- Moonbeam is a renowned company for smart contracts developers
- Glimmer and Moonriver are two essential tokens of Moonbeam
- Moonbeam can be involved in various aspects of the Metaverse and Web3
Moonbeam is a base foundation for developers to build applications with the help of smart contracts and increase interoperability between chains. It was founded in the year 2019 by Derek Yoo, who is the CEO of Purestake.
Moonbeam is compatible with Ethereum within a Polkadot parachain environment.
It mainly deals with the layer 1 solutions for developers, which would suggest that they deal with all kinds of data, not only tokens but any arbitrary data transferred between chains.
Moonbeam and its tokens
Moonbeam has two of its tokens that are:-
- Glimmer (GLMR): Its primary purpose is to streamline gas charges and transaction fees in smart contract execution on Moonbeam. In addition, Glimmer works on the Polkadot Network. It also promotes decentralized node infrastructure. GLMR is the on-chain governance token for Moonbeam.
- Glimmer was launched in January 2022, starting at $11.91 and reaching a peak of $13.45. It peaked at a price of $13.45. Its current price is $0.2727, which is in June 2023. It has a total market capitalization of $178.28 Million and a circulating supply of 646.9 million GLMR, with a cumulative supply of 1 Billion GLMR.
- Moonriver(MOVR) is a solid, smart contract on the Kusama network. Moonriver provides a permanently incentivized canary network. While working on the Kusama network, assures it is faster than Glimmer as the Kusama network is four times faster than Polkadot.
Moonriver was launched in August 2021 at $84.08. It had its peak price in the same year at $458.6 in September 2021. Its current price is $6.35, which is in June 2023. Moonriver has a market capitalization of $44.26 Million and a circulating supply of $6.97 Million, with a maximum supply of 10.82 Million.
Moonbeam and NFTs
When talking about data transfer between different chains, it is safe to assume that NFTs are also involved. There are multiple projects related to NFTs on the Moonbeam network. And they can get transferred to different blockchains in transactions. It promotes these tokens in the form of art too.
Moonbeam is one of those networks which shows the diverse nature of blockchains. Transactions between different chains have been in demand for a while, and it is reasonable to assume that there are possibilities in this sector.
Moonbeam has also talked about the Polkadot network and how it is a layer zero zone for blockchains. It is considered layer zero because it can set the foundation for other layers of blockchains to work upon. It will also improve the infrastructure of Web3, and with the added ability of data transfer between chains, it would optimize how decentralization works.