Moonbeam Network Booms On Polkadot After Successfully Launching On Kusama

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2022-01-13 11:08:16

The first platform that allows developers to deploy EVM-compatible smart contracts on Polkadot, Moonbeam Network, has completed its launch.

Moonbeam Network completes the launch process

A pioneering EVM-compatible smart contract environment introduced into the mainnet on Polkadot (DOT). When will its backers be able to receive the first batch of rewards?

According to the official announcement shared by Moonbeam Network’s team, its architecture has finally been deployed to Polkadot’s mainnet.

2 / Moonbeam has completed the launch of @Polkadot . During the final launch phase, the . key superuser (sudo) has been removed, ️️EVM & 🔄balance transfer is enabled and the active reconciliation group is increased to 48.

Launch process information 👇https://t.co/qmerLzoI5i

– Moonbeam Network (@MoonbeamNetwork) January 11, 2022

Following its launch, Moonbeam became the first fully operational airline on Polkadot. It completes a multi-stage network implementation, including enabling token transfers, eliminating superkeys (sudo) for 100% decentralization, and polishing compatibility with the Ethereum Virtual Machine (EVM).

Moonbeam deployed its “canary network” to Kusama, a chain of sisters of Polkadot. The Moonbeam Network team highlighted that more than 80 projects are ready to launch on Moonbeam in the coming weeks.

The weeks following the launch are expected to include the implementation of multiple infrastructure projects including bridges, multi-signature support, The Graph, Chainlink oracles, etc., said the team.

Moonbeam’s crowdfunding bid was backed by nearly $1 billion by 200,000 backers in a record auction. This large contribution will be rewarded with 150,000,000 GLMR. With the Moonbeam mainnet, its tokens are tradable on Gate.io and Binance. The first exchange saw its price skyrocket to $570, 2,280 times higher than the token sale price in September.

By the way, the majority of GLMR will be distributed linearly over the 96-week parachain rental period. Due to the network’s full Ethereum compatibility, GLR can be transferred via Metamask and other mainstream wallets. On March 30, 2021, Moonbeam raised $6 million in private funding led by CoinFund. Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, and IOSG Ventures also support the startup in its fundraising efforts.

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