Remix, and Truffle.
All in all, if you have been looking for a place to keep your Ethereum projects safe and secure, Moonbeam is what you need.
GLMR History
The smart contract platform based on Solidity was launched in January 2020 with the goal of facilitating interoperability between leading blockchains. The initiative was led by:
- Derek Yoo, who serves as a co-founder and CEO at cryptocurrency company PureStake;
- Stefan Mehlhorn, who serves as CEO.
In August of that year, PureStake was recognized with a grant from the Web3 Foundation for creating a Web3-compatible remote procedure call (RPC) library. This development allowed engineers to apply Ethereum toolkits including Truffle, Remix, and MetaMask within the substrate-based GLMR cryptocurrency network.
September 2020 marked the raising of $1.4 million in a seed round of funding to accelerate the launch of an Ethereum-compatible smart contract platform in the Polkadot ecosystem.
By the end of March 2021, PureStake had announced the completion of an additional $6 million funding round.
Despite not seeing any significant developments on the platform until November 2021, it became the subject of increased attention. This happened after Moonbeam was honored with a parachain slot on the Polkadot network. More than 200,000 community members showed their support. They delegated their tokens to the DOT. The total amount was almost one billion dollars.
After the successful vote, the team instantly began work on integrating the platform into the Polkadot ecosystem. The network was already launched on January 11, 2022. That is when it started its full-fledged functioning.
GLMR peculiarities
Moonbeam is a bridge in the Polkadot system. It improves the interconnection between blockchains in the system itself, creating many opportunities for network integration. Through this bridge, tokens can be easily transferred between different parachains and parathreads. Moonbeam develops various interactions throughout the Polkadot system.
For Polkadot developers, Moonbeam is an important tool that makes it many times easier to port already developed application code to a new platform.
This platform is characterized by its flexibility and ease of customization. This makes the adaptation process easier and faster. Moonbeam also contributes to the Polkadot ecosystem. It adds elements of decentralized finance (DeFi) to it through its integration with oracles such as Chainlink and Band Protocol, thus expanding the possibilities for all users of the system.
Moonbeam goes beyond simply providing capabilities similar to those of the Ethereum Virtual Machine (EVM). It is a specialized parachain that not only accurately replicates Ethereum's Web3 RPCs, accounts, keys, subscription systems, and logs, but also offers additional unique features. This makes Moonbeam especially valuable for developers looking for deep integration and compatibility with the Ethereum ecosystem within the broad functionality and features of Polkadot.
The main features of GLMR are:
- Network management;
- Bid placement;
- Cross-network integrations.
Moonbeam's compatibility with Ethereum reaches an unprecedented level. It minimizes the need for developers to make changes. They can directly use already existing smart contracts on Solidity without any additional redesign. It also supports the use of popular development tools such as MetaMask, Hardhat, Waffle, Remix, and Truffle via a full set of Web3 RPC endpoints and well-known JavaScript libraries, including Web3.js and Ethers.js.
The GLMR ecosystem is similar to Ethereum in its environment. Therefore, it is easy for developers to work in it. They can migrate projects from Ethereum to Moonbeam thanks to Substrate technologies. There is almost no change in the code during the migration.
The ecosystem is unique in its sharding. It is possible to pass up to 10,000 transactions per second with its help. This tells us that the system is more efficient and faster than many platforms, as well as superior in transaction processing.
Substrate makes development much easier and opens new opportunities for developers. They are actively taking advantage of the benefits of multichain integration. This means they can migrate smart contracts and work with different blockchains on the Polkadot network.
Moonbeam helps different blockchains, including Polkadot, Ethereum, and Bitcoin, communicate with each other through special "bridges." This makes Moonbeam an important tool for their interaction and collaboration.
How GLMR cryptocurrency works
Moonbeam is a network where the community is actively involved in its development. Every token holder, be it an app developer, content creator, user, or someone else in the ecosystem, has the opportunity to contribute to the management of the network.
In this process, token holders can propose initiatives to implement certain changes or actions in the system. This is a key element of the governance system that allows the community to steer the development of the network in the right direction.
To submit a proposal, one should first create a short description of it. The proposer pays a fee to maintain it. The larger the description is, the higher the cost will be. After the proposal is submitted, a hash is generated. On this basis, token holders can put forward their initiatives by temporarily locking their tokens in the system.
If a proposal gains support, it is put to a general referendum where all token holders can vote in favor or against it, also locking their tokens to vote. Everyone's vote is weighted differently, depending on the number of tokens blocked and the length of time they have been blocked. Successful proposals are realized after a certain amount of time.
Moonbeam greatly expands the capabilities of the Polkadot network, making it more attractive to developers in the Ethereum ecosystem who are looking for an alternative to the congested and expensive network. The GLRM ecosystem features smart contracts with robust tools that developers can use to optimize their operations. The ecosystem creates interconnectivity between blockchains.
With this system, there are many opportunities for developers. They can develop their own applications and tokens.
The main benefits of Moonbeam include:
- Ease of migrating existing smart contracts from Ethereum to Moonbeam. This makes it easy to migrate projects.
- Ability to operate in a multichain environment. This utilizes Polkadot's unique architecture to share data and workloads between different blockchains.
- Creation of decentralized applications.
Moonbeam makes it easy to develop new dApps or port existing applications from Ethereum, giving developers the ability to use familiar and favorite development tools.
- Minimal changes during migration. The platform ensures that migrating dApp interfaces between blockchains is done with minimal adjustments, significantly lowering the threshold of entry for developers seeking multichain development.
- Bypassing Ethereum scaling issues. For Ethereum developers facing scalability issues, costs, and network limitations, Moonbeam offers a way out by providing a more efficient and affordable environment for developing and running dApps.
Moonbeam not only pushes the boundaries of how developers can build and interact with blockchain applications but also contributes to strengthening the entire Polkadot ecosystem. It makes it more accessible and attractive to a wide range of developers and users around the world.
Moonbeam application
Moonbeam (GLMR) acts as a key element in the operation of the platform of the same name, providing a wide range of opportunities for its users and developers. Here are the main applications of the GLMR token in the Moonbeam ecosystem:
- Token functionality. GLMR cryptocurrency serves not only as a means of payment for transactions on the network but also plays the role of a management token as well as a reward token for active participants in the network.
- Utilization by traders. Experienced traders actively use GLMR for arbitrage and swing trading, capitalizing on price changes amid high volatility and high trading volumes.
Moonbeam's features include:
- Easy On-Ramp. Moonbeam simplifies the creation of new applications using smart contracts through a dedicated connection to the Polkadot network, pushing the boundaries of traditional applications.
- Cross-network integration. You can use Polkadot's unique capabilities to move tokens between networks, enriching the Moonbeam ecosystem and providing new services.
- Robust tools and services. An opportunity to work with a familiar set of development tools from the Ethereum world, such as Truffle and MetaMask, in the Moonbeam environment.
- DeFi primitives: You can take advantage of the opportunities provided by the Polkadot ecosystem, including stablecoins, decentralized exchanges, and oracles, to build sophisticated financial applications.
- Ethereum Compatibility. Moonbeam provides full Ethereum compatibility by supporting smart contracts on Solidity and web3.js, allowing for easy integration of existing dApps and interfaces.
- Bitcoin support. Integration with Bitcoin via BTC-Polkadot bridges opens up the possibility of working with BTC within Moonbeam's high-performance smart contract environment.
GLMR tokenomics
The GLMR tokenomics stands out for its unique structure and many opportunities for Moonbeam ecosystem members. Here are the main aspects of GLMR token usage and distribution in the network:
Token distribution
The initial release of GLMR was organized through a private token distribution as part of the Take Flight initiative, which allocated 9.8% of the total coins. Most of the tokens (16.7%) are reserved for the long-term development of the Moonbeam ecosystem. An important part of the allocation is the allocation of 15% of tokens for a crowdsale designed to launch a parachain on the Polkadot network.
Inflation and incentives
GLMR's annual inflation rate is 5%, which includes:
- 1% incentivizes pick-up nodes;
- 1.5% is allocated to the parachain bond reserve;
- 2.5% benefits GLMR token developers who contribute to the block production process.
Use of the token in the network
GLMR cryptocurrency serves as a means of payment for transactions on the network, gas accounting for smart contracts, and as a primary resource for launching and maintaining the platform's infrastructure. The majority of transaction fees (80%) are burned, contributing to the deflation and value of the remaining GLMR tokens.
Dual tokenomics with MOVR
In addition to GLMR, Moonbeam's ecosystem includes the MOVR token used in the Kusama network. Both tokens play similar roles in their respective networks, providing platform operations, transaction fees, and developer support.
Market capitalization and value
GLMR currently has a market capitalization of $412,963. The token price is around $0.5327, and the daily trading volume is $25.77 million. This reflects strong community participation and interest in the project, despite market volatility.
How to protect Moonbeam's network
Moonbeam has chosen the path of decentralization, giving its participants not just a voice but real power to influence the future of the network. GLMR opens the door to key functions of the network, making each token holder not just a participant but a full-fledged ecosystem builder.
By owning GLMR, anyone can propose voting ideas, participate in board elections, and directly influence the development of the project by following Polkadot's proof-of-stake consensus principles. This not only enhances Moonbeam's security and scalability through Polkadot's principles but also provides each GLMR owner with a sense of ownership and the ability to contribute to the improvement of the network.
Where to store GLMR cryptocurrency
Before buying cryptocurrency, you need to take care of its safe storage. Even when buying assets on a cryptocurrency exchange, you should consider the possibility that if the exchange closes, your assets will disappear with it. This is why we recommend storing assets in cryptocurrency wallets.
A cryptocurrency wallet is a program that stores not the assets themselves but a public key and a private key.
The public key is the address of the wallet that is visible to the rest of the world. The public key is used to transfer coins between wallets. It acts as a password for the assets themselves, which can be compared to a mailbox key. Anyone can put a letter inside, but only those who have the key can take it back. It is important to take care of the secrecy and safety of the key. Users who know the key will be able to enter the wallet and withdraw assets from it.
Web-based applications are also a secure way of storing. However, compared with cold wallets, we can say that web applications have less security. Of all the possible types of storage, the most secure would be a hardware wallet. Especially if you are going to engage in long-term investing and hold large sums in the form of digital assets. In this case, Ledger and Trezor will be the best wallets for storage.
How to earn on GLMR cryptocurrency
On the crypto market, you can earn using two methods: long-term investing and trading.
With a long-term investment in GLM, everything is clear. Those who invested in the asset long ago have already received an impressive profit. This project is moving forward as it updates its plans for the future, adds new tools, and generally progresses. Therefore, GLM cryptocurrency bought in the long term has a chance to give you good earnings.
If we consider trading, you already need certain skills and abilities. It requires knowledge of technical and fundamental analysis. Proper analysis of charts and the ability to identify critical points, such as support and resistance levels, will help you open trades correctly and earn money. The best trading option for a beginner will be spot trading, as it is simpler and easier to understand. Those who want to make a big profit faster can try trading on futures contracts using leverage. However, such trading is more suitable for experienced traders as it increases risks.
Future GLMR integrations
Moonbeam is growing dynamically, becoming a magnet for new applications and development teams from all over the world. The challenge for the team is not just to maintain the current level but to strive for new heights while staying focused on realizing ambitious plans.
One of the main areas of focus is to increase Moonbeam's visibility in the cryptocurrency space. This includes both expanding the user base and integrating new functionality into the GLMR token, making it more attractive and feature-rich. The improvement of GLMR's functionality is designed not only to strengthen its market position but also to enrich the ecosystem with new features.
The security and performance of the platform remain the team's priorities. With the rapid development and expansion of functionality, it is critical to ensure robust security and stable system performance, which underpin user trust and the resilience of the entire network.
Investing in GLMR involves risks. Moonbeam is in its infancy, making it difficult to accurately predict its future success. Nevertheless, the presence of detailed documentation and a team of 25 qualified PureStake specialists give the project additional transparency and may inspire confidence among potential investors.
The carefully planned stages of the network's development and the already existing investor interest indicate that the project is attracting attention and has significant potential in the market. Partnerships with major companies and the development of new functionalities suggest that the GLMR cryptocurrency will be able to take a leading position among cryptocurrency ecosystems in the future.
Optimism about GLMR's development in 2024 is based on the project's strategic plans, which include expanding partnerships, innovative developments, and continuous improvement of the platform's functionality. These factors can play a key role in the success of GLMR and its stable growth in the cryptocurrency market.
Conclusion
GLMR cryptocurrency occupies quite an interesting position in the digital asset market. All thanks to its innovative approach and distinctive characteristics. GLMR cannot be perceived as just another coin. The asset is based on a technology that opens up new opportunities for users and developers. The most important feature of GLMR is its integration with the Polkadot ecosystem via Substrate. This feature allows you to create scalable and secure applications with high performance.
The asset appeared on the market at the right time. There are more Ethereum developers now than ever before. Their teams are working to improve the user experience and reduce gas charges. Moonbeam helps developers empower themselves and solve all sorts of challenges. As such, it is a vital component of the Polkadot and Ethereum ecosystems. You can expect to hear more from this development team as the protocol expands its market penetration in the coming months.
If you are thinking about investing in GLMR, do not act on emotion. Remember that any investment in any market should be approached with a cool head. Read the news, study charts, do your own analysis, and keep in mind risk management. This is the only way you will be able to make money in the cryptocurrency market.
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