Updated January 17, 2022
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, the Foundation token actions to date and token supply.
Foundation Objectives & Statement of Use
The Moonbeam Foundation plans to use 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 will use 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 tokens events to borrow DOT, deposits into and use of Moonbeam based defi protocols, liquidations of GLMR for DOT. The next parachain slot auction is scheduled for October 2023. The Foundation has not yet decided its strategy for the 2023 Polkadot auction (crowdloan, self-fund, etc), but will publish additional information on its parachain sustainability approach when available. Any liquidations of GLMR for DOT will conform to the Foundation’s structured selling guidelines below.
(ii) Security and protocol development: the Foundation will use tokens from “Long-Term Protocol & Ecosystem Development ” for a variety of initiatives that help ensure network security and that help drive the network’s long-term utility. These include using the Foundation’s token supply to support 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. Currently, the Foundation selects teams to perform the majority of services listed above. The Foundation will continue to operate its Grant Program and welcomes teams that can provide these kinds of services to apply
(iii) Grants and ecosystem development: the Foundation will use 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, and programs. Selection for these initiatives will be based upon a myriad of factors including the team’s technical capabilities, their product innovation, and community engagement. The Foundation currently plans to give token grants from the Liquidity Programs allocation and fiat-based grants from the “Long-Term Protocol & Ecosystem Development” allocation.
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 addresses of the tokens held under Foundation control for the community to monitor.
Protocol Controlled Addresses
These addresses contain tokens which are distributed by the protocol.
Crowdloan Pallet Funds:
State of Supply
Circulating Supply at Launch: Approx. 7% of the total supply was circulating at launch, including Moonbeam Crowdloan rewards and tokens distributed for broader long-term network adoption.
- Circulating Supply: all tokens that are held in accounts outside of the Moonbeam Foundation and Protocol control listed above.
- Total Supply: the number of tokens that are (i) circulating, (ii) under the Moonbeam Foundation control, (iii) under the Protocol Control
Estimated Token Release Schedule
- 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 the token release assumptions .
- Token allocations that are not subject to vesting schedules have been excluded from the Estimated Token Release Schedule–these allocations are “Long-term Protocol & Ecosystem Development”, “Liquidity Incentives”, “Parachain Bond Funding”, “Parachain Bond Reserve”, and “Treasury”. To date, the Foundation has released approximately 26M GLMR from “Long-term Protocol and Ecosystem Development” to cover network operations, expenses and liquidity.
Estimated Token Release Schedule: Assumptions and Details
- Developer Adoption Program: For simplicity purposes, we have evenly distributed the release of these tokens over 24 months and assumed that all grant recipients deliver promised milestones by the start of vesting.
- PureStake Early Backers: Projected token release follows the defined 24-month vesting schedule with distributions subject to an initial 7-month lock-up and equal vesting in months 7-24.
- 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% vests linearly over the 96 weeks of the parachain lease.
- Seed Funding Terms: Projected token release follows the defined 24-month vesting schedule with distributions subject to an initial 3-month lock-up and equal vesting in months 3-24.
- Strategic Vesting Terms: Projected token release follows the defined 12-month vesting schedule with distributions subject to an initial 2-month lock-up and equal vesting in months 2-12.
Advisor Vesting Terms: Projected token release follows the defined 24-month vesting schedule with distributions subject to an initial 7-month lock-up and equal vesting in months 7-24.
Future Employee Incentive Plan: The estimated token release assumes full allocation of the fund (67.39% allocated at launch). Future allocations are 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.
- Founders and Early Employees: Distributions are subject to a 4-year vesting schedule from network launch with a 1-month cliff and monthly vesting thereafter.
- Take Flight: The Take Flight token event completed in September 2021 with 98.2M GLMR purchased by community members, representing nearly 10% of genesis supply. Distributions are subject to a 40-day lock from network launch with no vesting schedule.
The information contained herein pertaining to Moonbeam Foundation (“Moonbeam” or the “Company”), its business assets, strategy and operations is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws. Information contained herein should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. The information herein does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. Moonbeam and its agents, advisors, directors, officers, employees and members make no representation or warranties, expressed or implied, as to the accuracy of such information and Moonbeam expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. Moonbeam reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained herein is intended only for the persons to whom it is transmitted for the purposes of evaluating the Company. The information contained herein supersedes any prior information or conversation concerning the Company. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither we nor any of our representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information contained herein by you or any of your representatives or for omissions from the information herein. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed herein.