Moonbeam’s latest runtime release, “Runtime 2700,” introduces a bunch of meaningful upgrades that empower developers, projects, and the community. Let’s explore the most significant upgrades to the Moonbeam network from the Runtime 2700 upgrade, propelling the network into new innovative areas as well as boosting chain performance!
TLDR
- Upgrade to Polkadot SDK 1.3.0, which includes improvements across a variety of pallets.
- MBIP-5 is enabled on Moonbeam, enabling sustainable block storage growth. The last step in a 9-month plan.
- The first phase in the implementation of Asynchronous Backing, eventually leading to 6-second Moonbeam block times.
- EVM Smart Contracts can now access on-chain identity-specific functions
Upgrading to Polkadot SDK 1.3.0 – On-Chain Identity and Streamlined Cross-Chain Messaging
Runtime 2700 upgrades Moonbeam’s technical foundations to the Polkadot SDK version from 1.1.0 to 1.3.0, bringing enormous functional improvements. This update was essential for remaining compatible with ongoing Substrate advancements. It unlocks useful features across multiple pallets that translate into enhanced Moonbeam capabilities.
Some highlighted benefits include:
- Improvements to optimize preimage storage used for governance proposals.
- Multi-asset support for spending treasury funds rather than just native tokens. This provides flexibility in treasury management and aligns with ambitions to hold stablecoins and other assets.
- Streamlined management of on-chain identity fields so users can easily update information attached to accounts.
- Smoother cross-chain asset transfers by allowing diverse fee payment tokens when sending messages. For instance, paying fees in stablecoins rather than just native tokens.
- General bug fixes and performance improvements
Paving the Way for Faster Block Times
Runtime 2700 kicks off the first phase of upgrades required for asynchronous backing support on Polkadot’s relay chain. Once fully implemented in upcoming releases, this can dramatically boost throughput. Currently, this has been introduced in Moonbeams testnet; Moonbase Alpha.
By allowing parallel execution or “pipelining” of transaction validation and block production, parachains like Moonbeam can slash block intervals from 12 seconds down to just 6 seconds! Such responsiveness unlocks new use cases requiring swift confirmation times like trading and payments. The 2x throughput also raises Moonbeam’s capacity to support more transactions and activity.
Asynchronous backing brings pipelining to creating, backing, and including blocks in parachains. This means that some instructions can be executed before others are finished, and multiple processor parts can work on different instructions simultaneously, allowing for parallel execution.
On-chain identity
Moonbeam and Moonriver provide a naming system that allows users to add personal information (e.g., name, Twitter handle, email) to their on-chain account. Moreover, users may request verification of this information by “registrars.” In this way, other users of the network can have some degree of confidence that on-chain activity corresponds to particular individuals (even if pseudonymous) in the real world. This could, for example, be especially important in governance.
Previously, the use of identity features was only possible with substrate transactions and wallets and, therefore, not possible via the EVM and EVM-based wallets (e.g., MetaMask). In Runtime 2700, an identity precompile (included in a previous runtime) has been enabled so that making use of the identity features can be done within EVM smart contracts and dapps.
Streamlining Cross-Chain Messaging
Sending cross-chain messages under the XCM protocol has now become much easier with Runtime 2700’s “unlimited” execution option. Earlier, developers had to meticulously specify execution parameters when relaying tokens or data between parachains. Sub-optimal values would cause failed messages, creating adoption friction. The new unlimited mode allows specifying enough tokens to cover destination fees without fiddling with execution details, removing a major pain point and simplifying inter-chain connectivity for users!
Storage Limit per Gas (MBIP-5) Live on Moonbeam
As was introduced to Moonriver in Runtime 2602, this change is to ensure that the storage of the networks grows in a sustainable way by limiting the amount of storage that can be included in a given block. Going forward, a transaction will consume additional gas based on the storage used. This will be reflected in the gas estimation call of the transaction, as returned by Moonbeam’s Ethereum JSON RPC.
- Pros: This feature is more in line with Ethereum standards (both EIP-1559 and RPC compatibility), leading to fewer integration problems for Solidity developers on Moonbeam. In addition, there is no direct change to the Moonbeam base fee. The transaction fee calculation follows the EIP-1559 standard, as this MBIP is focused on the gas limit.
- Cons: A consequence of MBIP-5 could be that higher gas estimations might lead to higher block usage which can indirectly lead to increased transaction fees. See forum post for details.
Conclusion
Runtime 2700 introduces several upgrades for the Moonbeam network, part of the aim to significantly improve the user and developer experience on Moonbeam. Combining sustainability, architecture, performance, and convenience enhancements, Runtime 2700 decisively propels Moonbeam forward as one of Polkadot’s leading smart contract platforms.
Are you a developer curious about Moonbeam? Take advantage of the upcoming weekly Devs Open Mic sessions on Thursdays at 1pm EST to discuss these topics and more! These casual discussions on Discord Voice are a great place to get your questions answered and hear from other builders.
Moonbeam is a returning sponsor of EthDenver 2024, presenting a $10,000 bounty pool for cross-chain dApps. We’ll also have a booth presence, talks, and a Happy Hour! We look forward to seeing you there!
