The Future of Cross-Chain Solutions: Interpreting Moonbeam with Data
But market volatility is the norm, and the Moonbeam ecosystem is also experiencing an important turning point. From on-chain data, more developers are shifting their attention to Moonbeam and getting involved.Author: Web3Go
Introduction
On the occasion of the one-year anniversary of Moonbeam's launch, Web3Go is honored to present the Moonbeam Overview Dashboard to the Polkadot community as an early supporter and builder of the Moonbeam Network ecosystem. As the first dashboard to integrate Substrate and EVM data sources within the ecosystem, we aim to provide users, ecosystem supporters, developers, and investors with a real and vivid overview of the Moonbeam Network ecosystem through data.
Moonbeam Overview Dashboard link
Dashboard Structure Overview
Before reviewing the data from the past year for Moonbeam, let's understand the structure of the Moonbeam Overview Dashboard developed by Web3Go. This dashboard consists of 7 major sections and supports real-time updates at the second level. The seven sections include:
1. Overview
This module contains 6 core data points on the Moonbeam chain.
2. Moonbeam Unique Address
This module displays the total comparison of EOA and CA on the Moonbeam chain, which can reflect the scale of users and protocols on the chain to some extent.
3. Moonbeam Daily Active Address
This module shows the trends of active EOA and CA on the Moonbeam chain, providing insights into the activity of user addresses and contract accounts on the chain.
4. Transaction Breakdown By Layers
This module displays the sources of transactions on the Moonbeam chain (EVM or Substrate).
5. Substrate Transaction Category Breakdown
In conjunction with the previous module, this module shows the proportion of various sub-module calls in Substrate transactions.
6. Transaction Daily Trend
This module displays the daily trend of transactions on the Moonbeam chain, categorized by Protocol and User.
7. Transaction Daily Stack
This module shows the daily usage status of transactions on the Moonbeam chain for each sub-module.
Daily Active Data
As of 2023/01/10 7:56 (UTC), the Moonbeam Network has achieved an impressive total of 1.66 million addresses over the past year, with contract addresses (Contracts Addresses) accounting for 62%, and over 2,600 independent contract creators.
Further analysis of the data trends shows that in mid-October last year, the proportion of CAs on Moonbeam was only about 20%, but within less than a month, CA data experienced nearly a tenfold explosive growth. What exactly happened during this process?
From the active address data, it can be seen that the enthusiasm of developers for Moonbeam and the affection of users are mutually reinforcing. According to data captured by Web3Go, after October 18, Moonbeam's daily active addresses saw a brief tenfold increase, reaching a historical high of 55,000 EOA daily active addresses and nearly 130,000 CA daily active addresses. However, in the following two months, user data showed a decline, with EOA data dropping back to mid-October levels at the beginning of January, while CA remained stable at over 5,000.
It is evident that developers are still passionately engaged in the Polkadot ecosystem, continuously building; and loyal users have not left the Moonbeam ecosystem due to the bear market, remaining active as before. All signs indicate that Moonbeam is still in its early stages, poised for future growth.
The contributions of the Moonbeam Foundation, the community, and external forces have become the main driving force behind the explosive growth of data. In mid-October, the Moonbeam community initiated the Moonbeam Ignite campaign to activate liquidity across the entire ecosystem through incentive proposals from the two largest DeFi protocols in the ecosystem, StellaSwap and Moonwell. A series of market activities, including AMAs, hackathons, and NFT campaigns, significantly enhanced the sense of community building and participation.
The entire event was funded by the Moonbeam Foundation with 12 million GLMR (worth about 5 million dollars at the time), with StellaSwap and Moonwell sharing liquidity incentives, and all rewards distributed over 24 weeks.
link
In addition, the popular token XEN team announced on the 19th of October their anticipated technical integration with the Moonbeam network. As a gas fee burning machine, XEN saw users rush to mint it during its launch on ETH and BSC, triggering a brief gas war. The XEN team is still actively preparing for deployment on the Moonbeam network.
Still in October, Moonbeam vigorously promoted the concept of Connected Contracts, aiming to inform more developers that Moonbeam's vision is to become the main entry point for applications into the Polkadot ecosystem and to make parachains the underlying solution, allowing developers in the Moonbeam ecosystem to better benefit from the Substrate framework.
Chain Activity Index
In addition to ecosystem development, Moonbeam has also made significant breakthroughs in the crucial application of chain activity index. Through transaction data, we can see that as of 2023/01/10 7:56 (UTC), most transactions on Moonbeam come from EVM, while transactions under Substrate account for nearly 40%.
According to data captured by Web3Go, Moonbeam's EVM interactions have grown from zero at the beginning of the year to a peak of 200,000 EVM blocks produced by early August, and EVM transaction daily data has remained stable at over 150,000 since then. This shows that Moonbeam has been fulfilling its commitment to the new paradigm of cross-chain Connected Contracts, allowing developers to enter the Moonbeam ecosystem and build applications with almost zero friction without abandoning their native ecosystem (EVM). Low friction is reflected not only in network fees but also in the cross-chain experience for developers, which ultimately is intuitively reflected in the proportion of active EVM transactions.
Conclusion
Over the past year, Moonbeam has consistently upheld its commitment to solving cross-chain interoperability and enabling the cross-chain transfer of new assets and users facing cross-chain issues. Although the entire crypto sector is currently experiencing a difficult period, every project is inevitably facing challenges in the bear market.
However, market fluctuations are the norm, and the Moonbeam ecosystem is undergoing an important turning point. From on-chain data, more developers are shifting their attention to Moonbeam and immersing themselves in it. These most valuable assets will bring greater potential and opportunities to the Moonbeam ecosystem. After the market downturn, a growth period is bound to follow. We look forward to Moonbeam continuing to execute its ecosystem development strategy and securing a rightful place for the community and developers in the future market recovery.
