Updated September 28, 2021
The Moonbeam Foundation (“Foundation”) is committed to the longevity, development, and security of the Moonriver 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. Multiple strategies will be employed by the Foundation to assist the Moonriver network to achieve this KSM accumulation goal including but not limited to additional crowdloans, deposits into and use of Moonriver based defi protocols, future community token events (similar to Take Flight), OTC deals, or market sales of MOVR tokens. The next parachain slot auction is scheduled for May 2022. The Foundation has not yet decided its strategy for the upcoming 2022 Kusama parachain auction (crowdloan, self-fund, etc), but plans to publish additional information on its parachain sustainability approach when available.
(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. There are currently one (1) million MOVR tokens allocated from the “Community Initiatives and Parachain Slot Reserve” for liquidity programs in 2021-2022. In addition, all 450,000 tokens in the “Development Adoption Program” have been allocated to teams and will be distributed once these teams meet their respective project milestones on Moonriver.
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 market-sell MOVR from time to time, when expenses cannot be paid in MOVR. A prime example would be liquidating MOVR in order to accumulate 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
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: ~15% of the total supply was circulating at launch. This included Moonriver Crowdloan reward distribution and tokens distributed for broader network adoption.
- Circulating Supply: the numbers of tokens that are currently in accounts outside of the Moonbeam Foundation and protocol control (Treasury & Moonriver 2021 Crowdloan Pallet Funds)
- Total Supply: the number of tokens that are (i) circulating, (ii) under the Moonbeam Foundation control, (iii) under the protocol control (Treasury & Moonriver 2021 Crowdloan Pallet Funds)
Estimated Token Release Schedule
Token Release Schedule Details
- Crowdloan: Of the 3mm MOVR allocated to the Moonriver 2021 Crowdloan, 30% were distributed at the network launch (transfers and EVM enabled) and the remaining 70% is vesting linearly across the 48 weeks of the parachain lease.
- Community Initiatives and Parachain Bond Funding: The Foundation has allocated 10% of genesis supply to liquidity programs. For simplicity reasons, we have evenly distributed the release of these tokens across 11 months here, but the schedule may differ once details of the program are announced. In addition, this token release schedule does not include tokens released as part of the 2022 Kusama parachain auction strategy.
- Developer Adoption Program: The Foundation will release tokens as part of grants to teams building on Moonriver once their contractual milestones are met. The Foundation estimates that these tokens will be released within approximately 4 months of the network launch (transfers and EVM enabled).
- Not included: Per the Foundation Objectives & Statement of Use section above, the Foundation will release additional tokens as part of ecosystem development and to cover network-operation expenses. Material releases will be disclosed on the transparency page. To date, Foundation has released approx ~400k of MOVR to cover expenses and for liquidity.
- There were no sales of MOVR prior to launch and no project team allocations.
The information provided in this presentation 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 in this presentation should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This presentation 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 in this presentation is intended only for the persons to whom it is transmitted for the purposes of evaluating the Company. The information contained in this presentation supersedes any prior presentation 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 in this presentation by you or any of your representatives or for omissions from the information in this presentation. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this presentation.