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The Moonbeam Foundation has started its crowd loan process as it strives to secure a parachain slot on the Polkadot Network.
According to the annoucement, the Moonbeam Foundation announced that its crowd loan pre-registration had opened late last week. In addition, it is urging participants to register to support the Moonbeam Network’s launch on Polkadot.
Also, the pre-registration allows Moonbeam supporters to register their $DOT address and complete the required paperwork. The actual crowd loan itself is not expected to begin until around November 11.
1/ 📢 Calling the Moonbeam Community: You can now pre-register to the Moonbeam crowdloan through the Moonbeam Foundation dApp! 🚀
Read the Moonbeam Foundation's announcement here 👇https://t.co/WQe20kLyE9
🔥Get started by visiting 👇https://t.co/NQ4eZ5VPVW
— Moonbeam Network (@MoonbeamNetwork) October 16, 2021
On the other hand, the Moonbeam crowd loan will be available through a dApp created by the Foundation. It will also be accessible through approved third-party exchanges, announced in the upcoming weeks.
Therefore, to participate, users will need to lock $DOT tokens into a sponsored account for a designated period. Rewards for doing so are usually airdropped tokens from the project competing in the auction. Moonbeam published a step-by-step guide for participating in the pre-registration for the crowd loan.
Moonbeam Vying For Polkadot Parachain
Polkadot announced that it was finally ready to hold its parachain auctions on October 13. Before then, they were auctioned on its “canary network” Kusama. As reported by AltcoinBuzz on October 19, Kusama has just approved another 48 parachain auctions over the coming year.
In addition, Moonbeam will be among the projects vying for the first official Polkadot parachain auction in mid-November. According to Parachains.info, more than a hundred projects are angling for a slot. Only around a third of them were tested on the Rococo testnet.
"Moonbeam remains as the top parachain on @Polkadot. Moonbeam grants developers the flexibility of using Ethereum's features while delivering a more affordable cost structure, better scalability, and faster deployments."https://t.co/S2RUY9VnaP
— Moonbeam Network (@MoonbeamNetwork) October 18, 2021
Also, Moonbeam’s Moonriver “canary net” won the seventh Kusama parachain slot, aiming to replicate that with Polkadot.
Finally, Moonbeam allows Ethereum developers to build smart contracts on Polkadot. It provides an Ethereum compatible bridge to the Polkadot ecosystem for seamless dApp integration.
$MOVR Price Outlook
Moonriver’s native token, $MOVR, has gained 5.8%, currently trading at USD 253.71. The token has declined 47% from its September 11 all-time high of USD 494. If the parachain auction is successful, MOVR will likely see more upward momentum.
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