After debuting in January 2022, Moonbeam swiftly established itself as a major network for multi-chain solutions of all kinds. Moonbeam has now progressed on to the following stage of its launch, known as Harvest Moon, after finishing the preliminary bootstrapping that brought vital infrastructure and tools online.
About the Moonbeam network
After users of Moonbeam collectively invested about USD 1 billion in DOT tokens, the Moonbeam parachain went operational on Polkadot in January 2022. The founder, Derek Yoo, highlighted that the Polkadot parachain designation was a critical step in enabling decentralized interoperability, unleashing the potential of Moonbeam, and allowing both networks to exploit one other’s “specialized services.”
As a parachain, Moonbeam can interact with other blockchain systems and parachains to exchange data, work together, and collaborate with a user base outside of its own. This implies that integrations hosted on Moonbeam, such as smart contracts, decentralized applications (dApps), APIs, oracles, Web3 wallets, and others, can interact with counterparts in the ecosystems of other linked networks, such as Polkadot and Ethereum.
Glimmer (GLMR) is the native currency of the Moonbeam network. As a utility token, GLMR is employed to facilitate staking-based management choices, power transactions, and offer security.
What is Harvest Moon?
According to information provided by the Moonbeam Foundation, up to 1.5% of the GLMR origin supply will be used to finance a grant-based stability initiative for the Harvest Moon project. Along with its own expanding ecosystem of native standards like AMM StellaSwap and the borrowing and lending protocol Moonwell, Moonbeam has already drawn DeFi heavyweights like Lido and Curve to the network.
The Harvest Moon is intended to support the introduction and expansion of these pillar applications in its initial wave. Harvest Moon will be improved to allow users to take advantage of these new use cases as the following wave of projects roll out, especially those that are utilizing Moonbeam’s cross-chain communication features to reinvent what DeFi apps can accomplish.
Harvest Moon will last for about three to four months and focus on creating the basic DeFi primitives needed for the realization of the multi-chain smart connected contract concept. Both the number of tokens allotted to the Harvest Moon and the campaign’s duration are liable to vary.
