Glimmer (GLMR) Token

About Glimmer

The Utility Token of the Moonbeam Network

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 November 24, 2021.

Deployment Network

Moonbeam

Relay Chain

Polkadot

Token Name

Glimmer (GLMR)

Anticipated Launch

Q1 2022

Small Unit

Wei (10^18 Wei = 1 GLMR)

Genesis Token Supply

1 Billion

Annual Inflation Rate

5% Uncapped Supply

Transaction Fees

80% Burned / 20% to Treasury

Glimmer Token Utility

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:

  • Supporting the gas metering of smart contract execution
  • Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
  • Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc
  • Paying for transaction fees on the network

Gas Metering

Protocol Security

Onchain Governance

Network Transactions

Genesis Token Allocation

When the Moonbeam network launches, the total supply of Glimmer tokens will be one billion. A portion of the network tokens have been reserved to ensure the network secures and maintains a parachain slot on the Polkadot network. Significant portions of the network have also been reserved for the Take Flight community token event (10%), the 2021 Moonbeam crowdloan (15%), and future parachain bond funding (3%).

Allocation Details

Allocation
Amount
%
Description
Seed Funding 140,000,000 14% Seed funding completed in September 2020. Subject to 24-month vesting schedule with a 3-month lock and equal vesting in months 3–24.
Strategic Funding 120,000,000 12% Strategic funding completed in March 2021. Subject to 12-month vesting schedule with a 2-month lock and equal vesting in months 2–12.
“Take Flight” Community Event 100,000,000 10% Take Flight completed in September 2021. Subject to a 40-day lock with no vesting schedule.
2021 Moonbeam Crowdloan 150,000,000 15% 15% of the network is allocated to reward 2021 Moonbeam crowdloan contributors. The Moonbeam Crowdloan must garner enough support (in DOT) to win a 96-week lease parachain slot and launch on Polkadot. 30% of tokens will be distributed immediately when transfer and EVM are enabled, and the following 70% will be vest linearly on a block-by-block basis over the life of the lease (96 weeks).
Parachain Bond Funding 30,000,000 3% Tokens under Foundation control to be used to pay for the DOTs required for the Moonbeam parachain slot in years 3-6. 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 3-6. Unused funds can be used for other Foundation protocol adoption initiatives.
Parachain Bond Reserve 5,000,000 0.5% Tokens 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 5,000,000 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 150,000,000 15% Tokens to be used by the Moonbeam Foundation for protocol development and other programs.
Liquidity Programs 50,000,000 5% Tokens for liquidity programs to incentivize growth and adoption on Moonbeam. This allocation will help accelerate activity in the Moonbeam and ecosystem.
Developer Adoption Program 45,000,000 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 allocated to other community initiatives.
Key Partners & Advisors 45,000,000 4.5% Reserved for strategic partners and advisors. Advisors are subject to 24-month vesting from network launch, with a 7-month lock and equal vesting in months 7–24. Strategic partners a subject to 12-month vesting schedule with a 2-month lock and equal vesting in months 2–12
PureStake Early Backers 14,000,000 1.4% Subject to 2-year vesting schedule from network launch with a 6-month cliff and monthly vesting thereafter.
Founders and Early Employees 100,000,000 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 46,000,000 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.

Inflation and Fee Model

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.