Moonbeam 101

Moonbeam is a cross-chain connected smart contract platform. This compatibility facilitates simultaneous communication between Polkadot and smart contracts and dApps deployed on an expanding roster of networks like Ethereum, Cosmos, and beyond.

• Moonbeam won the second parachain auction on Polkadot because of an overwhelming level of public support. It was also the first parachain to get up and running. Approximately $1.4 billion was contributed to Moonbeam’s crowdloan campaign – the largest ever. 
• Moonbeam features integrations and tools like GnosisSafe, Chainlink and The Graph to provide unrivaled economic security plus a Web3 compliant API with full EVM implementation and bridging capabilities. Developers have never been able to open their platforms to more networks. 
• Popular tools like MetaMask, Ledger, and Etherscan leverage this industry-leading tech into a familiar user-experience. Without a learning curve, users can thrive in Moonbeam’s cross-chain ecosystem just as easily as developers. 

Imagine being able to deposit coins or tokens on Ethereum, then borrow against them on Moonbeam. That’s exactly where it’s heading. 

The Moon is Made of Tokens

Moonbeam has two networks, each with their own token: Glimmer (GLMR) for the Moonbeam network and Moonriver (MOVR) for Moonriver. Moonriver serves as a companion network to Moonbeam, similar to Kusama’s relationship with Polkadot. 

• Glimmer (GLMR) is the utility token of the Moonbeam network, which serves the same purpose as ETH serves on the Ethereum network, along with the added benefits of staking and on-chain governance.
• Conveniently, Polkadot (DOT) can also be used on Moonbeam, allowing DOT holders to participate in Moonbeam’s native protocols.

Staking on Moonbeam

For those looking to earn a return in the moonlight, staking on Moonbeam is simple. 

1. Start on Moonbeam’s staking page by clicking “Launch App” in the top right section of the screen.

2. After connecting a wallet, users can scroll down to find the Staking section. Once located, clicking “Manage delegations” leads to the staking dashboard. Once there, clicking “Select a collator” in the Delegate section displays a list of eligible collators.

3. After choosing a collator and delegating, rewards can be viewed in the “Latest staking rewards section” of the staking dashboard.

4. Unlocking a delegation takes time, and can be viewed in the Staking Delegations section at the bottom of the staking dashboard page.

❗TIP: Refer to this helpful resource if you are trying to decide which staking provider to use. 

All that’s left to do is monitor rewards!

Just the Beginning

Staking is a mainstay of earning in DeFi, but there’s much more to do on Moonbeam.

• The Moonbeam Foundation has earmarked 1.5% of the entire GLMR genesis supply for a grant-based liquidity program known as Harvest Moon with the objective of cultivating native protocols and attracting more DeFi apps to join.
• This cross-chain seamless DeFi experience is Moonbeam’s next frontier, enabling decentralised finance platforms to effortlessly interact with Moonbeam users across many blockchains at once. 
• Though many choose to deploy directly on Moonbeam, its unrivaled integration and support of Ethereum-compatible tools has made it the most promising cross-chain deployment and development solution in the market.

Harvest Moon is just getting started, already having seen dozens of DeFi projects deployed on the network thanks to initiatives like the $100 million ecosystem fund announced earlier this month. 

Read more about Moonbeam’s bullish ecosystem growth here, explore StellaSwap, or lend and borrow on Moonwell. And keep a close eye on the network as apps migrate and deploy to offer substantial startup opportunities.

Every investment opportunity and earning strategy carries risk. Speculation on any asset comes with exposure to the possibility of total loss from any number of events, including but not limited to: exploits, rug pulls, complete devaluation, etc. Assess your risk tolerance before responsibly investing.