- Category: Moonbeam Ecosystem
- Coin Launched: December, 2021
- Resources: White Paper
- Official Website: Moonbeam
- Reddit: Moonbeam
Moonbeam History / Information / Buying / Staking
After winning a grant from the Web3 Foundation, Yoo launched the Moonbeam Testnet in September 2020, but the project did not gain popular traction until over a year later, when the Moonbeam user-community launched an effort to secure a parachain slot on the Polkadot blockchain.
HOW MOONBEAM WORKS
Moonbeam is an Etheruem-compatible smart contract platform. It provides an EVM implementation and Web3-compatible API. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot.
BENEFITS OF USING MOONBEAM
Some of the benefits of using Moonbeam are:
Moonbeam supports the integration and token transfers from other chains including Bitcoin as well. It also supports the use of off-chain sensors called Oracles. Oracles can communicate data to and from blockchains. As such, they enable developers to make more robust Dapps.
Users can stake their GLMR and secure low-risk rewards. In Moonbeam you can delegate your tokens to collators. These nodes then gain rewards for their participation in securing the network. These rewards are split between those who delegated based on their contribution to the total amount staked.
Moonbeam integrates a community governance mechanism to ensure the system progresses according to its users’ specifications. The weighted voting system enables users to stake their tokens. The more tokens they stake and the more say their votes hold. This style of community governance ensures that a project’s community stays cohesive.
CAN YOU STAKE MOONBEAM
The only way to stake Moonbeam is through the Moonbeam decentralised application (dApp).The token is primarily staked for contingency purposes, rather than being used to validate and process blockchain transactions, the Moonbeam platform is the one generating rewards.
OTHER METHODS TO MAKE MONEY WITH MOONBEAM
Moonbeam supports lending and borrowing of over 25 tokens, such as ETH, DAI, LINK, and UNI. Users can lend a specific token and earn interest by contributing their tokens to an Moonbeam liquidity pool, from which other users can then borrow. When users contribute their tokens to the liquidity pool, they receive in return what is called “aTokens,” which represents the underlying token (at a 1:1 ratio) plus accumulated interest.
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