Welcome to the latest edition of our series “Wormhole Chains”, in which we present new chains that have been added to the Wormhole network. This time, we are looking into Moonbeam, the second Polkadot parachain to launch on Wormhole.
1. First things first: What is Polkadot?
Polkadot is a platform that operates two types of blockchains: 1) a core network called a relay chain, where transactions are permanent, and 2) user-created networks, called parachains. The parachains are connected to the relay chain, which is secured by the network’s primary validators.
While parachains can be customized for any number of uses, they feed messages and data into the relay chain, which is responsible for maintaining the overall state of the chain. This structure ensures that each individual parachain shares the network’s security while focusing on its individual use case.
Besides sending tokens, Polkadot also allows blockchains to communicate and exchange actual data. You can learn more about the technical specifications in the Polkadot docs.
2. Ok — so why Moonbeam?
Moonbeam is a Polkadot parachain that specializes in providing full cross-chain interoperability between Ethereum and Polkadot. It actually mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. On top of that, Moonbeam extends the base Ethereum features with additional ones such as on-chain governance, staking, and cross-chain integrations.
All of that enables developers to move dApps between the two networks without having to rewrite code or redeploy infrastructure. In that regard, Moonbeam paves the way for an xChain world.
3. What’s cool about Moonbeam?
Moonbeam offers a variety of features that enable its multi-chain approach:
⚬ Full Ethereum compatibility, which means:
- Interoperable smart contracts: Existing smart contracts can be redeployed on Moonbeam without the need to refactor or rewrite.
- Web3 RPC API: Existing Ethereum tools and dApp front-ends can be easily connected to Moonbeam.
- Cross-chain validation: Existing Ethereum accounts and keys can be used on Moonbeam.
⚬ Parachain consensus: Parachains only have to worry about producing blocks and rely on the relay chain for validating transitions.
⚬ Substrate compatibility: Moonbeam offers compatibility with the Substrate and its development tools. Substrate is an SDK for building customized blockchains and is used across parachains on Polkadot and Ethereum networks.
⚬ XC-20 tokens: XC-20s are Polkadot-native tokens that are not restricted to the Polkadot ecosystem but can be used as ERC-20s as well.
⚬ Existing tools: Pre-built integrations are available for assets like DOT and ERC-20s, and infrastructure services like Chainlink and The Graph.
⚬ Cross-Consensus Messaging (XCM): XCM (which is a format, not a protocol) aims to be a language to communicate ideas between consensus systems, hence, “Cross-Consensus”.
4. Who’s on the Team?
Behind the Moonbeam blockchain, there’s the Moonbeam Foundation, which is responsible for promoting the development, growth, and adoption of Moonbeam and its entire ecosystem.
5. Where can I swap Portal-wrapped tokens?
Users are able to bridge the following tokens from Ethereum/BSC to Moonbeam and subsequently utilize them on Moonbeam’s DeFi ecosystem:
⚬ USDC.wh (Ethereum)
⚬ ETH.wh (Ethereum)
⚬ WBTC.wh (Ethereum)
⚬ BUSD.wh (BSC)
6. Anything else?
Glimmer (GLMR) is Moonbeam’s native token. GLMR is a utility token that is used to fuel transactions, provide security, and enable governance decisions.
Testnet: Moonbase Alpha
Moonbeam’s testnet is called Moonbase Alpha. Like Moonbeam, it has complete EVM compatibility and functions as an environment for devs to test their dApp and smart contracts prior to deploying them on Moonbeam.
Moonbeam Contact & Docs
Stay up to date with Moonbeam by following their social channels or dive into their docs.
7. Wormhole Noob? No problem!
If you’re new to Wormhole, here’s what you need to know:
- The protocol’s total volume stands at over $50B, with over 800,000 transactions completed.
- Currently, several thousand messages are submitted each day.
Check out Chase M., a Wormhole contributor, explaining more about Wormhole below:
8. Wormhole’s supported networks
Wormhole allows users to send assets to and from any of the nine supported chains, without double-wrapping the asset, and enables seamless access to each network’s vibrant DeFi and NFT ecosystems!
- Terra 2.0 & Terra Classic
- Binance Smart Chain
- Moonbeam (NEW)
9. Join the ever-growing Wormhole community
If you have questions, need support, or just want to connect, join the Wormhole community, and keep up to date with our up-and-coming announcements. We’re always happy to hear feedback — join our Discord, and drop us a comment!