Research Summary
The report provides a comprehensive analysis of Moonbeam’s Q4 2023 performance, highlighting its growth in network usage, developer presence, and Cross-Consensus Messaging (XCM) activity. It also discusses Moonbeam’s market capitalization, revenue, and Total Value Locked (TVL).
Key Takeaways
Record High in XCM Activity
- Surge in XCM Activity: Moonbeam’s Cross-Consensus Messaging (XCM) activity reached an all-time high of 185 messages per day in Q4 2023, marking a 108% increase QoQ. This surge was driven by increased ecosystem activity and strategic integrations.
Increased Network Usage
- Uptick in Network Usage: Moonbeam’s daily active addresses increased by 54% QoQ to 5,000, and daily transactions rose by 14% QoQ to 52,000, indicating a significant uptick in network usage.
Strong Developer Presence
- Robust Developer Community: Moonbeam maintained a strong developer presence with 250 monthly active developers, including 85 in full-time roles, supporting its ecosystem.
Market Capitalization and Revenue
- Market Capitalization: Moonbeam’s circulating market cap ended Q4 2023 at $370 million, and the fully diluted market cap adjusted to $503 million. The increase was attributed to the overall market rally and enhanced network usage.
- Revenue: Moonbeam reported revenue of 387,000 GLMR, down 5% QoQ. However, the revenue in USD was $126,000, representing an increase of +123% QoQ, amplified by the increase in GLMR’s price.
Total Value Locked (TVL)
- TVL Growth: The Total Value Locked (TVL) in USD on Moonbeam was recorded at $70 million in Q4 2023, representing a 34% increase QoQ from $53 million.
Actionable Insights
- Monitor Moonbeam’s Network Usage: The significant uptick in Moonbeam’s network usage, including daily active addresses and transactions, indicates a growing user base and increased activity. Stakeholders should monitor these metrics to understand the network’s performance and user engagement.
- Assess Developer Activity: With a strong developer presence, Moonbeam’s ecosystem is likely to see continued growth and innovation. Stakeholders should assess the level and quality of developer activity as an indicator of the network’s health and potential for future growth.
- Track XCM Activity: The record high in XCM activity suggests increased interactivity with other networks. Stakeholders should track this activity to understand Moonbeam’s role and influence within the broader Polkadot ecosystem.
