As we have progressed through the Moonriver crowdloan campaign and launch (view the current launch progress here), we have learned a great deal. We have used this experience to inform our launch plans for Moonbeam this fall and have made some changes that we believe will make the Moonbeam launch even more successful.
This is why the Moonbeam Foundation has decided to reallocate and redenominate the GLMR token in preparation for “Take Flight,” a community token event that is planned for September 2021.
GLMR Token Redenomination
The GLMR token has been redenominated from 10 million to 1 billion initial genesis supply, in the same way that DOT was redenominated before the Polkadot network launch. The tokenomics and ownership, including the 5% annual inflation rate, remain the same.
This is largely being done to mirror the 100x difference between Kusama and Polkadot’s token supplies, which makes it easier to understand the tokenomics of GLMR. We followed in Polkadot’s footsteps in making this change.
Note that the genesis supply for Moonriver (MOVR) remains the same at 10M.
New Liquidity Programs
We’re thrilled to announce that the Moonbeam Foundation has allocated 8% of the total genesis supply of GLMR and 10% of the total genesis supply of MOVR to incentivize liquidity programs on Moonbeam and Moonriver, respectively. This allocation to liquidity programs will help effectively and competitively bootstrap activity in the Moonbeam and Moonriver ecosystem. We are so excited to be able to support increased user adoption and success for the myriad of teams building on the Moonbeam network. This allocation reflects the Foundation’s dedication to ensuring the success of the teams building and deploying on the Moonbeam and Moonriver Networks.
The original GLMR tokenomics did not have a dedicated allocation for liquidity programs. As we have engaged further with different teams in our ecosystem, it became increasingly clear that shifting 8% of the allocation earmarked for a token event to form liquidity incentives would fuel the growth of the Moonbeam network while still ensuring GLMR is distributed to the builders, users, and community of Moonbeam.
There continues to be a large percentage of GLMR tokens dedicated to community-building causes, including ecosystem development and network operations. Over 53% of GLMR tokens have been allocated for community-building purposes.
GLMR Token Allocation
GLMR Genesis Token Allocation Changes
Here is a quick summary of the changes to the allocation model:
- 8% for Liquidity Programs (new)
- 8% for the Take Flight community event in September 2021 (previously 16% for a future token event)
- 17% for Parachain Bond Funding (previously 15%)
- 15% for Long-Term Protocol & Ecosystem Development (previously 17%)
MOVR Liquidity Programs
For Moonriver, the new 10% allocation (1,000,000 MOVR) for Liquidity Programs will be powered by the Community Initiatives and Parachain Slot Reserve fund. Additional details on Moonriver’s Liquidity Program, including partnering teams and incentivized tokens, will be announced shortly.
“Take Flight” Community Event
This fall, the Moonbeam Foundation will host an event for the Moonbeam community. The intention of this event is to thank the core community members who have helped us make Moonbeam a reality. While the details of the event are still being ironed out, here is a preview of what we have planned.
Here are some highlights for the Take Flight event:
- Timing: September 2021
- Tokens Allocated for Event: 80,000,000 (8% of the initial, re-denominated supply)
- Duration: three sequential phases, the first of which will have a guaranteed allocation
- Lockup: 40 days from fully-functional network launch (balance transfers & EVM enabled), no vesting.
- Qualification: users must meet eligibility requirements. U.S. residents and citizens are not eligible to participate.
The event will take place over several days. The first two rounds will be open to Moonbeam community members only. The third round will be open to the general audience.
NOTE: Participation in all rounds requires eligibility verification.
Roadmap for Q3-Q4 2021
The Moonriver launch confirmed the need for a methodical, step-by-step approach to a launch campaign. With this in mind, Moonbeam will follow a similar launch sequence with the following milestones over the remainder of this year:
- “Take Flight” Moonbeam community event
- Moonbeam crowdloan campaign
- Securing a parachain slot on Polkadot
- Launch process (following the same 0-4 phases as Moonriver) until full functionality is reached
- Project deployments (ongoing)
- Launch of liquidity programs
The timing of the launch itself depends heavily on the start of Polkadot slot auctions (which has not yet been announced) and also Moonbeam’s ability to secure a parachain slot via a crowdloan campaign so these timelines represent a “best guess” of the next few months. Our goal is to give you the fullest picture possible of the impending events and to update you with the latest information.
If you would like to be notified and receive alerts when the “Take Flight” event opens, please subscribe to email updates. Join the Moonbeam Network Discord, Twitter, and Telegram for updates as well.