MOVR Transparency Commitment

Updated April 6, 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 “Community Initiatives and Parachain Slot Reserve” allocation and the “Parachain Bond Reserve” allocation to help ensure that Moonriver maintains its parachain slot on the Kusama network. Ultimately the Moonriver network needs to acquire enough KSM to remain in a parachain slot in perpetuity. On March 6th 2022, Moonriver won the [27th] Kusama auction for a lease period 20-27. The Moonbeam Foundation self funded this auction through KSM acquired by liquidating approximately 20,000 MOVR from the “Community Initiatives and Parachain Slot Reserve” allocation. For more information on the Moonriver 2022 slot renewal please see below in the Token Release section on “Community Initiatives and Parachain Slot Reserve” allocation and this announcement.

(ii) Security and protocol development: the Foundation will use tokens from “Long-Term Network Stewardship and Adoption” 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, etc. 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 “Developer Adoption Program”, “Community Initiatives and Parachain Slot Reserve” and the “Long-Term Network and Stewardship & Adoption” allocations to continue to attract cutting-edge teams and builders to Moonriver through cash or token grants, competitions, and programs. In addition, the Foundation will assist in ecosystem development by supporting teams with liquidity and through user-adoption initiatives. Selection for these initiatives will be based upon a myriad of factors including the team’s technical capabilities, their product innovation, and market sentiment.

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 MOVR from time to time to be able to pay expenses that cannot be paid in MOVR. Liquidations could cover expenses ranging from service contracts that require stablecoin payments to accumulating KSM 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.

Addresses Under Foundation Control

Correction notice: MOVR genesis addresses updated on April 6, 2022. GLMR genesis addresses were previously shown.

The Foundation has published below the addresses of the tokens held under Foundation control for the community to monitor.

0xab1949cea95bdc445951b823f21a30e6596364c1
0xe30c476bf8b62fe3eee1a5914eb5f1c10c001454
0x51c40f6186c987dcf924cb1a0ac87263fed9bd8b
0x9b400d3a8a8d920d1ef4674095c354c9c3f929a8
0x0f5e55ab26822263923da4f14b1300d2b9264b3f
0x077e70374867349a2dc0fecb41b1c24d536b98ab
0x71fba157ee58974a32a473dd3f0d5beeb73cfd5e
0x76590b7071cc471e03144dd1d646a5f1299e1db7
0xa60ec49cc4ac1fcd24f82e638d7481107bee0fc0
0x83fd62188455f913423836b61671377602e5bd33
0x770a3fe433bcf1cd0c0ab72221a35c61ad9d7f3d
0xe840f52ccd6f2b0ad81ebaa42f1f6e8846e0c471
0x7aff0f0b40fde8e3fb3dee9f5ef82dfcc8f53faa
0x7497fccd6148e07b54be3ce4e3f79521b2a3267f
0xc563973f278b3eeae0f71d367099ea74d94a3303
0x48c2ccb7d1994acd1085d380969e8db0770360df
0x029344fcdb05a7a79f770ed4fdd855f3d8b99383
0xb8b4563e5bbd7b94e39a632a62a205d823e4a8ed
0x7439adaf0e67f1d0ad514da2b9cc06320dbc7838
0x9ec661dda5a39e14ff6091f1755016563ad82466
0x4c3bf24c4597dea110a7d6c4d41d5fc161e139e7
0xa59ac55cdb74339a4b2f6e59501efd1ebcf4f13a
0xbef14b868712fd52c430f963a260725138da9204
0xc2d7cc2df8da68613afb47c412984de551111a8a
0x3c78feb354003798e36a15dbb704cdd3c1d06f6a
0xeda72c8e02f29d90998fddd1c0a435596be66d6a
0x4049fdf7a30f0d061ac9707c0d031a414028d16d
0x0f5ff80225441781ebd9aa23671eac5a7f3c941c
0x99aec99cf4f8adefd4da2b1fc11110450c4c736d
0xe2413b3cc93655996f3bd0466602fd3817d63753
0xd13ec9ff1815387b17d49ec3fadd6c799afa5ff5
0x0cb93a7c2246be7a3350e9ac11846c5deb856ccd
0xce5190864480457a95bbe595286cca480261935d
0x05a1e7c971ade346babbe4555a6eb451be00a80e
0xd690b084778370e6118b8b05a4c6480eff075e2d
0x8e6115384b22235ba3ac911977ff5cb6dee85841
0x0f3e7d0158bd3208122c4d26d47d911c1aa44d80
0x9d07c19d69dd06be5d6ab458f07a241ceb33976d
0xf83b3682a46a83aa0622d5508b6880be9b931051
0x7394cf09d3f0065908bc64f7a4ef828d2cfc8a32
0x7421332cd1e5e0b4cc98432ec46003ee8dc4e69f
0x8809e65a96a973f96f7f44e38833da1b41708a63
0xeb6d7ea9df53e011efaba99fe7137bdf922d8add
0x7d5f0c9168866db358a5fbb0b9e3a26fa82b89b2
0x807653fc48aa037a98cd431648dcec84ce880f97
0x654e90a5fea414ecdfcb6f4d3f688c7cab913ab5
0x5a04d242669edf087ab5e6829b10d9556f4020a3

Protocol Controlled Addresses

These addresses contain tokens which are distributed by the protocol.

Crowdloan Pallet Funds

0x6d6F646C43726f77646C6f610000000000000000

Treasury

0x6d6f646C70792f74727372790000000000000000

State of Supply as of February 28, 2022

Circulating Supply: 3,242,496 MOVR
Total Supply: 10,273,783 MOVR
Net Inflation: 273,783 MOVR
Burnt Fees: 5,243 MOVR

Approx. 32% of the total supply was circulating as of Feb. 28th, 2022, including inflationary protocol rewards, Moonriver Crowdloan 2021 rewards, grants awarded to development teams, liquidity incentives and tokens released for broader long-term network adoption.

Since the launch of the network, approximately 195k Moonriver tokens have been distributed to collators and delegators in the form of inflationary protocol rewards consistent with MOVR’s inflation model. Collators and delegators are integral to the security and sustained operation of the network and, as such, earn 1% and 2.5%, respectively, of the supply’s 5% annual inflation rate for their network contributions.
To ensure long-term parachain sustainability, a portion of Moonriver supply inflation (1.5%) is also designated to the parachain bond reserve to ultimately secure a Kusama parachain slot in perpetuity. The parachain bond reserve has grown by approximately 83k MOVR to 133k MOVR since the launch of the network via its proportionate share of supply inflation.

In line with MOVR’s token economic model, approximately 80% of transaction fees related to smart contract execution are burned and removed from token supply. The other 20% of transaction fees is allocated to the protocol-controlled treasury. Transaction fees encompass both EVM and Substrate-based fees. The proportion of Substrate-based transaction fees designed to be paid to treasury was enabled since network launch (EVM and transfer enablement), while the proportion of EVM-based fees to treasury was unintentionally not enabled until the approximate date of October 8th, 2021. As of February 28th, 2022, 1,107 MOVR has been allocated to the treasury through its proportionate share of transaction fees.

Please refer to https://moonbeam.foundation/moonriver-token/ for more information on Moonriver’s token economics.

Glossary

  • 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.

Token Release Schedule(1)(2)

Historical Token Release Since Network Launch

MOVR Token Release March 2022

  1. Token release figures and dates presented in the chart above are approximate and subject to change. Please refer to https://moonbeam.foundation/moonriver-token/ for more information on Moonriver token allocations.
  2. Forecast token releases for allocations are not included in the figures above. As such, only historical activity is presented from network launch through 2/28/22 for the selected allocations in the chart above.

Tokens Released Into Circulation

The release of MOVR into circulation from select non-circulating genesis allocations is reported below on a cumulative basis since network launch. Subsequent updates to the Transparency Page will include reporting for the subject six-month period in addition to cumulatively.

Genesis Allocation Cumulative MOVR Released
Crowdloan 2021 Claimed Rewards 2.2 million
Community Initiatives and Parachain Slot Reserve 166 thousand
Developer Adoption Program 247 thousand
Long-term Network Stewardship & Adoption 324 thousand
  • Crowdloan 2021: 3M MOVR was allocated to the Moonriver 2021 Crowdloan, of which 30% was distributed at network launch (when transfers and EVM were enabled) and the remaining 70% vesting linearly over the 48 weeks of the parachain lease. Since launch, over 2.2M MOVR has been claimed by crowdloan participants resulting in unclaimed MOVR crowdloan rewards of 775k. Of this total, an estimated 265k MOVR has vested but not yet been claimed. The unvested balance will continue to vest on a block-by-block basis for the remainder of the parachain lease.
  • Community Initiatives and Parachain Slot Reserve: 4M MOVR was allocated to Community Initiatives and Parachain Slot Reserve. For the purposes of parachain sustainability and KSM accumulation, the Foundation engaged in the liquidation of MOVR under the structured selling guidelines outlined above in exchange for KSM. Approximately 20k MOVR has been liquidated to acquire KSM. For the 2022 slot renewal, the Foundation also decided to self-fund the parachain slot using this accumulated KSM. In addition, the Moonbeam Foundation decided to bid before the expiration of the current Moonriver slot with the hope of securing a lease at a more reasonable KSM price. More information on the Foundation’s 2022 strategy can be found in the recent announcement.Before Moonriver’s launch in August, the Foundation announced a plan to allocate 1M MOVR tokens to “liquidity programs”. Since launch, the Foundation has decided to collapse these allocated MOVR tokens into Community Initiatives and Parachain Slot Reserve and the Developer Adoption Program. The Foundation has decided to achieve the previously announced program’s primary goal of community adoption through developer focused grants that help spur innovation in the Moonriver ecosystem. Since network launch, 166k MOVR has been distributed to fund these programs and other community initiatives.
  • Developer Adoption Program: Cumulatively, the Foundation has distributed approx. 247k MOVR as grants to 23 teams and approx $407k as fiat-based grants to 16 teams and developers building on Moonriver as their contractual milestones have been achieved. Notable projects deployed on the Moonriver network that have received MOVR grants include Sushiswap, Solarbeam, Zenlink and Moonwell.
  • Long-Term Network Stewardship & Adoption: To date, the Foundation has disbursed 324k MOVR from this allocation to cover network operations, expenses and liquidity. Specifically, a cumulative total of 91k MOVR has been 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.

Disclaimer

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.