GLMR could be a top contender in 2022 if Moonbeam’s planned interoperability with the Ethereum Network is a hit with investors and developers. Cross-chain compatibility with the Ethereum (ETH) network has become a necessary component for any layer-one protocol looking to remain relevant because a majority of projects and funds locked in smart contracts are found on the top-ranked smart contract platform.
After years of development and promises of interoperability, the Polkadot network moved toward its first Ethereum virtual machine (EVM) compatible smart contract protocol with the launch of Moonbeam (GLMR). The platform is designed to make it easy to use Ethereum developer tools to build or re-deploy Solidity projects in a Substrate-based environment.
Data from Cointelegraph Markets Pro and TradingView shows that after a volatile start, which saw its price swing from a low of $8.40 on Jan. 11 to a high of $15.97 on Jan. 14, GLMR is now consolidating near $10.45. Three reasons why GLMR could see increased attention from investors are Moonbeam’s official launch on Polkadot with cross-chain support for Ethereum, its integration with multiple bridging protocols that provide access to the wider crypto community and the launch of Moonbeam-based projects that are attracting value to the network.
The most significant development providing momentum for Moonbeam has been the project’s official launch on the Polkadot network, a move which should bring cross-chain interoperability with the Ethereum network to the sharded multi-chain protocol.
After becoming the first project to secure one of the Polkadot parachain auction slots in early November, Moonbeam has become the first fully operational parachain on the network. This enabled more than 80 projects already built on Moonbeam to be deployed.
The full launch process began on Dec. 17 and took a period of three weeks to gradually roll out functionality and enable EVM and balance transfers. GLMR token holders can now add the network to their MetaMask wallet and transfer assets within the Moonbeam ecosystem or across other EVM-compatible networks.
Another factor helping GLMR establish itself within the crypto ecosystem has been its integration into cross-chain bridge-equipped protocols that allow Moonbeam network assets to migrate to other protocols and networks. Some of the more popular bridges that have integrated Moonbeam include the cBridge from Celer and the Multichain swap protocol, which has announced support for ten assets that can be bridged between Moonbeam and Ethereum.
A third factor helping the Moonbeam network get up and running has been the interest from developers who have launched their projects on the network. This has helped attract users and assets to the newly launched protocol. These include projects like the automated market maker protocol Solarflare, the decentralized exchange (DEX) StellSwap and the cross-chain DEX protocol ZenLink.
As a result of multiple protocol launches on Moonbeam, the total value locked (TVL) on the network reached nearly $200 million during its first week live on the Polkadot mainnet.
The top-ranking protocol on Moonbeam in terms of TVL is StellaSwap with $89.3 million followed by BeamSwap with $46.4 million.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||65.6%||74||$30 326.91||1.12%||-1.69%||$577 507 167 326|
|2||ETH||Ethereum predictions||66.4%||75||$2 076.58||2.21%||-10.32%||$250 891 465 462|
|3||USDT||Tether predictions||96%||1||$0.999001||0.01%||-0.08%||$75 676 462 108|
|4||USDC||USD Coin predictions||96%||1||$1.000230||-0.02%||-0.04%||$52 257 987 348|
|5||BNB||Binance Coin predictions||65.6%||71||$304.44||2.05%||-3.10%||$49 708 837 503|
|6||XRP||XRP predictions||66.8%||66||$0.435585||2.31%||-13.81%||$21 057 536 595|
|7||ADA||Cardano predictions||68.8%||66||$0.575630||2.12%||-8.16%||$19 421 209 986|
|8||SOL||Solana predictions||63.2%||76||$56.43||3.88%||-13.30%||$19 038 552 817|
|9||BUSD||Binance USD predictions||96%||1||$1.002005||0.22%||0.35%||$18 231 060 479|
|10||DOGE||Dogecoin predictions||62.4%||73||$0.089988||2.40%||-16.42%||$11 938 784 018|
|11||DOT||Polkadot predictions||67.2%||74||$11.01||1.97%||-0.91%||$10 874 092 462|
|12||AVAX||Avalanche predictions||66.4%||75||$34.13||2.44%||-22.27%||$9 183 931 187|
|13||WBTC||Wrapped Bitcoin predictions||67.2%||74||$30 349.83||1.15%||-1.21%||$8 599 743 334|
|14||TRX||TRON predictions||71.6%||60||$0.072402||4.12%||-4.60%||$7 070 299 328|
|15||SHIB||SHIBA INU predictions||64.8%||75||$0.000013||4.03%||-21.64%||$6 883 934 346|
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