Boston, MA – August 25, 2022 – Moonbeam, the top destination for multi-chain applications on Polkadot, has announced a cross-chain integration with the Phala Network, making the PHA token available for use on Moonbeam. Once PHA is deposited on Moonbeam as xcPHA — the XC-20 representation of the PHA token — it can be used across Moonbeam’s active ecosystem of DApps. The GLMR token can also now be used in SubBridge, a cross-chain router built on Phala, joining eight other assets already available.
The Phala integration is an example of the interoperability that’s possible in the Polkadot ecosystem through XCM (cross-consensus messaging), which is the native messaging capability built into Polkadot. As a Polkadot parachain, Moonbeam is able to provide these secure messaging capabilities to DApp developers who want to design rich interactions with other parachains. Moonbeam also supports secure message passing with external blockchains like Ethereum and Cosmos, allowing developers to build cross-chain connected contracts that tap into functionality and resources from many blockchains, within and outside of the Polkadot ecosystem.
Phala marks the fifth XCM integration on Polkadot, connecting the parachains in the ecosystem and making it easy for DApps built on top of them to interact. XCM integrations are a first step toward building new kinds of applications and use cases in Dotsama and beyond. The growing number of integrations between parachains drives more rich interoperability in the ecosystem.
As one of the largest ecosystems on Polkadot, Moonbeam and its connected contract applications have become a destination for a variety of assets, both Moonbeam-native and assets from the greater Polkadot ecosystem. Users can deposit PHA tokens on Moonbeam through the DApp, after which the tokens can be used and moved freely across the Moonbeam ecosystem, for use in DeFi applications and more. Token holders can find the latest list of live applications on Downtown Moonbeam, Dappradar, or DefiLlama.
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.
About Phala Network
Phala Network tackles the issue of trust in the computation cloud. Organizing a decentralized network of computation nodes around the world, it offers high-performance services without relying on any cloud vendor. Phala workers run the programs in Secure Enclaves, a privacy technology already embedded into modern processors, enabling versatile and confidential execution. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
