Key Insights
Moonbeam recorded 5.8 million transactions in Q1 2025, up 11.6% QoQ, with the network’s average daily transactions increasing 14.0% to 64,419. Daily active addresses declined 20.2% to 1,716.GLMR’s market cap fell 69.3% QoQ to $70.8 million in Q1 2025, reflecting the broader downturn in altcoins. Fully diluted market cap also declined 70.6%, ending the quarter at $85.6 million.Network transaction fees declined 69.3% QoQ to $48,690, driven by the implementation of Runtime v3400, which reduced minimum gas prices by 75% and introduced a gas refund mechanism.Moonbeam averaged 6,900 daily transactions in its gaming ecosystem in Q1 2025, scaling total gaming transaction count 149.2% to 623,700 transactions in Q1.Moonbeam released its DataHaven Litepaper in Q1 2025, which outlined community incentives for owning GLMR and bridge mechanisms to connect Moonbeam’s ecosystems.
Primer
Moonbeam (GLMR) is a Layer-1 parachain on Polkadot, serving as an EVM-compatible smart contract platform. It provides an Ethereum Virtual Machine (EVM) implementation and a Web3 API, enabling straightforward deployment of Solidity contracts and protocol interfaces with minimal modifications. Moonbeam enables cross-chain integrations, leveraging its Moonbeam Routed Liquidity functionality and bridge networks. Its primary features include cross-chain integration, staking, and onchain governance.
The network includes multiple deployments: Moonbeam on Polkadot (December 2021), Moonriver on Kusama (June 2021), and Moonbase Alpha on TestNet (September 2020). This structure ensures safe and rapid updates to Moonbeam’s mainnet.
In Q1 2025, Moonbeam expanded its functionality with the launch of the DataHaven Litepaper, introducing DataHaven as an AI-first decentralized storage platform secured by EigenLayer’s staking protocol. DataHaven operates as the first Autonomous Verifiable Service (AVS), offering authentic, verifiable, and censorship-resistant storage. A native trustless bridge between Moonbeam and DataHaven was developed to enable asset storage and application deployment across both networks.
Moonbeam’s technology stack, built with Rust and Substrate, provides a robust development environment. It boasts Ethereum compatibility, offering a full EVM implementation and Web3 RPC API, which integrates existing Ethereum tools and applications. As a key player in the Polkadot ecosystem, Moonbeam provides developers with an accessible route to leverage Polkadot’s network effects while utilizing Ethereum tooling and compatibility.
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Key Metrics
Analysis
In Q1 2025, GLMR’s market cap was valued at $70.8 million, experiencing a 69.3% QoQ decline from $230.4 million in Q4 2024. Similarly, the fully diluted market cap (accounting for all tokens in circulation plus those vested) fell to $85.6 million, experiencing a 70.6% QoQ decline from $291.0 million in Q4 2024.
GLMR is the native token of the Moonbeam network. It serves several roles, including compensating block producers to secure the network, supporting onchain governance participation, and settling transaction fees. The token follows a fixed annual inflation schedule of 5.0%, with no predefined maximum supply.
Moonbeam’s total transaction fees (USD) totaled $48,690 in Q1 2025, experiencing a 69.3% QoQ decline from $158,792 in Q4 2024. Average daily transaction fees (USD) were valued at $541, experiencing a 68.7% decline from an average of $1,726 in Q4 2024. Denominated in GLMR, transaction fees amounted to 300,314 GLMR in Q1 2025, experiencing a 56.1% QoQ decline from 683,600 GLMR in Q4 2024. Average daily transaction fees (in GLMR) were valued at 3,336 GLMR, experiencing a 55.1% decline from a daily average of 7,430 GLMR in Q4 2024.
These movements were partially influenced by the results of Referendum 91, which upgraded the Moonbeam runtime to v3400, therefore supporting a 75% reduction in the minimum gas price across all runtimes. Runtime 3400 also included improved debugging capabilities, smart contract management, and reduced transaction fees. It also introduced a gas refund mechanism for overestimated Proof-of-Validity (PoV) computations.
Of the transaction fees generated, 80% were burned, while the remaining 20% were directed to the network’s Treasury.
Moonbeam recorded an average of 1,557 daily returning addresses in Q1 2025, reflecting an 18.4% QoQ decrease from 1,909 daily returning addresses in Q4 2024. Transaction count showed positive growth in Q1; Moonbeam recorded 5.8 million transactions in Q1, an 11.6% QoQ increase from 5.2 million transactions in Q4 2024. Additionally, Moonbeam averaged 64,419 daily transactions in Q1 2024, increasing 14.1% QoQ from 56,482 average daily transactions in Q4 2024. Daily active addresses fell to 1,716 in Q1, a 20.2% decrease from 2,152 in Q4 2024. By the end of the quarter, Moonbeam was ranked in the top two parachains by the number of unique and active accounts.
Cross-Consensus Messaging (XCM) activity, a messaging format and protocol used to communicate between Moonbeam and other Polkadot parachains, declined in Q1 2025. Average daily XCM transfers dropped to 145.9 in Q1 2025, a 32.3% QoQ decrease from 215.3 in Q4 2024. The total number of XCM transfers fell from 19,811 in Q4 2024 to 13,129 in Q1 2025, a 33.7% QoQ decrease. Daily XCM messages averaged 146.8 in Q1, decreasing 38.7% QoQ from 239.4 in Q4 2024. Similarly, the total number of XCM messages (which include non-transfer actions) also fell from 22,024 in Q4 2024 to 13,129 in Q1 2025, marking a 40.4% QoQ drop. Notably, the exit of the FRAX stablecoin and a broader DeFi slowdown reduced the pool of assets available to move between chains. With fewer stablecoins and liquidity incentives active in Q1, parachain transactions were affected.
Moonbeam’s DeFi TVL was valued at $11.5 million in Q1 2025, experiencing a 38.6% QoQ decline from $18.7 million in Q4 2024. Notably, StellaSwap (lending) recorded a TVL of $8.8 million, solidifying its position as the largest protocol by TVL on Moonbeam. StellaSwap launched new features and campaigns (such as liquidity mining and a user interface rebranding event in February), which helped retain liquidity. By quarter’s end, StellaSwap accounted for 77.0% of Moonbeam’s DeFi TVL, a dominance that grew as overall TVL shrank and smaller DEXes and yield farms either stagnated or ceased operations due to low activity.
As of March 31, 2025, the leading protocols by TVL on Moonbeam are as follows:
Moonbeam’s total stablecoin market cap dropped from $8.2 million to $4.0 million, decreasing by 51.7%. The primary driver was the exit of FRAX, a partially algorithmic USD stablecoin. FRAX had been heavily deployed on Moonbeam throughout 2023 and 2024; the token constituted $5.3 million (65.0%) of Moonbeam’s stablecoin market cap at the end of Q4 2024. However, in Q1 2025, FRAX’s stablecoin market cap declined to $932,026. As FRAX liquidity was withdrawn, FRAX-related DeFi activity (like FraxSwap and lending using FRAX) followed closely. Notably, the Moonbeam Foundation’s collaboration with Colb Finance (announced on Feb. 27, 2025) plans to bring Swiss-franc stablecoins and structured products to Moonbeam in 2025.
Additional Developments
Moonbeam’s Q1 2025 saw steady progress across its ecosystem, spanning gaming and NFTs, real-world asset initiatives, governance improvements, infrastructure upgrades, and developer outreach:
Developer Ecosystem
Moonbeam’s developer ecosystem expanded in Q1 through several initiatives. Moonbeam Academy (Moonbuilders Academy) continued to offer structured courses for new developers, and the team rolled out improvements to the Moonbeam App and documentation to enhance user/developer experience. The quarter also brought new integrations, including the launch of Nectar Protocol (for DeFi liquidity), as well as ongoing collaborations with cross-chain infrastructure projects. Moonbeam also began laying the groundwork for broader multichain expansion last quarter, hoping to build on this in future quarters. The protocol engaged with partners like EigenLayer in discussions on deploying Moonbeam technology in the Ethereum ecosystem, reflecting a forward-looking approach to grow beyond Polkadot. Overall, these developments in Q1 strengthened Moonbeam’s foundation and positioned its developer ecosystem for further growth.
Ecosystem Growth (Gaming & NFTs)
Moonbeam’s gaming ecosystem continued to expand, which was highlighted by community events and game launches. N3MUS, a Web3 gaming platform on Moonbeam, ran weekly tournaments with over 40,000 total games played in Q1 (logging 1,850 hours and distributing $11,400 in rewards to players). Meanwhile, Evrloot, a dark-fantasy RPG built on Moonbeam, gears up for its full launch after a late 2024 soft release, reaching 300,000 onchain transactions since November as players embrace its NFT-based gameplay.
Real-World Asset Integrations
Building on 2024 groundwork, Moonbeam advanced its RWA initiatives. In February, the Moonbeam Foundation partnered with Switzerland-based Colb Asset SA to launch the Colb Managed Token (CMT), an onchain subscription-based investment vehicle offering exposure to a diversified portfolio managed by NS Partners SA.
Governance & Community Programs
Q1 saw improvements in Moonbeam’s governance processes and community engagement. A new Treasury Council (with community-elected members serving alongside Foundation representatives) commenced its January – June 2025 term, increasing decentralized oversight of treasury spending. Moonbeam also introduced a streamlined governance portal for tracking proposals and referenda, making it easier for tokenholders to monitor and participate in onchain decisions. On the community side, Moonbeam concluded its Moonrise Points campaign – a gamified initiative encouraging users to bridge and swap assets on Moonbeam.
Closing Summary
Moonbeam experienced mixed financial metrics during Q1 2025, with market cap and TVL declining along the trend of broader altcoin decline. Despite financial headwinds, network usage remained steady. Moonbeam recorded 5.8 million transactions, up 11.6% QoQ, with daily average transactions increasing 14.1% QoQ. Meanwhile, system-level upgrades like Runtime v3400 significantly reduced user costs by cutting the minimum gas price by 75% and introducing a gas refund mechanism. Ecosystem developments included the launch of Nectar Protocol, sustained gaming activity via N3MUS and Evrloot, and governance enhancements through a new Treasury Council and upgraded proposal portal. Such initiatives have strengthened Moonbeam’s core infrastructure, positioning it for more sustainable growth in the quarters ahead.
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