Moonbeam Parachain Winner Goes Live On Polkadot: Report

The second Moonbeam parachain winner goes live on Polkadot today and the launch makes it the first fully operational parachain on the network as we are reading more today in our latest altcoin news.

Polkadot’s parachain smart contract platform that has ETH compatibility, Moonbeam completed its pre-launch process and it is now officially live on the Polkadot network. The Moonbeam parachain winner is now live and as it announced the launch, the team noted that Moonbeam is the first fully operational parachain on the Polkadot blockchain and the protocol will pave the way for more than 80 projects in the ecosystem that will be deployed.

Moonbeam won the second Polkadot parachain auction after seeing more than 35 million DOT worth more than $1.4 billion contributed to the supporters from worldwide. With Moonbeam being live on Polkadot, it intends to bring several new integrations and users to boost the ecosystem and also contribute to the growth of the network. According to the announcement, Moonbeam removed the superuser Key Sudo, in the last launch phase and the control of the network will be transferred to the token holders. Moonbeam also enabled balance transfers and Ethereum Virtual Machine on the platform and the balance transfer will allow the users to stake and claim rewards from the crowd loan.

After the development, the chain will be overseen by the token holders via the Moonbeam governance system and the active set of collectors has increased to 48. following the launch, the GLMR token holders can stake with collectors and claim rewards but also serve as an active network members by taking part in the on-chain governance system. About 30% of the crowd loan rewards that amounted to about 45 million GLMR were distributed after the launch of the project. The remaining 70% of the rewards about 105 million GLMR will be vested over the 96-week parachain lease period which started at the end of December.

There are about three weeks of vested rewards which contributors can claim. Moonbeam noted that it intends to deploy infrastructure projects during the weeks following the launch and including bridges as well as multi-signature support.

As recently reported, Efinity became the winner of the Polkatodt parachain auction and will join the league of Polkadot winners Acala, Moonbeam, Atar, Parallel Finance, Clover finance, and Parallel Finance. In order to win the auction, the contributors and investors voted by staking Polkadot’s native crypto DOT. According to the Twitter announcement, Efinity won the slot with 7.7 million DOT contributed by over 20,000 community members-securing the place in the expanding ecosystem.