Moonbeam is the first to complete the launch of a Polkadot parachain, learn about its ecological projects in this article
Moonbeam has completed its launch in less than a week, with multiple projects going live, providing high-yield liquidity mining opportunities for GLMR.Source: The Way of DeFi
Author: PANews
Moonbeam, as a smart contract parachain compatible with the Ethereum Virtual Machine on Polkadot, completed its launch process on January 11, removing the superuser key (Sudo), enabling EVM and transfer functions, and becoming the first fully operational parachain on Polkadot.
As of January 17, cross-chain bridges such as Multichain and Connext have supported cross-chain transfers from Ethereum, BSC, and others to Moonbeam. Projects like Solarflare and Zenlink have successfully deployed on Moonbeam. Among the community collaboration projects announced by the official, there are already 111 projects intending to deploy on Moonbeam. In this article, PANews will take a look at which projects in this ecosystem are worth paying attention to.
Launched Projects
Looking back at the application data on Moonriver, the Moonbeam can be seen in the State of The DApps linked on the official website. In the past 24 hours, there have been a total of 3060 users interacting with DApps on Moonriver, with data sourced from January 18, 2022.
Among the top five projects overall, Solarbeam, Zenlink, and TOAD are all DEXs, with Solarbeam achieving 2585 daily active users, accounting for the vast majority of DApp interaction users on Moonriver.
In the few days since Moonbeam's launch, a number of projects have already been deployed on Moonbeam. First, cross-chain bridges like Multichain, Connext, and Nomad completed their integration with Moonbeam, ensuring that subsequent projects have sufficient assets.
In addition, the launched projects are almost all DEXs, such as Solarflare, Zenlink, and StellaSwap. DEX technology is mature and easy to implement, has a higher valuation, can attract more funds, and can provide very high returns to its tokens through liquidity mining, promoting the liquidity of platform tokens. Currently, the projects deployed on Moonbeam are mainly DEXs.
Solarflare is the Solarbeam on Moonbeam, created by the same team but issuing a new token. Since Solarbeam is the most used application on Moonriver, Solarflare is relatively popular. As of January 18, the current TVL is approximately $63.3 million, with a liquidity of $9.95 million for the GLMR/USDC trading pair and an APR of 149%.
Zenlink is a cross-chain DEX on Polkadot driven by VCs, which announced its launch on Moonbeam on January 12, becoming the first native cross-chain DEX on Polkadot. Zenlink is deployed on multiple platforms, including Moonriver on Kusama, Shiden, and Bifrost, with a total TVL of $76.84 million.
The trading pair with the highest liquidity on Zenlink in Moonbeam is ceUSDT/ceUSDC, with a liquidity of $13.76 million. The liquidity for GLMR-related trading pairs is relatively low, with the most funds in the GLMR/ceUSDC trading pair having a liquidity of $1.28 million and an APR of 230%.
StellaSwap claims to be the first DEX to launch on Moonbeam, going live on January 12, collaborating with Multichain for cross-chain functionality, but it had no relevant background before, with its Twitter account only starting to post messages on January 1 of this year. Its TVL is approximately $58.69 million, with a liquidity of $2.54 million for the WGLMR/USDC trading pair and an APR of 455%.
Cross-Chain Bridges
After the successful launch of Moonbeam, cross-chain bridges like Multichain and Connext quickly announced their integration with Moonbeam, supporting asset transfers from blockchains like Ethereum to Moonbeam. These were among the first collaborative projects shared on Moonbeam's official Twitter.
However, due to the large number of supported cross-chain bridges, this has led to a problem: when transferring the same asset (like USDC) to Moonbeam through different cross-chain bridges, they are wrapped into assets with different contract addresses, making them non-interchangeable. This causes liquidity fragmentation, and users find it difficult to distinguish between them. With numerous projects on Moonbeam, each project can choose its own cross-chain bridge, increasing the difficulty of asset unification.
DeFi
Moonbeam has included 21 DeFi projects, most of which are well-known DeFi projects already launched on other platforms, such as Balancer, SushiSwap, DODO in DEXs, the liquidity staking protocol Lido, the lending protocol Cream, the derivatives trading protocol Injective Protocol, the synthetic asset protocol Linear, the yield optimizer Beefy Finance, and some algorithmic stablecoins like Frax Finance.
Among the native projects on Moonbeam, the Minterest team is quite outstanding and has received considerable capital support. It is a lending protocol that can collect fees from interest, flash loans, and liquidations, and automatically purchases its own MNT tokens from the market to ensure users receive long-term returns.
NFTs
NFTs are a popular application recently, and several NFT projects are also among Moonbeam's partners.
Banksea is a price discovery protocol and lending center for NFTs, which evaluates NFT prices in real-time through multi-dimensional NFT data. The protocol charges fees from interest, liquidation fees, and oracle APIs. The project has won awards in hackathons on Solana, Filcoin, and Near and has received a grant from the Web3 Foundation.
RMRK is an NFT Lego system that allows developers to build composable and equipable multi-resource NFTs. RMRK NFTs can evolve over time and change outputs according to established rules.
Jambb is an NFT marketplace already built on the Flow blockchain, allowing fans to view, rent, and purchase unique content from their favorite stars, such as performances, behind-the-scenes footage, and merchandise. Digital assets purchased on Jambb may include issuance rights or be redeemable for physical items.
Other projects include the NFT social app Yuser, sports NFT Blocsport.one, NFT bridge and marketplace myNFT, collectible card game Zombies, no-code NFT ecosystem Unifty, and DeFi and NFT incentive platform Seascape.
Assets and Issuance
IDO is the final step in token issuance, helping projects gain community support and discover prices. Moonbeam has collaborated with several multi-chain launchpad platforms, including Polkastarter, Poolz, and Impossible Finance.
In addition, the asset and issuance projects that Moonbeam collaborates with include the liquidity mechanism Polimec in the Polkadot ecosystem, the compliant decentralized capital market AllianceBlock, MyWish which allows smart contracts to be created without tokens, the data trading protocol Ocean Protocol, and the investment and tokenization platform AMPnet.
Parachains
Moonbeam is quite popular in the community, but it officially collaborates with only three parachain projects: Crust Network, Equilibrium, and KILT. Crust helps projects on Moonbeam with decentralized storage, Equilibrium integrates stablecoins into Moonbeam, and KILT's token issuance and transfer framework Polimec assists projects on Moonbeam with financing.
DApps
In addition to common application categories, other applications are classified as DApps by Moonbeam, including GameFi type Blockchain Monster Hunt, prediction markets IBetYou and BePro, DeFi insurance market Polkacover, video-based social network Livetree, data integrity SaaS platform Authtrail, and distributed task market Human Protocol.
Storage
Moonbeam's storage projects include Crust Network and KYVE, enabling projects based on Moonbeam to use Crust's decentralized storage protocol on both the front and back end, while KYVE helps developers in the Moonbeam ecosystem permanently store data on Arweave.
Collators
Collators are full nodes of the parachain, responsible for collecting transactions from a specific parachain, packaging blocks, and uploading new blocks and proofs to the validators on the relay chain. They are one of the main participants in the Polkadot ecosystem. The validators announced by Moonbeam include CertHum, Forbole, Collators.io, Stake.Fish, Figment Hubble, Blockdaemon, and Bware Labs.
Wallets
Since Moonriver is EVM compatible, wallets that support Ethereum can be used directly, allowing familiar wallets like MetaMask to be used on Moonriver. Moonbeam's partnered wallets include Rabby, Debank, AirGap, Polkadot.js, MetaMask, and Math Wallet.
Browsers
Mainly includes blockchain explorers for Polkadot and Ethereum, such as Etherscan, DappLooker, Polkassembly, Polkadot.js, Subscan, and DeBank.
Oracles
Chainlink, Brand Protocol, DIA, Razor, along with the NFT oracle Banksea.
APIs and Tools
Including well-known services like The Graph, Etherscan, API3, SubQuery, and Biconomy.
Summary
Less than a week after Moonbeam's launch, several projects have gone live, bringing high-yield liquidity mining opportunities for GLMR. However, so far, these projects have not attracted significant capital attention, with the highly liquid Solarflare's TVL still below $100 million.
Among the 111 collaborative projects announced by Moonbeam, most are projects that have already launched on platforms like Ethereum, with relatively few natively developed projects. Project teams need to put more effort into ecosystem development.
