Guide to the Moonbeam Stake, DeFi and Yield Farm Platform

What is Moonbeam?

Moonbeam is a blockchain platform that aims to create a seamless bridge between diverse decentralized finance (DeFi) ecosystems. Based on the Polkadot network and fully compatible with the Ethereum Virtual Machine (EVM), Moonbeam allows developers to build and deploy decentralized applications (dApps) in a way that is interoperable with other blockchains. Its design allows for support for a variety of use cases including stablecoins, lending, and tokenization.

Story

Moonbeam was founded in 2020 by the team at PureStake, a company providing infrastructure services for blockchain networks. Its native token is Glimmer (GLMR), which is used for governance and transaction fees on the Moonbeam network. Moonbeam was created with the aim of making it easier for developers to create dApps compatible with other blockchains and was designed to be fully compatible with the Ethereum Virtual Machine (EVM). Moonbeam features a unique tokenomics model that uses a staking mechanism to incentivize participation and provide security for the network. Validators on the network can stake GLMR tokens to participate in block production and are rewarded with transaction fees and newly minted GLMR tokens.

Moonbeam’s technology

Moonbeam is based on the Polkadot network, which uses a unique consensus mechanism called Nominee Proof-of-Stake (NPoS). This consensus mechanism is designed to enable fast and secure transaction processing while allowing for a high degree of scalability.

Simply put, validators are chosen by token holders to produce blocks and secure the network, and they are encouraged to act honestly through a system of rewards and penalties.

In addition to the Polkadot network, Moonbeam uses a technology stack that includes the Substrate framework, which provides a modular architecture for building blockchain applications, and the Parity Ethereum client, which enables EVM compatibility.

Designed to be developer-friendly and flexible, Moonbeam’s technology stack makes it easy for developers to create and deploy dApps on the platform.

Polkadot interoperability

The integration of Moonbeam is also connected to Polkadot.

Additionally, Polkadot’s shared security model allows Moonbeam, as part of the Polkadot ecosystem, to benefit from the security of the Polkadot Network, one of the most secure and scalable blockchain networks in the industry. sers without having to rely on your own security infrastructure. Finally, as part of the Polkadot ecosystem, Moonbeam can benefit from the network effects and community of developers and users already building on Polkadot.

Ethereum Interoperability

The Ethereum Virtual Machine (EVM) is a software environment implemented as part of the Ethereum blockchain that runs smart contract code. It acts as a runtime environment for smart contracts in Ethereum, enabling them to run on any network node and ensuring that the Consim Ethereum and EVM chains can quickly port their DApps to Moonbeam with minimal changes.

The GLMR token

GLMR is the native utility token of the Moonbeam Network, a smart contract platform that aims to provide Ethereum-compatible functionality to developers building decentralized applications. GLMR is used to pay for transaction fees, as well as for staking and network management.

The supply of GLMR is unlimited, there are currently about 576,345,576 in circulation. Despite the seemingly inflationary token economy, GLMR has a mechanism that increases the level of deflation in proportion to the gees on smart contracts. 80% of these specific tokens are destroyed by “Incinerate”.

The token was initially distributed through a private and public sale with a partial reservation. According to CoinMarketCap, the token is currently valued at $0.43 with a market cap of approximately $245 million with a fully diluted market cap of over $442 million.

Moonbeam ecosystem

There are approximate VL), it is currently over $87.34 million (as of February 14, 2023), with the native credit protocol Moonwell Artemis accounting for over 50% of the TVL share on Moonbeam.

Moonwell Artemis

Moonwell Arte is the largest lending and lending protocol on Moonbeam, analogous to DApps like Aave or Compound on Ethereum. It is part of the Moonwell project, whose financial protocol builds not only on Moonbeam but also on Moonriver.

StellaSwap

StellaSwap’s built-in platform allows users to perform a number of actions such as: B. Yield Farming, Earning, Asset Bridging, Exploring New Projects, and NFT Trading. StellaSwap offerings are designed to enable decentralized governance for native $STELLA token holders.

Wallets for Moonbeam

TrustWallet

Trust Wallet is one of the most popular cryptocurrency exchanges. Trust Wallet is designed to provide users with a simple and intuitive interface. The wallet supports many nuances, including support for Moonbeam.

MathWallet

Another popular wallet is MathWallet. MathWallet is a mobile app-based wallet that powers Alg across multiple Ethereum-based chains. Likewise, MathWallet fully supports interactions with the Moonbeam chain.

MathWallet offers mobile apps for iOS and Android and also has a browser extension option if you prefer to manage your positions on desktop.

allows users to interact with decentralized applications (dApps) based on the Ethereum network and EVM-compatible chains. The extension integrates with most dApps, providing users with a seamless, secure, and convenient way to access and consume decentralized services.

Since Moonbeam is compatible with EVM, you can also use MetaMask to interact with DApps on Moonbeam.

Betting on Moonbeam

You can delegate your Moonbeam tokens to collectors for staking rewards. The following steps can be followed to pledge your Moonbeam GLMR tokens.

1. Connect your account to the Moonbeam dApp and accept permissions.
2. Switch your MetaMask network to Moonbeam. The dApp will prompt you to do so.
3. Delegate a Collator candidate by clicking Delegate. Then you will arrive

1. Then select the number of tokens you wish to wager.
2. Collators share the rewards they get from creating blocks among all their delegates.

d to the collator.

1. For more information on award distribution, see Moonbeam’s documentation on assignment award distribution.

Yield farming on Moonbeam

The ecosystem for Moonbeam DeFi is still relatively young. Nonetheless, you can yield farm on Moonbeam with StellaSwap, Moonbeam’s DEX with the highest TVL, or you can yield farm on Moonbeam. As of mid-February 2023, the top companies are paying out the following income:

If you’re already familiar with yield farming on EVM-compatible ecosystems, you’ll feel right at home.

1. In order to use Moonbeam, you must first buy some $GLMR tokens. This can be done through tokens directly to your MetaMask address.

1. Next, navigate to the StellaSwap interface and connect your metamask. You will be prompted to switch the network to Moonbeam. Then go to the Exchange page.

1. Exchange half of your GLMR tokens for the other coin you want to farm with. For example USDC.

Then go to the Pools page by clicking Earn and selecting Pool.

1. Select tokens for which you want to add liquidity. In this case we chose GLMR and USDC:

1. Click Add Liquhe GLMR/USDC Farm. Click through and you should now be able to deposit your LP tokens and start earning rewards!

If you prefer to lend your tokens for a return, you always have the option to use Moonwell Artemi. You must do the following:

1. Go to Moonwell Artemis and connect your MetaMask. Make sure that the Moonbeam network is selected.

1. Next, you should be able to select a token to deploy or borrow from the carousel in the top left corner of the page. Once you deposit your tokens, you will receive the supply APY.

Should You Use Moonbeam?

Moonbeam is a powerful platform that brings all the features of the Ethereum ecosystem to the Polkadot ecosystem to promote blockchain interoperability with Ethereum-based DApps. Furthermore, users could benefit greatly from relatively high yields of various Moonbeam DeFi DApps.

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