Moonbeam - GLMR
Updated: Jun 21
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What is Moonbeam (GLMR) and how does it work?
Moonbeam is a smart contract parachain of Polkadot, which is also compatible with Ethereum smart contracts, being a popular tool for developers to build and redeploy Solidity projects in a Substrate-based environment. Moonbeam Polkadot implementation allows for a highly specialized parachain that mirrors Ethereum's Web3 RPC, accounts, keys, subscriptions, logs, and more, making it highly compatible with Ethereum and other ERC-20 tokens. Moreover, Moonbeam crypto platform added features such as on-chain governance, staking, and cross-chain integrations that extend Ethereum capabilities.
Moonbeam compatibility with Ethereum is what makes it really useful, and is possible due to:
Minimal Changes: developers can use existing Solidity smart contracts with no need to rewrite or reconfigure them.
Unified Accounts, Addresses, and Signatures: use your existing Ethereum H160 accounts & ECDSA signatures to interact with Moonbeam
Tap into the Most Integrations on Polkadot: use existing oracles, bridges, wallets, and other tools that are already building on Moonbeam
Moonbeam provides its connectivity between Polkadot Parachains and other chains, via bridges. However, what makes Moonbeam Unique is that it allows developers to redeploy their existing smart contracts easily, using the same tools and integrations that they already use.
What Moonbeam essentially does is to allow developers with Solidity or Vyper-based smart contracts to "go multi-chain" and deploy their contracts also in the Polkadot ecosystem and many others. With the use of the platform permissionless decentralized applications (dApps) using familiar Ethereum development tools can be easily created, by ensuring that there is minimal change when front-end dApps are moved between chains. This can allow developers to bypass the scalability challenges due to the expense and constraints of congested networks like Ethereum's.
Last update 20/4/2022
After its launch in early January 2022, the Moonbeam coin saw a massive price increase, rising from the initial launch price of $0.033 all the way to above $44, even though it was only temporary and would see its gains being wiped out almost instantly. GLMR Moonbeam continued holding its price around $16/20 for a few days until it started to slowly decline.
This decline phase saw Moonbeam slowly bottom out around the $2.2 price area, before lateralizing over the following weeks. As prices are consolidating and moving sideways, it's still unclear whether this will be the bottom or if prices might reach lower levels. In the last few weeks, however, Moonbeam Binance pairs and on Coingecko have seen an increase in activity, and prices have increased forming a local high low. GLMR has reached the $5.2 resistance level briefly just before rejecting it and accumulating in the area below. It is currently trying to regain this resistance level, and this would propel prices to push towards higher key levels.