Research Summary
The report provides a comprehensive analysis of Moonbeam, an Ethereum Virtual Machine (EVM)-compatible smart contract platform on Polkadot. It covers key metrics, financial overview, network usage, cross-consensus message format (XCM) activity, ecosystem overview, and stablecoin market capitalization. The report also highlights the launch of Moonbeam Ignite, a liquidity incentive program, and the debut of Uniswap V3 on Moonbeam.
Key Takeaways
Moonbeam’s Market Capitalization and Revenue
- Market Capitalization Surge: Moonbeam’s market capitalization increased by 40% in the last week of Q3 2023, reaching $176 million. This surge was attributed to the launch of Moonbeam Ignite, a liquidity incentive program, and the listing on Upbit.
- Revenue Decline: Moonbeam’s revenue decreased by 46% QoQ in Q3 2023, dropping from $160K to $87K, aligning with its historical averages.
GLMR Token and Network Usage
- GLMR Token: GLMR, the native token of Moonbeam, serves multiple functions, including rewarding collators, enabling on-chain governance, and paying for network transaction fees. By the end of Q3, 36% of its total supply was staked.
- Network Usage: Moonbeam’s transactions increased by 43% QoQ in Q3 2023, influenced by the announcement of Moonbeam Ignite. However, address activity declined over the same period.
XCM Activity and Ecosystem Overview
- XCM Activity: Moonbeam ranks high in XCM activity among parachains, with the Moonbeam-Acala channel being the most utilized. Moonbeam introduced new XCM integrations with Centrifuge, Nodle, and Origin Trail in Q3.
- Ecosystem Overview: Moonbeam’s DeFi Total Value Locked (TVL) in USD remained stable, but the TVL in GLMR consistently rose, reaching $53 million by the end of Q3. Moonwell, a lending protocol, is the largest by TVL within Moonbeam.
Stablecoin Market Capitalization
- Stablecoin Market Capitalization: By the end of Q3, Moonbeam’s stablecoin market capitalization was $8 million. Native-Frax accounted for 70% of Moonbeam’s total stablecoin market capitalization.
Actionable Insights
- Investigate the Potential of Moonbeam Ignite: The launch of Moonbeam Ignite, a liquidity incentive program, resulted in a significant increase in Moonbeam’s market capitalization. This suggests that similar initiatives could further boost the platform’s market value.
- Explore the Role of GLMR Token: With 36% of GLMR’s total supply being staked by the end of Q3, the token’s role in the network’s economy and governance is worth examining for potential growth opportunities.
- Assess the Impact of XCM Activity: Moonbeam’s high XCM activity and new integrations with other platforms indicate its potential for cross-chain interactions, which could be a key area for future development.
- Consider the Stability of Moonbeam’s Ecosystem: Despite fluctuations in other metrics, Moonbeam’s DeFi TVL remained relatively stable, suggesting a resilient ecosystem that could attract further investment.
