Moonbeam (GLMR) is an Ethereum-based smart contract parachain on the Polkadot network.
The project has been garnering attention from developers of decentralized applications (DApps) who are on the lookout for a platform with cross-chain support that enables connected applications.
This article contains everything you need to know about Moonbeam and its underworkings.
We will explore how the blockchain functions, what purpose its native GLMR token serves, make price predictions for the token in 2024, 2025, and 2030, and lastly determine whether it is a legitimate cryptocurrency project.
So, without further ado, let us get started.
What is Moonbeam (GLMR)?
Founded in 2019, Moonbeam is a smart contract platform that provides a secure public blockchain infrastructure for developers to build cross-chain decentralized applications.
Developers can use popular Ethereum tools to build or redeploy DApps using Solidity and Substrate programming languages.
The network, which operates on a delegated proof-of-stake (PoS) consensus, launched as a parachain on Polkadot in 2022.
Normally, blockchains are developed with exclusive attributes, but in the case of Moonbeam, it ensures that transactions on its platform can be processed across blockchains. It is this mechanism that allows developers to work on both Ethereum and Polkadot.
Moonbeam also has another parachain called Moonriver which is built on the Kusama blockchain.
This protocol allows developers to fine-tune their applications before deploying them on the Moonbeam mainnet.
How Does Moonbeam Work?
Moonbeam takes advantage of parchains to offer cross-chain functionality for users. The platform allows smart contracts and DApps to work with each other on different blockchains.
Since Moonbeam is already a parachain on the parachain network Polkadot, the use of smart contracts is not only more secure but also more efficient than on other sidechains of Ethereum.
Moonbeam can offer high-speed transactions at costs without compromising on security.
Meanwhile, Moonriver acts as a canary network for Moonbeam, where developers can test their DApps before they are officially launched on the mainnet. All applications are tested and approved on Moonbeam under real economic conditions, as this is the only way to know for sure whether an app functions as idealized.
What is the GLMR Token?
GLMR is the native utility token of the Moonbeam blockchain. The network’s users can use GLMR to pay fees for using and supporting decentralized applications deployed on it.
GLMR holders also get to vote on governance decisions made for Moonbeam by developers to bring about upgrades or changes to the blockchain.
It is also used to incentivize the network’s node operators. All transactions on Moonbeam are conducted using GLMR.
There is a total supply of 1 billion GLMR, out of which, a significant portion is reserved to ensure that Moonbeam maintains a parachain slot on Polkadot. There are over 400 million GLMR currently in circulation
Moonbeam Price Prediction: 2024, 2025, 2030
At the time of writing, Moonbeam (GLMR) is trading at $0.4276 – down 3.6% in the last 24 hours.
Based on its current valuation, GLMR is forecasted to trade within a range of $0.374442 on the lower end and $0.981327 on the upper end of the price spectrum in 2024. If the token manages to reach its upper price target, then it will gain 129% in value.
GLMR is predicted to trade within a price range of $0.7858 and $1.09 in 2025. The average price forecast is $0.9148 for this year.
According to Moonbeam’s price prediction cycle, GLMR is expected to trade within a price range of $2.22 on the lower end and $4.19 on the higher end in 2030. The token could gain 879% if it can reach the upper price target during that year.
Where To But Moonbeam?
Moonbeam (GLMR) can be traded on the following cryptocurrency exchanges:
Is Moonbeam A Good Crypto Investment?
Moonbeam is a cross-chain network deployed on the Polkadot parachain, providing developers with the ability to launch their decentralized applications across multiple blockchains, including Polkadot, Ethereum, and Kusama.
The network’s full Ethereum implementation provides the core smart contract functionality, while cross-chain messaging allows developers to create smart contracts that can access services across remote blockchains.
Moonbeam is powered by the GLMR token, which is the ecosystem’s native utility and governance token. The DApp platform is an innovative blockchain project that has ample room for growth as the industry develops.
All things considered, I can surely say that Moonbeam is a credible cryptocurrency and blockchain project that has a vital role to play as the crypto sector focuses on achieving interoperability among distributed networks.
However, the GLMR token is susceptible to market fluctuations and price swings. Therefore, it is important to do your research before investing in the cryptocurrency. Another point to note is that you should only invest money that you can afford to lose.
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