In the past time, the parachains on Polkadot have continuously launched, growing extremely quickly. Those ecosystems are very developed and get a lot of community attention, there are many impressive strides, and the Moonbeam ecosystem is one of such ecosystems.
To help you catch up with the Moonbeam ecosystem, in this article, I will go through this ecosystem with you and answer the following questions:
- What arrays are on Moonbeam Network?
- What stage is the Moonbeam Network ecosystem at?
- Looking for investment opportunities and projections of the Moonbeam Network ecosystem.
We will find out through the next article!
Moonbeam Network
What is Moonbeam Network?
Moonbeam is an Ethereum-compatible blockchain by implementing EVM (Ethereum Virtual Machine), Web3-compatible API, and bridges connecting Moonbeam to Ethereum and existing EVM-compatible blockchains. Moonbeam is a parachain on the Polkadot network, which receives shared security from Polkadot's relay chain and will be able to integrate with other chains connected to Polkadot (when that functionality is available on Polkadot).
As you can understand basically, Moonbeam is a project built on Polkadot but can run smart contracts on Ethereum on Moonbeam, allowing developers on EVM-compatible chains to fork and scale Dapp easily.
Highlights of Moonbeam Network
The outstanding features of Moonbeam Network include:
- EVM-compatible chain: Because it is compatible with the Ethereum virtual machine (EVM), Dapps on other EVM-compatible chains can fork and scale to Moonbeam easily. Developers and users can also use familiar tools like MetaMask, Remix or Truffle like on Ethereum.
- Parachain on Polkadot: Get shared security from Polkadot's relay chain.
- Familiar programming languages: Moonbeam also supports familiar programming languages like Solidity, Vyper, and anything that compiles to EVM bytecode.
- Moonriver test network: On Kusama, there will be a network similar to Moonbeam, called Moonriver. The codes will first be sent to Moonriver, if working properly, will transfer to Moonbeam on Kusama. Therefore, the project also has 2 tokens, GLMR is Moonbeam's token, and MOVR is Moonriver's token.
Outstanding parameters
The outstanding parameters of the Moonbeam Network blockchain (January 15, 2022):
- Chain ID: 1284;
- Block Height: 630,570;
- Number of wallet addresses: 198,600;
- Number of transactions: 3.4 million;
- Average transaction cost: $0.06;
- Staking ratio: 10.5% (106M tokens);
- Holds GLMR: 69,199;
- Marketcap: $478 million;
- FDV: $2.4 billion.
The parameters can be monitored at the Moonbeam Network explorer .
The connection of the Moonriver and Moonbeam ecosystems
Moonbeam Network and Moonriver Network are two ecosystems that have a very close relationship with each other. Moonriver is a companion network that parallels Moonbeam and provides a subnet. New smart contracts are first moved to Moonriver, where they can be tested and verified under real economic conditions. After being proven effective, similar smart contracts are moved to Moonbeam on Polkadot.
Therefore, these two ecosystems have similar projects, because the large builders in the ecosystem often build parallel applications on both Moonriver and Moonbeam.
History, current situation and roadmap
Moonbeam Network has come a long way and has many memorable milestones:
- Moonbase Alpha Testnet Launch: Taking place in September 2020;
- Moonriver Launch on Kusuma: June 2021, Moonriver is launched on Kusama;
- Moonbeam Launch: In January 2022, after successfully auctioning parachain slots number 5 with the support of Moonbeam crowdloan, Moonbean Network started.
Project investors and partners
Moonbeam Network is invested by many large funds in the market: Arrington XRP, Binance Labs, CoinFund, IOSG Ventures, ParaFi Capital, Fenshibu Capital, Coingecko,...
Moonbeam Network puzzle pieces
An overview of the pieces on Moonbeam Network will be introduced and analyzed in the following section, according to the categories in the ecosystem. Information is collected by myself through the Moonbeam system skin on Twitter as well as following the web ecosystem on the Moonbeam website .
DEX
Projects working on DEX on the Moonbeam Network ecosystem include:
- Solarflare: A DEX on Moonbeam with a $6 million TVL. This is a DEX fork interface of Sushiswap, there is a mechanism to lock FLARE to get veFLARE (lock from 7 days to 4 years), the longer the lock, the more veFLARE you get, and you can stake veFLARE to get application transaction fees and farm out FLARE. After reaching ATH TVL $ 90 million, the project is now only $ 6 million TVL. This shows that most of the cash flow came only from incentives farming in the early stages, and veNomics also only made TVLs stay for a little longer, and then went into a continuous decline.
- StellaSwap: A DEX on Moonbeam. TVL is currently at $33 million, leading TVL in the DEX segment. However, TVL has also declined sharply since the initial cash flow into this ecosystem (from nearly 160 million to 33 million).
- BeamSwap: A DEX on Moonbeam has a current TVL of $29 million, a sharp drop from the peak of TVL of 96 million, ranking 2nd in the entire ecosystem.
- Other DEXs with negligible TVL: DustyDunes, Thorus, Zenlink, PadSwap, LunarDEX, BeamPrism.
Comment: The AMM DEX array is the first segment that needs to be completed in any ecosystem to be ready for the future boom of other arrays. The Moonbeam system is in the early stages of completing the DEX array. The two leading players in this segment, StellaSwap and BeamSwap, own 33 and 28 million dollars in TVL, far behind their competitors.
However, just looking at the DEX array, we see the phenomenon of money flowing in and out very quickly when incentives become less attractive. TVLs go up quickly and then fall very quickly, and the ecosystem has no reason to keep the cash flow.
Lending
Currently, there are no projects on Moonbeam working in the lending field. Because there are no lending applications, the capital utilization on the ecosystem is still relatively low, so in the future, lending applications need to appear to make money market and debt protocol for the whole system.
In the future, when lending projects launch, you can consider depositing GLMR or stablecoins to farm or improve your capital utilization to invest more effectively.
Stablecoins
Currently, DEXs on Moonbeam only integrate USDC, so it is mainly on this stablecoin system:
- USDC: $64 million;
- BUSD: 12 million dollars;
- USDT: $25 million;
- DAI: $13 million.
The total amount of stablecoins on the system is currently $114 million. However, the majority of stablecoins are in the TVLs of the bridges. This amount of stablecoin proves that the Moonbeam system does not have a large cash flow, but only a small cash flow of retail investors into the system.
The infrastructure
Infrastructure projects on the Moonbeam ecosystem include:
- Oracle: Chainlink, Band Protocol, DIA, Razor, Convergence have been integrated and used to provide data for projects on Moonbeam Network.
- Bridge: Composable Finance, cBridge, Connext, Synapse, Multichain, Relay, ... have been integrated into the ecosystem for easy cash flow in and out of the system.
- Projects on providing data, indexing data on the system: The Graph, SubQuery, Covalent, API3, Biconomy,...
- Explorer on the system includes Moonscan, Blockscout, Subscan, Polkadot.js, Expedition. Because there are many explorer applications on the system, it is relatively easy to track transactions as well as information in the system because there are many visualized charts operating on the system (for example, the chart shows the total amount of wallets, the total volume of transactions). ,...). However, there is still a lack of dashboard explorer for tokens on the Moonbeam system.
- Wallet to store assets, interact with applications on the system including Metamask, Polkadot Wallet, Math Wallet,...
Comment: The infrastructure pieces on Moonbeam are now relatively complete and serve the applications well. The bridges are enough in both quantity and quantity, the infrastructure for application development as well as for serving users hardly has to re-develop themselves much, because Moonbeam is an EVM-compatible chain, because so the tools and infrastructure inside Ethereum can also be used and scaled through Moonbeam easily.
Other pieces
Other projects in the Moonbeam ecosystem include:
- TOAD.Network: Project about DEX, launchpad on Moonbeam. The project has completed the presale of IDO tokens and announced the launch in the near future.
- Many memecoin projects on the system: Solar Inu, Glimmy Inu, MoonbeamFloki, Safemoonbeam,...
- NFT collectibles projects like Brawl Turtles 3D, Glimmer Apes,
On this new ecosystem, there have appeared a few launchpad projects and a lot of memecoin and NFT collectibles projects on the system. This is the general situation of new ecosystems during uptrend, because such projects are easy to do and ROI for builder, flipper of these projects is very high.
General comments and projections
Identify
Currently, Moonbeam is in a state of saturation, as yields come and go quickly as incentives run out. Now, the projects are also saturated in terms of incentives, the token and TVL prices have both dropped, causing investors to lose interest in the ecosystem, and the price of GLMR has also plummeted. This shows that the current Moonbeam ecosystem also has no investment opportunities, and the current opportunities are no longer attractive.
Projections
Currently, you can see that the Boba Network ecosystem has reached its saturation point and needs a new development motivation. The yield line when the projects on the newly launched ecosystem were exhausted, TVL was withdrawn, and there were no effective actions in the system to recapture the lost TVL.
In the coming time, to be able to develop the ecosystem of TVLs and users, they need to have new "games" on the ecosystem to attract cash flow, or simply deploy incentive packages to attract builder , users about the ecosystem as other ecosystems did in the second half of 2021.
Epilogue
Hopefully, through the above article, you have had a better overview of the Moonbeam ecosystem, the main protocols in the Moonbeam system, and started looking for investment opportunities on the Moonbeam ecosystem.
What do you think is the next direction of the Moonbeam ecosystem? Which ecosystem overview do you want to learn about next? Please comment below the article to let me know!
