Moonbeam is a Polkadot-based smart contract platform. GLMR (the Glimmer token) is its native currency. The protocol provides an Ethereum-compatible environment for building decentralized applications (dApps).

With interoperability in mind, the protocol is designed to serve assets and users operating within cross-chain ecosystems. It’s a utility token used as payment for transactions executed on the network, according to CoinGecko. GLMR is also responsible in facilitating on-chain governance, CoinGecko said. 

Moonbeam operates as a parachain within the broader Polkadot (DOT) ecosystem. According to the project, this technical framework is said to provide Moonbeam with connectivity to additional DOT parachains as well as stand-alone protocols like Bitcoin and Ethereum.

The protocol’s Ethereum Virtual Machine (EVM) compatibility feature enables programmers to easily redeploy Ethereum-based smart contracts on Moonbeam. Such functionality may be appealing to application developers dissuaded by ETH’s minimal scale and current fee structure, Messari said.

"Moonbeam combines the best of both worlds," CoinGecko said of the fusion between the familiar, relatively-easy-to-use world of Ethereum and the scalable, interoperable architecture of Polkadot.