Singapore – March 20, 2023 – Moonbeam, the top destination for multi-chain applications on Polkadot, has released a number of upgrades as part of runtime 2200 including a new dynamic fee mechanism on Moonriver and improvements to staking and voting with proxy accounts from the staking DApp. Additionally, in another step toward uniting the functionality of the Polkadot ecosystem, a new format for XC-20s is being tested on Moonbase Alpha, which will simplify the process of transferring ERC-20 tokens around the ecosystem, if approved by the community to move to Moonriver and Moonbeam in future governance.
To improve the user experience around the network’s fee system, Moonriver has adopted a new fee system that will accommodate fluctuations in network usage which will make transaction fees more predictable and stable. This change brings sensible fees that do not move too high or too low, keeps fees consistent between Substrate-based and Ethereum-based transactions, and means fees should respond well to block congestion.
The Moonbeam and Moonriver apps have been updated to include access to features beyond staking and accessing cross-chain assets. The refreshed app now includes a menu where users can access network governance functions and proxy account voting is now possible. For tutorials and more information view How to Interact with Cross-Chain Assets on Moonbeam and Moonriver.
Use the Moonriver and Moonbeam DApp to:
- View token balances
- Transfers tokens to and from other parachains
- Stake tokens
- View staking balances
- Access different governance tools
XC-20 tokens are a Moonbeam creation that makes tokens from other parachains available for use as ERC20s on Moonbeam and Moonriver. XC20s are tokens deposited from their home chain using an HRMP channel, making it possible for cross-chain dapps to access liquidity with minimal effort for end users.
This latest upgrade brings ERC-20 XCM capability to Moonbase Alpha for testing. It facilitates the seamless transfer of ERC-20 tokens across the broader blockchain ecosystem, simplifying the process for users and developers. If implemented on Moonriver and Moonbeam via governance, parachains will be able to accept tokens from other parachains without restrictions. ERC-20 XCM can connect Moonbeam with other parachains and expand the reach of decentralized finance and other applications especially if combined with the upcoming XCM-to-EVM feature. Developers can create more robust, liquid and powerful decentralized finance applications that can leverage the full capabilities of Moonbeam’s advanced smart contract technology.
New features like these included in the runtime 2200 update are discussed and proposed in the Moonbeam Community Forum before going through the governance process to achieve approval. Any community member can post an idea for consideration in the Forum to improve Moonriver and Moonbeam in areas ranging from technical updates to improving or changing the end-user experience. Feedback from the community is encouraged to continue to serve the community and ensure the decentralization and safety of the network.
About the Moonbeam Network
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.