Moonbeam Introduces Powerful Interoperability Features to Polkadot

Singapore – July 21, 2023 – MoonbeamGo to page https://moonbeam.network/, the top destination for multi-chain applications on Polkadot, has released new advanced interoperability capabilities for inter-parachain interactivity. The latest chain upgrade, runtime 2401, was the largest feature release since Moonbeam’s launch and included three monumental new updates for developers on the chain: a precompiled smart contract for accessing message passing features, the ability to use Moonbeam’s EVM-based environment from another Polkadot parachainGo to page https://moonbeam.network/education/what-is-a-parachain/, and OpenGovGo to page https://moonbeam.network/blog/opengov/ which is the next generation of governance on on Moonbeam. These updates further empower the Moonbeam community and signal another leap forward in interoperability.

The runtime 2401 upgrade, which was recently approved and enacted by an on-chain community voteGo to page https://moonbeam.polkassembly.network/referendum/104, included a number of enhancements to Moonbeam’s interoperability features:

• A general message passing (GMPGo to page https://moonbeam.network/blog/what-is-gmp/) precompile, which is a preconfigured smart contract that parachains can use to tap into bridged liquidity on Moonbeam.
• XCM to EVM on Moonbeam and Moonriver, which gives developers access to initiate changes of state on Moonbeam’s EVM from their home chains.
• OpenGov on Moonbeam, which is an upgraded governance process that enables token holders to actively participate in decision-making, fostering transparency, decentralization, and community-driven changes.

These upgrades are designed with the user at heart: Moonbeam continues to challenge expectations for what qualifies as an engaging user experience in Web3, delivering capabilities for developers that help them build better applications.

Let’s take a closer look at what each of these features entails.

GMP Precompile

Moonbeam has long supported top general message passing providers, which power the chain’s connected contractsGo to page https://moonbeam.network/builders/connected-contracts/. The addition of Moonbeam’s GMP precompile means that developers on other Polkadot-based chains can now tap into this functionality to connect smart contracts and transfer tokens, data, and payloads across different blockchains. This opens up new possibilities for decentralized finance (DeFi) and interoperability.

These GMPGo to page https://moonbeam.network/blog/what-is-gmp/ precompiles are also a core component of Moonbeam Routed Liquidity (MRL)Go to page https://moonbeam.network/education/moonbeam-routed-liquidity/, a powerful new way to bring liquidity to the entire Polkadot ecosystem. This one-click feature can summon bridge assets from anywhere in the Polkadot ecosystem. This is made possible by this upgrade’s general message passing precompile as well as other interoperable capabilities available on Moonbeam like Polkadot’s cross-consensus messaging (XCM)Go to page https://moonbeam.network/blog/xcm-on-polkadot/ and Moonbeam’s XC-20Go to page https://moonbeam.network/blog/introducing-xc-20s/ technologies.

XCM to EVM (with XCM v3)

The XCMGo to page https://moonbeam.network/blog/xcm-on-polkadot/ to EVM feature allows developers on other chains to trigger function calls on Moonbeam’s EVM and access all of its features from their home chains. This means that projects can deploy on Moonbeam and reach other blockchains, including parachainsGo to page https://moonbeam.network/education/what-is-a-parachain/, unlike a project launched on Ethereum, which is restricted. Developers can do more with smart contracts to unlock new possibilities for decentralized applications by the XCM v3-enabled functional decomposition of the Relay Chain.

The decomposition feature allows remote locking. This means that one chain can request that another chain lock assets until the requesting chain says to unlock them. This allows one chain to use an asset that exists on another chain without bridging or moving tokens.

Developers from within the Polkadot ecosystem can also use EVM to XCM to access general message-passing protocols like Axelar via Moonbeam, which allows them to communicate with other blockchains outside of the ecosystem connected to Moonbeam like Ethereum, Cosmos, and Avalanche to create dApps with new possibilities.

OpenGov on Moonbeam

OpenGov on Moonbeam brings significant improvements to the governance process, allowing token holders to actively participate, contribute, and shape the future of the ecosystem. With enhanced transparency and decentralization, community members have more influence in decision-making. This empowerment engages token holders to be active, builds a sense of ownership, and drives positive changes that align with the users needs and preferences.

With OpenGov, proposals are submitted through the Community ForumGo to page https://forum.moonbeam.foundation/, and token holders can use their voting power to support or reject these proposals during the deciding period. The process incorporates the option for token holders to delegate their voting power to others based on different tracks.

Safeguards are in place to protect the network, including the ability to cancel malicious proposals and fast-track critical upgrades. OpenGov aims to foster decentralization, transparency, and community participation in shaping the future of the network.

About the Moonbeam Network

MoonbeamGo to page [object Object] 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.