Moonbeam Emerges As The Gateway To The Promised “Multichain” Future Of Blockchain Technology

For years, developers have been trying to determine the best alternative for Ethereum’s increasing network congestion and gas costs. Even though layer-2 scaling solutions involving zkSNARKS and Optimistic Rollups have been introduced to alleviate these challenges, most of these answers aim to improve Ethereum’s scalability. On the other hand, Moonbeam leverages the interoperability and scalability of Polkadot to offer developers an environment that is fully compatible with Ethereum and its corresponding development tools. The Moonbeam Network serves as a highly-specialized layer-1 blockchain. Accordingly, it isn’t here to compete with Ethereum but will assuredly extend Ethereum’s base functionalities with Polkadot’s built-in features like on-chain governance, cross-chain integrations, and staking. Since Ethereum already holds the lion’s share of the DeFi ecosystem (and the majority of the dApps are deployed atop it), it is quite certain that even in a multichain future, it will continue to hold a commanding position. In this context, Moonbeam will offer developers the ability to migrate their existing Ethereum-based projects to its network without making any major codebase changes. At the same time, it will extend a project’s reach to other chains (and users) who are already part of the Polkadot network. As DeFi takes the multichain approach, which is a must for projects to achieve mainstream adoption, multichain infrastructur...