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Moonbeam Wins the Second Parachain Auction and Increases the Rewards Pool by 50%

Nov 24, 2021

3 min read

The Moonbeam Foundation is thrilled to announce that Moonbeam has won the second parachain auction on Polkadot thanks to a wildly successful crowdloan campaign. More than 35 million DOT (approximately $1.4 billion USD) was contributed from all around the world.

Astonishing Community Support

Moonbeam has set a new precedent for crowdloans, receiving the largest total contribution from the most contributors by far. Over 200,000 participants contributed DOT to the crowdloan across all sources including the Moonbeam Foundation DApp, supporting exchanges, wallets, and liquid staking providers. The average contribution was approximately 170 DOT per participant, indicative of the broad participation from Moonbeam’s global community.

This is a landmark moment for the Moonbeam community, and the Polkadot ecosystem as a whole. At the close of the second auction, over 95 million DOT (approximately $3.8 billion USD) had been locked in crowdloans for parachain projects across the ecosystem. This is a telling sign as Polkadot rolls out parachains (specialized shards), including smart contract functionality, for the first time.

Increased Reward Pool to 150M GLMR

In appreciation for the vast community support, the Moonbeam Foundation has added 50 million GLMR tokens to the crowdloan reward pool. This brings the total rewards to 150M, or 15% of the genesis token supply, and increases the rewards payout by 50% for all participants, regardless of the method used to participate. All other aspects of the crowdloan rewards remain the same: 30% will be distributed automatically at full launch (once balance transfers and the EVM are enabled), the remaining 70% will be claimable as it vests (linear, block-by-block basis over the 96 week lease).

You can estimate your new crowdloan rewards using this rewards calculator.

What Comes Next

The crowdloan is designed to help parachains bootstrap their connection to the Polkadot network. This means the crowdloan depends on the community’s participation in order to win a parachain slot in the highly competitive auction. The community showed up in full force for the Moonbeam crowdloan, providing over a billion dollars’ worth of DOT that will remain locked for the duration of the parachain lease, which will last 96 weeks starting December 17, 2021. Importantly, the Moonbeam team does not have access to these funds and they will be returned to the contributors once the lease is complete.

Moonbeam will be launching in three phases, following a similar but abbreviated version of the launch of Moonriver. Additional functionality will be gradually added in each phase to confirm the stability of the deployed network Full functionality is expected to be made available to all users sometime in January 2022, at which point the GLMR token will become transferable.

For the latest news regarding the launch process, visit Moonbeam launch page.