Moonbeam in the eyes of Fenbushi Capital

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Moonbeam

Moonbeam Network is a Substrate-based smart contract chain that can easily build local interoperable applications and is compatible with Ethereum's EVM. It is powered by the Polkadot network and developed by PureStake. With the help of Moonbeam smart contracts and compatibility with the Ethereum development tool set, bridge-based integration can be used to quickly build decentralized applications with cross-chain capabilities.

In March 2021, PureStake, the parent company of Moonbeam, completed a financing of US$6 million. This round of financing was led by CoinFund, followed by institutions such as Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, and IOSG Ventures.

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Moonbeam's first-mover advantage

First of all, when it comes to the first-mover advantage of Moonbeam, we need to evaluate the Polkadot Smart Chain. Compared with Ethereum, Polkadot Smart Chain has better scalability and cross-chain interoperability, and is a new generation of public chain that is closer to the concept of Web3. However, the active developer community and even mature applications on Ethereum are unmatched by the fledgling Polkadot.

How can we attract applications to the chain in the early stage of public chain development, and quickly form a virtuous circle of developers-users-developers? In addition to incubating smart contracts developed based on substrate, it is efficient and simple to transplant mature projects to the chain. In other words, compatibility with Ethereum has become a priority for the current new public chain. In this context, Moonbeam is compatible with Ethereum EVM and helps developers to migrate low-cost dapp parachains, which are of irreplaceable importance in the early stages of Polkadot's ecological development.

The above is to look at Moonbeam from the perspective of Polkadot ecology.

For developers, multi-chain deployment is the trend. Recently, it can be seen that many Ethereum projects choose to deploy on other public chains or layer2, such as BSC and Polygon. Similarly, the Ethereum project will also consider Polkadot. Then, as the best foothold of Polkadot ecology, Moonbeam must be one step ahead, undertaking the project migration from Ethereum, which may break out earlier than other Polkadot projects.

In essence, Moonbeam is a platform business. At present, the project party wants to build its own application based on Polkadot. Generally speaking, there are only three paths: take a parachain, share a parallel thread, and build an application based on other parachains that support smart contracts. Taking a parachain requires a lot of financial support. Except for a few big projects of Polkadot, ordinary applications are simply out of reach, and it is still too early for parathreads to land. For the project side, only the third way is the most likely to land quickly. Based on Moonbeam, developers can freely build various Dapps in a faster and cheaper environment. At the same time, because Moonbeam has extremely high compatibility with the Ethereum Virtual Machine (EVM) and supports Solidity language, external ecological project developers will Existing Solidity smart contracts and Dapps front-ends can be deployed on Moonbeam with minimal code adjustments.

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Moonbeam's Platform Effect

Thanks to the platform effect of Moonbeam, more than 150 projects have been tested on the Moonbeam testnet as part of their multi-chain strategy. Among them, there are many well-known leading projects such as Sushiswap, Balancer, Dodo, and Polkastarter. We roughly categorized Moonbeam’s ecological partners. These projects cover multiple tracks such as DeFi, assets, infrastructure, and NFT. As far as the DeFi track is concerned, the projects on Moonbeam have covered applications such as decentralized exchanges, oracles, lending, derivatives, aggregators, asset management, insurance, and algorithmic stablecoins. The Defi financial Lego on the Polkadot chain The construction has been preliminarily completed. Surprisingly, interoperable Web3 concept projects such as Equilibrium and Ocean Protocol are also ready to be deployed on Moonbeam. Moonbeam's partner list continues to grow.

In addition, in addition to the projects on Ethereum/Near/EOS ported to Moonbeam, many projects developed with substrate will also be integrated with Moonbeam. Therefore, it is biased to define Moonbeam as "rebuilding Ethereum on Polkadot". Native projects developed on the Polkadot chain with substrate language include Seascape, Equilibrium, Crust, etc.

To sum up, Moonbeam has precisely grasped the early dividends of Polkadot's ecological construction - while introducing the Ethereum project and growing itself, it also feeds back the Polkadot ecology. Secondly, Moonbeam’s canary network Moonriver has successfully acquired a parachain, which will surely trigger a platform effect and attract more small and beautiful Polkadot projects for integration.