Updated January 31, 2023
The Moonbeam Foundation (“Foundation”) is committed to the longevity, development, and security of the Moonbeam network. We recognize that transparency is core to the sustainable success of the network. As part of this commitment to transparency, we are providing the community the following information on the Foundation’s token holdings, token actions to date and token supply.
Foundation Objectives & Statement of Use
The Moonbeam Foundation uses tokens under the Foundation control to help ensure the following three immediate strategic goals: (i) parachain sustainability, (ii) security and protocol development, and (iii) grants and ecosystem development.
(i) Parachain sustainability: the Foundation uses tokens from the “Parachain Bond Funding” and the “Parachain Bond Reserve” allocations to help ensure that Moonbeam maintains its parachain slot on the Polkadot network. Ultimately, the Moonbeam network needs to secure enough DOT to remain in a parachain slot in perpetuity. Multiple strategies will be employed by the Foundation to assist the Moonbeam network to achieve this DOT accumulation goal including, but not limited to, community token events to borrow DOT, deposits into and use of Moonbeam-based defi protocols, and potential liquidations of tokens for DOT. The next Moonbeam parachain slot auction is scheduled for October 2023. Any liquidations of GLMR for DOT will conform to the Foundation’s structured selling guidelines below.
(ii) Security and protocol development: the Foundation uses tokens from the “Long-Term Protocol & Ecosystem Development” allocation for a variety of initiatives that help ensure network security and that help drive the network’s long-term utility. These include supporting security audits, core protocol development, integration and testing of parachains and remote chains, infrastructure related test and integration environments, public RPC endpoint services, block explorers, developer support, education, and documentation. The Foundation encourages teams that can provide these kinds of services to apply via the Grant Program or through the Treasury.
(iii) Grants and ecosystem development: in addition to the “Developer Adoption” program designated as pre-launch incentives for early Moonbeam adopters, the Foundation also uses tokens from the “Long-Term Protocol & Ecosystem Development” and the “Liquidity Programs” allocations to attract cutting-edge teams and builders to Moonbeam through cash or token grants, competitions, incentive programs, ecosystem investment funds, and, more recently, an accelerator program. Through the end of January 2023, the Foundation has already disbursed over 20.2M GLMR from the Liquidity Programs allocation and 8.8M GLMR from the Developer Adoption allocation as token grants, jointly funded the Arrington Moonbeam Growth Fund (Long-Term Protocol & Ecosystem Development allocation) and Moonbeam Accelerator Program with Arrington Capital to support the developing ecosystem, and disbursed $3.1M as fiat and stablecoin grants to selected projects and teams. Selection for these initiatives is based upon a myriad of factors including the team’s technical capabilities, their product innovation, and community engagement.
In order to achieve these stated objectives:
- The Foundation may re-balance Foundation-controlled accounts from time to time, creating new addresses or removing old addresses. Any update to account addresses will be reflected below in order to ensure transparency.
- The Foundation may liquidate GLMR from time to time, when expenses cannot be paid in GLMR. A prime example would be liquidating GLMR in order to accumulate DOT for parachain sustainability purposes as described above. When undertaking these activities the Foundation will strictly adhere to the following Structured Selling Guidelines:
- The seller only makes offers above market price, and doesn’t sell into bids.
- Daily sales remain materially below a fixed amount set based on medium term volumes, and with the constraint of remaining below 5% of estimated real market volume on any given day.
Genesis Addresses Under Foundation Control
The Foundation has published below the non-circulating and circulating genesis* addresses of the tokens held under Foundation control for the community to monitor.
Non-Circulating Genesis Addresses:
*This account was not a genesis address but was subsequently added to the list above to maintain reporting transparency.
Circulating Genesis Addresses:
Protocol Controlled Addresses
Crowdloan Pallet Funds:
State of GLMR Supply as of January 31, 2023
Circulating Supply: 557M
Total Supply: 1,054M
Gross Inflation: 54.1M
Net Inflation: 53.7M
Burnt Fees: 347k
As of January 31, 2023, total GLMR supply was 1.054B, consisting of 1B genesis supply and 53.7M cumulative net inflation (defined as newly minted inflationary GLMR less burned transaction fees). Cumulative gross inflation totaled 54.1M through 1/31/23, reflecting a 5.41% increase over genesis supply of 1B. Actual gross inflation for the last twelve months ended January 31, 2023 was 4.8%, which was below the annual inflation rate target of 5% mainly due to actual average block times exceeding the 12-second assumption used to support this target.
Since the launch of the network, approximately 37.8M tokens have been minted and distributed to collators and delegators in the form of inflationary protocol rewards consistent with GLMR’s inflation model. Collators and delegators are integral to the security and sustained operation of the network and, as such, earn a proportionate share of the supply’s 5% target annual inflation rate for their network contributions (approximately 20% and 50%, respectively).
To ensure long-term parachain sustainability, a portion of Moonbeam supply inflation (30% of total supply) is also designated to the parachain bond reserve to ultimately secure a Polkadot parachain slot in perpetuity. The parachain bond reserve has grown by approximately 16.3M GLMR to 21.3M GLMR since the launch of the network via its proportionate share of supply inflation.
In line with GLMR’s token economic model, approximately 80% of transaction fees related to smart contract execution are burned and removed from token supply. It’s worth noting that cumulative burnt fees don’t precisely match the 80% targeted proportion due to imprecise fee calculations in earlier Moonbeam releases, resulting in the issuance of additional rewards to collators instead of these GLMR being burned. The overall increase to supply was 51.2k GLMR (0.0051% of genesis supply), which was more than offset by the lower amount of inflation attributable to slower block times (mentioned above). The other 20% of transaction fees are allocated to the community on-chain treasury. As of January 31st, 2023, 100k GLMR have been allocated to the treasury through its proportionate share of transaction fees.
Approximately 52.9% of total GLMR supply has been released into circulation as of January 31st, 2023, which is further detailed in the following sections.
- Circulating Supply: all tokens that are held in accounts outside of the non-circulating Moonbeam Foundation and protocol-controlled addresses listed above.
- Circulating supply includes circulating accounts under Moonbeam Foundation control (listed above) such as collator and other operational accounts that were classified within the Long-Term Protocol and Ecosystem Development allocation. The combined total genesis balance of these accounts was released into circulating supply at network launch.
- Total Supply: the number of tokens that are (i) circulating, (ii) under the Moonbeam Foundation control, (iii) under the Protocol Control.
Tokens Released Into Circulation
Historical Token Release Since Network Launch(1)(2)
- Token release schedules are approximate and subject to change. Please refer to https://moonbeam.foundation/glimmer-token/ for information on token allocations and please see the information below for further detail on the release of tokens.
- Forecast token releases for allocations are not included in the figures above. As such, only historical activity is presented from network launch through 1/31/23 for the selected allocations in the chart.
The net release of GLMR into circulation from select non-circulating genesis allocations is reported on a cumulative basis since network launch as well as for the subject 6-month reporting period. Going forward, updates to the transparency pages will continue to be bi-annual.
GLMR Net Released 8/1/22-1/31/23
Cumulative GLMR Net Released at 1/31/23
|Crowdloan 2021||27.3 million||97.4 million|
|Take Flight||0||98.2 million|
|Developer Adoption Program||5.0 million||8.8 million|
|Liquidity Programs||10.7 million||20.2 million|
|Long-Term Protocol & Ecosystem Development||6.1 million||52.0 million|
|Seed Funding||38.2 million||120.0 million
|Strategic Funding||65.5 million||98.2 million|
|Key Partners & Advisors||15.4 million||22.3 million|
|PureStake Early Backers||4.7 million||4.7 million|
|Founders and Early Employees||25.2 million||25.2 million|
|Future Employee Incentives||7.2 million||7.2 million|
|Treasury (on-chain community treasury)||396 thousand||442 thousand|
- Crowdloan 2021: 150M GLMR was allocated to the Moonbeam 2021 Crowdloan, of which 30% was distributed at network launch (when transfers and EVM were enabled) and the remaining 70% continues to vest linearly over the 96 weeks of the parachain lease. Through January 31, 2023, over 97M GLMR rewards have been claimed by crowdloan participants.
- Take Flight: The 98.2M GLMR tokens that were allocated to community members during the Take Flight token event (September 2021) were disbursed in full to participants on February 20, 2022.
- Developer Adoption Program: Cumulatively through the end of January 2023, the Foundation has distributed 8.8M GLMR from this allocation and an incremental $3.1M from its cash and stablecoin reserves as developer grants to 72 project teams as contractual milestones have been achieved. Of note, the majority of GLMR grants are subject to 24-month linear vesting schedules beginning on the date of milestone achievement and, therefore, will be released gradually over the two year vesting horizon (rather than as a single disbursement). Notable projects deployed on the Moonbeam network who have received GLMR grants are included in the list on the Moonbeam Foundation’s Grants Program page.
- Liquidity Programs: Approx. 40% of the 50M total Liquidity allocation, or 20M+ GLMR, has been distributed in the form of liquidity grants through January 2023. Of the 20M+ cumulative total, 10.7M GLMR was released to three grant recipients over the last 6-month period in conjunction with the Interim Grant Program, which successfully launched following a community vote in September 2022. This program ends in March 2023, and a second program (with the same 6-month budget term) was approved by the community March 7, 2023.
- Long-Term Protocol & Ecosystem Development: As of the end of January 2023, the Foundation has released 52.0M GLMR from the designated Long-Term Protocol & Ecosystem development allocation, of which 6.1M was released during the last 6-month period. The majority of the 6.1M spend was used to compensate Moonbeam advisors and employees as well as fund daily operations. During the period, 2M GLMR was also transferred to a third party provider for liquidation under the structured selling guidelines outlined above. Sales proceeds have been used to build operational cash reserves to cover future expenses and to fund fiat and stablecoin grants, daily operations, and other network expenses. Other Long-Term Protocol & Ecosystem Development tokens were used to fund the initial bonding requirements for the Orbiter Program. In support of this program, the Foundation also operates one of its Long-term Protocol non-circulating addresses as a network delegator. This account earned delegation rewards of 374k GLMR during the 6-month period, which were sent to the community-governed Treasury for the benefit of the overall network. Since the delegating account is non-circulating, all earned rewards effectively remain in non-circulating supply upon receipt. Delegation rewards earned by this account will continue to be swept to the Treasury on an ongoing basis.
- Seed Funding: The 140M Seed Early Backer allocation was subject to an initial 3-month lock-up with equal unlocks in months 3-24. The first distribution took place on April 11, 2022 and, through the end of January 2023, 63.6M GLMR has been distributed to Seed Early Backers. Distributions will continue monthly per the defined unlock terms through January 2024.
- Strategic Funding: The 120M Strategic Early Backer allocation was subject to an initial 2-month lock-up with equal unlocks in months 2-12. The first distribution took place on March 11, 2022, and the final distribution took place on January 11, 2023. As such, the full 120M GLMR allocation has been fully distributed to Strategic Early Backers.
- Key Partners & Advisors: The approx. 39.5M allocation consists of advisor and partner allocations that are subject to various unlock terms. Seed partners were subject to an initial 3-month lock-up with equal unlocks in months 3-24 (included in “Seed Terms” allocation in the preceding token release chart). Strategic partners were subject to an initial 2-month lock-up with equal unlocks in months 2-12 (included in “Strategic Terms” allocation in the preceding token release chart). Strategic partners received their final distributions in January 2023. Most other advisors were subject to an initial 7-month lock-up with equal unlocks in months 7-24. As of January 31, 2023, 22.3M GLMR was distributed to partners and advisors. Distributions will continue monthly for non-Strategic partners and advisors per the defined unlock terms.
- PureStake Early Backers: 14M GLMR tokens were allocated to early backers of PureStake, a core contributor of the Moonbeam Network. Vesting terms mimic those of most non-Seed and non-Strategic Advisors, as allocations are subject to an initial 7-month lock-up with equal unlocks in months 7-24. Through the end of January 2023, 4.7M GLMR have been distributed to Early Backers, and distributions will continue monthly through January 2024.
- Founders & Early Employees: Founders and early employees of PureStake, a core contributing team to the Moonbeam network, were allocated 100M GLMR subject to a 4-year vesting schedule from network launch with a 1-year cliff and monthly vesting thereafter. The first distribution took place on January 11, 2023 totaling 25.2M, which exceeded the 25% scheduled vested amount by 0.16% due to accelerated vesting granted to select departed employees. Distributions will continue monthly according to the defined vesting terms.
- Future Employee Incentives: Existing and future employees of PureStake were allocated 46M GLMR subject to a 4-year vesting schedule from network launch or grant date (whichever is later) with a 1-year cliff and monthly vesting thereafter. The first distribution took place on January 11, 2023 totaling 7.2M and distributions will continue monthly per the defined vesting terms.
- Treasury: Pursuant to the Treasury Spend Program, the Moonbeam Community Treasury Council approved five Treasury Proposals awards totaling 442k GLMR for three different project teams from October 2022 through January 2023 (visible as Treasury Proposals in the Subscan blockexplorer). Specific details on the services provided to the network for each award is further detailed in Treasury Proposals on Polkassembly. As previously mentioned, the Foundation also operates one of its non-circulating genesis addresses as a network delegator in support of the Orbiter Program. Since the delegating account is non-circulating, all earned rewards effectively remain in non-circulating supply and are sent to the Treasury. As such, inflows to the Treasury will exceed the designated 20% share of transaction fees. Through January 31, 2023, 374k GLMR rewards earned via this delegation account were swept to the Treasury.