The primary deployment of Moonbeam will be on the Polkadot network, with an associated token called Glimmer (GLMR). As the Moonbeam network is still under development, the information on this page may change before the public launch of the network.
Last Updated February 22, 2021.
Moonbeam
Polkadot
Glimmer (GLMR)
Q3 2021
Lux (10^18 Lux = 1 GLMR)
10 Million
5% Uncapped Supply
80% Burned / 20% to Treasury
As a decentralized smart contract platform, Moonbeam requires the Glimmer token to function. This token is central to the design of Moonbeam and cannot be removed without sacrificing essential functionality. Some of the uses of the Glimmer token on Moonbeam include:
When the Moonbeam network launches, the total supply of Glimmer tokens will be 10 million. A portion of the network tokens have been reserved to ensure the network secures and maintains a parachain slot on the Polkadot network. A significant portion of the network (16%) has also been reserved for a future public sale, will shortly precede the public network launch. The amount for sale may be increased based on public demand. Details are TBD, but this page will be updated as more information becomes available.
Allocation |
Amount |
% |
Description |
|---|---|---|---|
| Seed Funding | 1,400,000 | 14% | Seed funding completed in September 2020. Subject to 24-month vesting schedule with a 3-month cliff and equal vesting in months 4–24. |
| Strategic Sale | 1,200,000 | 12% | Strategic funding completed in March 2021. Subject to 12-month vesting schedule with a 2-month cliff and equal vesting in months 3–12. |
| Public Sale | 1,600,000 | 16% | Subject to a 40-day lock with no vesting schedule. Public sale details subject to change. |
| Parachain Bond Funding | 1,500,000 | 15% | Tokens under Foundation control to be used to pay for the DOTs required for the Moonbeam parachain slot in years 1-6. These payments may take the form of interest payments to borrow DOTs for the required parachain bond or rewards for crowdloan participants. These funds will act as a backstop to ensure that our parachain slot is funded for years 1-6. Unused funds can be used for other Foundation protocol adoption initiatives. |
| Parachain Bond Reserve | 50,000 | 0.5% | Onchain funds to be used for parachain bond purposes. Part of the supply inflation goes into this fund and the idea is ultimately for this reserve to hold enough DOT to secure a parachain slot in perpetuity. |
| Treasury | 50,000 | 0.5% | Initial funds for the onchain treasury that can be used to fund public goods using onchain governance. 20% of fees also go here. |
| Long-Term Protocol & Ecosystem Development | 1,700,000 | 17% | Tokens to be used by the Moonbeam Foundation for protocol development and other programs. |
| Developer Adoption Program | 450,000 | 4.5% | Funds to be used as incentives for developers and projects that are early Moonbeam adopters. Subject to vesting (2-year monthly linear vest). Unused tokens can be used for future sales. |
| Key Partners & Advisors | 450,000 | 4.5% | Reserved for strategic partners and advisors. Subject to 2-year vesting from network launch, with a 6-month cliff and monthly vesting thereafter. |
| PureStake Early Backers | 140,000 | 1.4% | Subject to 2-year vesting schedule from network launch with a 6-month cliff and monthly vesting thereafter. |
| Founders and Early Employees | 1,000,000 | 10% | Founders and PureStake employees. Subject to a 4-year vesting schedule from network launch with a 1-year cliff and monthly vesting thereafter. |
| Future Employee Incentives | 460,000 | 4.6% | Future employee token incentive pool. Future issues from this pool will be subject to a 4-year vesting schedule from the the network launch or grant date (whichever is later) with a 1-year cliff and monthly vesting thereafter. |
Moonbeam targets a 5% annual inflation rate and, as such, has an uncapped token supply.
The purpose of inflation in Moonbeam is to pay for ongoing security needs of the network. The primary security budget items are to pay for a parachain slot on an ongoing basis, and to incentivize collators to provide collation (block production) services to support the Moonbeam network. Of the 5% inflation, 1% will go towards incentivizing collators and 1.5% will go to the parachain bond reserve to accumulate on chain funds to pay for a parachain slot in perpetuity. The remaining 2.5% will go to users that stake their GLMR tokens and help power the collator selection process.
Fees on Moonbeam related to transactions and smart contract execution will be handled in two ways. 80% of the spent fees will be burned, which acts as a deflationary force and accrues value to existing GLMR holders based on increased utilization of the network. 20% of the spent fees will go to the on chain treasury which can be allocated via onchain governance to projects and initiatives which further adoption and engagement with the network.
We’ll update you on important Foundation news, like Moonriver Crowdloan information and Glimmer token distribution.
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