Moonbeam (GLMR) launch brings EVM interoperability closer to the Polkadot network
Cross-chain compatibility with the Ethereum (ETH) network has become a necessary component for any layer-one protocol looking to remain relevant because a majority of projects and funds locked in smart contracts are found on the top-ranked smart contract platform.
After years of development and promises of interoperability, the Polkadot network moved toward its first Ethereum virtual machine (EVM) compatible smart contract protocol with the launch of Moonbeam (GLMR). The platform is designed to make it easy to use Ethereum developer tools to build or re-deploy Solidity projects in a Substrate-based environment.
Data from Cointelegraph Markets Pro and TradingView shows that after a volatile start, which saw its price swing from a low of $8.40 on Jan. 11 to a high of $15.97 on Jan. 14, GLMR is now consolidating near $10.45.
Three reasons why GLMR could see increased attention from investors are Moonbeam’s official launch on Polkadot with cross-chain support for Ethereum, its integration with multiple bridging protocols that provide access to the wider crypto community and the launch of Moonbeam-based projects that are attracting value to the network.
The most significant development providing momentum for Moonbeam has been the project’s official launch on the Polkadot network, a move which should bring cross-chain interoperability with the Ethereum network to the sharded multi-chain protocol.
1/ Moonbeam is LIVE on @Polkadot! We are excited to announce that Moonbeam is the first fully operational parachain on Polkadot. Moonbeam will bring many new integrations, activity & users to light up Polkadot’s ecosystem. ⚡ #MoonbeamLightsUphttps://t.co/yBhgyWwaRn
After becoming the first project to secure one of the Polkadot
Read more on cointelegraph.com
