Moonbeam Network Finally Live on Polkadot, GLMR Rocketing on Exchanges

Moonbeam, the first-ever platform that allows developers to roll out EVM-compatible smart contracts on Polkadot, completes its launch process.

Moonbeam explodes on Polkadot after successful launch on Kusama

According to the official announcement shared by the team of the Moonbeam Network, its architecture is finally deployed to Polkadot's mainnet.

1/ ?​ Moonbeam is LIVE on @Polkadot! ? We are excited to announce that Moonbeam is the first fully operational parachain on Polkadot. Moonbeam will bring many new integrations, activity & users to light up Polkadot’s ecosystem. ⚡ #MoonbeamLightsUphttps://t.co/yBhgyWwaRn

— Moonbeam Network (@MoonbeamNetwork) January 11, 2022

Upon the launch, Moonbeam becomes the first fully operational parachain on Polkadot. It completes a multiphase network roll-out that includes token transfer activation, removal of super keys (Sudo) for 100% decentralization and polishing compatibility with Ethereum Virtual Machine.

As covered by U.Today previously, Moonbeam deployed its "canary network" to Kusama, a Polkadot's sister chain.

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Moonriver (MOVR) Smart Contracts Platform Goes Live On Polkadot's Kusama

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Moonbeam Network's team stresses that more than 80 projects are ready to launch on Moonbeam in the coming weeks:

The weeks that follow the launch are expected to include the deployment of a variety of infrastructure projects including bridges, multisignature support, The Graph, Chainlink oracles, and more.

Moonbeam's crowdloan bid was backed by almost $1 billion locked by 200,000 supporters in a record-breaking auction.

GLMR rockets 2200x, but there is one caveat

This massive contribution will be rewarded with 150,000,000 GLMR tokens. With the mainnet launch of Moonbeam, its tokens became tradeable on Gate.io and Binance. The first exchange saw its price rocketing to $570, which is 2,280 times higher than the price of September's token sale.

By the way, the majority of GLMR will be distributed linearly over a 96-week parachain lease period. Due to the full Ethereum compatibility of the network, GLR tokens can be transferred through Metamask and other mainstream wallets.

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Binance, Coinbase Took Part in $6 Million Moonbeam Network Funding Round

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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 backed the start-up in its fundraising efforts.