Thread by @DeFiTeller

New day, new thread! Today, we'll take a look at @MoonbeamNetwork and dig the tech behind it 👇

Moonbeam is a smart contract platform built with the @rustlang while also utilizing the @substrate_io framework.

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The project is essentially a Layer-1 #blockchain with full #Ethereum interoperability presented on the @Polkadot network as a parachain.

Moreover, @MoonbeamNetwork co-exists along its sister-parachain @MoonriverNW which was launched on the @kusamanetwork in June 2021.

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. @MoonriverNW is an independent parachain providing real economic conditions on #Kusama. It may be used as an experimental environment to test dApps before deploying them to #Moonbeam. Meanwhile, dApps that require Moonbeam security can be deployed there immediately.

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#Moonbeam implements a hybrid approach where dApps coexist on #Ethereum and Moonbeam at the same time,while also being able to interact with Polkadot. The project provides its users with a full EVM implementation,a #Web3-compatible API,and bridges connecting it to Ethereum

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Due to these features, Moonbeam can fulfil its goal of making the #Ethereum network, including numerous ERC-20 tokens, available to @Polkadot users.

@MoonbeamNetwork allows users to interact with Ethereum-native projects such as @LidoFinance, @SushiSwap, and others.

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Gas fees on #Moonbeam are denominated in its native $GLMR token, which brings its holders an opportunity to take part in the project’s decentralized management, as well as the possibility to earn a passive income by helping secure the network through a staking mechanism.

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Since @MoonriverNW was built with the main purpose to facilitate testing applications based on #Ethereum smart contracts in the experimental environment of @kusamanetwork, the two sister chains are essentially similar in terms of functionality and workflow.

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Due to being launched on Kusama, #Moonriver utilizes the network’s native Cross-Consensus Message Format that allows for cross-chain integrations, letting Moonriver to follow its initial design of allowing applications and assets from other chains to be bridged to Kusama.

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. @MoonriverNW has its own utility token $MOVR used for covering transaction fees, on-chain governance, and like @MoonbeamNetwork's $GLMR it can be used for earning its holders passive income through the project’s staking mechanism aimed to secure the network.

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Read more about @MoonbeamNetwork and @MoonriverNW in our reviews on the two 👇👇👇

🌔 defiteller.guru/moonbeam
🌖 defiteller.guru/moonriver