Moonbeam (GLMR) & Moonriver (MOVR)

EVM compatible Parachain on Polkadot

Basics

• Announced on:
• Testnet release: 9-2020
• Mainnet release: 'will launch the Moonbeam network later this year' (30-3-2021). Went live 11-1-2022.
• Based in:

• From The Defiant (28-4-2020):

"Blockchain infrastructure company PureStake said its building Moonbeam, a smart contract platform which will be compatible with the Ethereum blockchain. Moonbeam would allow developers to transfer existing Ethereum dapps and create new dapps using Ethereum development tools like Truffle and MetaMask.

“Getting traction for a new developer platform is a numbers game,” wrote PureStake founder and CEO Derek Yoo “By providing Ethereum compatibility, we give ourselves access to the largest market of existing blockchain developers.”

Moonbeam is based on Parity Technologies Substrate blockchain development framework, and would be a parachain —similar to a shard— within the Polkadot network. The platform will be released together with the Polkadot network launch."

• Is still not live on mainnet (12-10-2020). "We are currently targeting Q2 2021 for a Moonbeam launch on Polkadot. We will be launching to Kusama later this year, in Q4 2020."

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• From Blockthreat (4-8-2022):

"Moonbeam patched a critical funds theft vulnerability thanks to a responsible disclosure by pwning.eth."

Technology

• Whitepaper can be found [insert here].
• Code can be viewed here.

Implementations

• Built on: Polkadot and ChainSafe (the bridge to Ethereum, 27-1-2021).
• Programming language used: "Support for Solidity, Vyper, and anything that compiles to EVM bytecode." (5-4-2021).

Transaction Details

• Capacity (TPS):
• Latency:

Staking

Staking stats

• During the period of Q3 2022 - Q3 2023 staking % went up from 16.5% to 36.4%.

Interoperability

• From a commissioned Messari report (13-10-2023):

"Moonbeam ranks high in XCM activity among parachains. The Moonbeam-Acala channel stands out as the most utilized XCM channel. In the third quarter, Moonbeam unveiled new XCM integrations with Centrifuge, Nodle, and Origin Trail.

In Q3, Moonbeam introduced Moonbeam Routed Liquidity (MRL). This allows parachains to tap into bridge liquidity from ecosystems, including Ethereum, Solana, Polygon, and Avalanche, without the need for a Moonbeam account or its direct involvement. HydraDX was the inaugural parachain to utilize MRL, facilitating the cross-chain transfer of Wormhole-based tokens and streamlining liquidity movements from Ethereum to HydraDX through Moonbeam. To date, Ethereum has routed $6.1 million in liquidity to HydraDX via MRL. Additionally, the Interlay parachain has integrated Moonbeam Routed Liquidity."

• From CoinDesk (30-3-2021):

"Applications that are built on Ethereum can be deployed in parallel onto Moonbeam without having to reconfigure their code."

• ChainSafe builds the bridge (27-1-2021):

"ChainBridge is the a bridge between Ethereum and the Moonbeam parachain on Polkadot that will allow asset transfers between the two independent chains."

Oracle Method

• Chainlink; integrated (17-12-2020)
• Band Protocol; will integrate it (22-12-2020)
• Razor Network; will integrate it (1-2-2021).
• DIA; will integrate it (19-3-2021).

Roadmap

• Can be found [Insert link here].

Revenue

• Revenue in Q1 2024 hit $213K (16-4-2024). But went down to $95k the next quarter again.
• During the period of Q3 2022 - Q3 2023, its revenue went between $56.5k per month up to $160.2K:

"During the second quarter, Moonbeam experienced a revenue surge due to runtime 2302 and a Xen Crypto deployment. However, in the third quarter, there was a marked 46% QoQ decrease in revenue, dropping from $160K to $87K. This placed the third quarter's revenue in alignment with Moonbeam's historical averages."

Usage

• From Twitter (10-11-2021) after it did 5m tx:

"Moonriver continues to be the most widely adopted parachain on @KusamaNetwork with 60+ live integrations, 173k+ wallets, 2k+ ERC-20 tokens."

Projects that use or built on it

• Alliance Block; (5-4-2021)
• AMPnet; (15-12-2020).
• Balancer; Moonbeam is going after a Balancer grant to port it over (3-3-2021).
• Betprotocol; (5-4-2021)
• ChainSafe; (5-4-2021)
• Covalent; will use MoonBeam (30-4-2021).
• Human Protocol; (5-4-2021)
• IDEX (30-3-2021)
• Injective Protocol; (5-4-2021)
• Kilt; (5-4-2021)
• Linear; (5-4-2021)
• Ocean Protocol (30-3-2021)
• Offshift; (5-4-2021)
• Polkastarter; (5-4-2021)
• PolkaCover; (5-4-2021)
• Poolz; (5-4-2021)
• SushiSwap; deployed its contracts on it as part of adding support for 5 new chains (4-3-2021).
• Uniswap (Q3 2023)

Team, Funding, Partners

Team

• Full team can be found [here].
• PureStake, a company that builds blockchain infrastructure for proof-of-stake networks.
• Over 200 registered developers in Q3’23.

Funding

• Covalent; the firm was part of a $2M round for Covalent (26-3-2021).
• From CoinDesk (30-3-2021):

"Raised $6 million in a funding round led by investment firm CoinFund, and supported by Binance Labs. Coinbase Venture, ParaFi, Fenbushi Capital, IOSG Ventures, Divergence Ventures, Signum Capital and others also participated in the round."

Partners 

• Launched a $13M funding initiative for projects on its parachain (14-6-2024)
• Acala's aUSD Ecosystem Fund; one of the founding parachains to grow the Acala stablecoin (23-3-2022)
• Founding member of the Polkadot Alliance (29-11-2022), which, interestingly enough, does not include Polkadot itself.

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