Undoubtedly, the future of DeFi and blockchain technology is multi-chain. However, after years of ups and downs within the Ethereum blockchain, the constant occurrence of congestion is driving several projects to build on other chains. In this context, the Moonbeam Network is a revolutionary Ethereum-compatible smart contract deployed on Polkadot’s ecosystem.
Primarily looking for cost efficiency and scalability, many next-generation projects have risen since 2019, such as Algorand, Cosmos, Solana, Casper Labs, and Polkadot. Nowadays, the latter is considered the most promising network for the future, as many experts believe it may surpass Ethereum over time.
However, Moonbeam Network has been created to solve the problem.
Understanding Interoperability – An Introduction
Although many crypto enthusiasts are still unaware of interoperability, it is necessary to the industry’s future. When you look at the crypto landscape, many Ethereum-based projects initially use the platform’s capabilities and then migrate to other networks.
Also, instead of developing projects on top of the Ethereum blockchain, many projects are developing on top of other blockchains. It demonstrates the ever-growing demand for innovation in the blockchain space and a demand for platforms focused on scalability.
Currently, the blockchain space is like a big vast ocean with several islands spread across its surface. Every island is unique and different, but each one of them is isolated. Similarly, 99% of the main nets function as “data silos,” just storing data in a blockchain.
These “data silos” are not interconnected, meaning each has its contained ecosystem and is extremely difficult to explore outside the frontier. However, with interoperability, different blockchains can communicate and smoothly share data.
What is Moonbeam?
Founded in 2020, Moonbeam is a Substrate-based project that enables visionary developers to expand to new chains. This way, it allows an Ethereum-compatible smart contract to interact with Polkadot’s ecosystem.
One of the advantages of Moonbeam is its simplicity, as it requires only minimal configuration changes for developers to deploy DApps and platforms with Ethereum-based structure on Polkadot.
Hence, there is no need to reconfigure any intelligent contract or rewrite a single line of code, as Moonbeam is fully compatible with Ethereum’s programming language – Solidity – and other coding languages such as Vyper, etc.
Besides the benefit of exposing projects to a new level of interoperability, Moonbeam permits platforms to continue using Ethereum-based tools without an issue, including popular wallets like MetaMask.
It is crucial noting that the Tokenomics involved in Moonbeam’s innovative proposal cannot be taken for granted. The parachain has built-in integration for different crypto assets, ranging from ERC-20 tokens to Polkadot’s DOT token.
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The Moonbeam Fever – Increasing Blockchain’s Capabilities while Tackling Prominent Industry Issues
Unlike any other project available today, Moonbeam enables Ethereum-compatible intelligent contracts to build on the top of the platform’s structure to interoperate with Polkadot and several other chains.
To further understand this concept, it is fundamental to check some of the project’s building on Moonbeam’s unique approach. In the following topics, you’ll see some well-known projects that already have integrated Moonbeam’s capabilities.
Solid Project’s Building on Moonbeam – Razor
Established as one of the most exemplary decentralized projects in the industry, Razor Network is a fast, robust, and scalable crypto oracle. With the mission of bridging real-world data to digital smart contracts, Razor has a network of stakers that enables the platform’s economic security while remaining fully decentralized.
By integrating with Moonbeam, Razor’s Oracle aims to deliver faster real-time price feeds on-chain. In addition, the integration enables Razor Network to deploy smart contracts on Moonbeam while maintaining an uninterrupted feed connected to Ethereum’s mainnet.
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Solid Project’s Building on Moonbeam – SushiSwap
Originally born as a Uniswap fork, SushiSwap eventually grew into a solid and functional AMM (Automated Market Making) platform on Ethereum. Currently, the platform’s still among the top DEXs in the industry, with more than $3 billion in TVL (Total Value Locked).
As constant customer demands require equally evolving technologies, SushiSwap is expanding its services with a new lending platform (BentoBox). The platform plans to leverage Moonbeam’s ETH-compatible features to access a different array of assets, such as DOT, KSM, etc.
Solid Project’s Building on Moonbeam – Chainlink
Like Razor Network, Chainlink is one of the industry’s finest oracles. Widely used by crypto-based projects to connect blockchain infrastructure with high-quality data sources from the real world and other blockchains, Chainlink is a market-leading project.
After integrating its oracle functionality with Moonbeam’s unique approach, Chainlink permits developers to build smart contracts using external data resources while staying connected to Polkadot’s ecosystem.
Initially, the integration plan includes Chainlink’s deployment of price feeds on Moonbeam so DApps can access a plethora of on-chain market data available on secure and decentralized oracle networks.
Solid Project’s Building on Moonbeam – DODO
One of DeFi’s most celebrated DEXs, DODO is a next-generation project that focuses on liquidity markets and decentralized asset exchange.
DODO is powered by a unique feature, a Proactive Market Maker algorithm (PMM) that delivers highly efficient liquidity pools with minimal slippage and reduced risk of impermanent loss.
So far, DODO has deployed Ethereum-based code to Polkadot using Moonbeam’s Testnet. B integrating with Moonbeam, DODO will bridge assets from Polkadot and other parachains in their exchange – all without rewriting a single line of code.
Solid Project’s Building on Moonbeam – Open Zeppelin
Also integrated on Moonbeam, Open Zeppelin is an industry-leading open-sourced framework that provides different projects with smart-contract security. Solely focused on security, the project has products that permit developers to build, automate, and operate DApps.
Additionally, Open Zeppelin is widely known for performing thorough security audits on different systems and products throughout the industry. The integration with Moonbeam permits developers to have a complete set of Open Zepellin’s tools to create, manage, and deploy smart contracts on different parachains.
Conclusion – Why is Moonbeam Network Changing the Face of the Industry?
Unlike other projects that want to create their own thing simply, Moonbeam has a much more decentralized and “bridge-builder” approach.
Moonbeam’s unique proposal includes allowing Ethereum-based and Ethereum-compatible platforms to interact on Polkadot and its cluster of parachains without rewriting or re-organizing a line of code.