TL;DR
- Moonbeam reached 57,000 daily transactions in Q4 2024, a 56% increase, and a 232% rise in transaction fees.
- StellaSwap surpassed Moonwell as the leading protocol in TVL on the platform, reaching $12.5 million, while Moonwell dropped by 76%.
- Moonbeam plans to expand into Ethereum with a chain that will use validators and restaking to improve security and interoperability.
Moonbeam, the Layer 1 parachain on the Polkadot network, had a very active fourth quarter in 2024, with advancements in several areas that strengthen its growth and expansion within the blockchain ecosystem.
During this period, the network saw a substantial increase in transaction volume, reaching 57,000 daily transactions, representing a 56% increase compared to the previous quarter. This was also reflected in an increase in transaction fees, which rose by 232% to $159,000, driven by higher activity within its key protocols, such as StellaSwap and Moonwell.
The Success of Moonbeam’s Protocols
One of the most important announcements was the consolidation of StellaSwap as the leading protocol in terms of total value locked (TVL) within Moonbeam, surpassing Moonwell, which had been dominant until then. StellaSwap reached a TVL of $12.5 million, with a 5% growth compared to the previous quarter. Meanwhile, Moonwell experienced a 76% drop in its TVL, mainly due to Coinbase withdrawing support for wBTC.
In terms of development, Moonbeam has worked on significant technical improvements. The network reduced the block time from 12 to 6 seconds, significantly increasing its processing capacity. Additionally, the integration with The Graph improved decentralized indexing and data querying, while support for new development tools like Passkeys optimized cross-chain interaction.
Expansion Towards Ethereum
One of Moonbeam’s long-term goals is its expansion into the Ethereum ecosystem. The network has announced plans to launch an expansion chain that will leverage Ethereum validators and the restaking system to enhance security while maintaining compatibility with Ethereum’s virtual machine (EVM) and its interoperability capabilities. This initiative, called V2, aims to expand the network’s presence without losing the advantages of its integration with Polkadot.
Moonbeam has also ventured into the gaming sector. In 2024, it hosted several events, including the Lunar Gaming Festival and collaboration with N3MUS, a project it supported with its innovation fund to strengthen its gaming infrastructure. Additionally, the network continues to advance the tokenization of real-world assets, highlighting its collaboration with Colb Finance to introduce tokenized products in the Swiss market.
With these developments, Moonbeam becomes one of the most dynamic platforms within Polkadot, with a clear focus on cross-chain interoperability, expanding the DeFi ecosystem, and its emerging foray into Ethereum
