What is GLMR? The full name of GLMR is Glimmer. The issuance date is 2022-01-11, and the maximum supply is 1,000,000,000 GLMR. Glimmer (GLMR) is the token of the Moonbeam network, which is a smart contract parachain compatible with both the Polkadot ecosystem and the Ethereum ecosystem. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and its interoperability with other Polkadot networks. Moonbeam aims to provide Ethereum developers with the most practical development environment and the richest development integration tools, minimize the development threshold of the Polkadot ecosystem, and become the preferred entry point for developers to enter Polkadot.
Glimmer (GLMR) is the utility token of Moonbeam Network, Moonbeam’s primary deployment on the Polkadot network, serving as a developer-friendly parachain. Moonbeam will be launched after Moonriver, which is the “Canarynet”.
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Moonbeam is targeting an annual inflation rate of 5%, with no cap on the token supply. The purpose of Moonbeam inflation is to support the ongoing security needs of the network. The primary security budget items are the ongoing payment of parachain slot fees and incentivizing collators to provide collating services to support the Moonbeam network. Of the 5% inflation rate, 1% will be used to incentivize collators, and 1.5% will be used to build a parachain bond reserve to accumulate on the chain fund to pay for parachain slots in perpetuity. The remaining 2.5% will be distributed to users who own GLMR tokens.
Moonbeam Network builds cross-chain DApps and provides an Ethereum-compatible smart contract platform that makes it easy to build local interoperable applications. It is supported by the Polkadot network and developed by PureStake. With Moonbeam smart contracts and compatibility with the Ethereum development toolset, decentralized applications that can be quickly built to work with users and assets on remote chains can be built based on bridge integration.
Token holders can pledge their tokens to candidates, a process called delegation (also known as staking). In this way, token holders guarantee specific candidates, and their delegation behavior is regarded as trust in the collector. When delegating, the tokens are immediately deducted and added to the total amount pledged by the user. The exit process is now divided into two actions: scheduling and execution. First, token holders need to send a request (i.e., plan) to proceed with the exit process and wait for the exit validity period or unbinding period (depending on the network situation). After the unbinding period, users can execute their scheduling actions.
Once candidates join the valid set of collectors, they are eligible to produce blocks and receive part of the block rewards (part of the Token inflation model). Considering the proportion of the delegator's contribution to the collector's stake in the network, the collector shares the staking rewards with the delegator.
As a decentralized smart contract platform, Moonbeam requires the use of the Glimmer token to function. This token is essential to Moonbeam's design and cannot be removed without sacrificing basic functionality.
Some of the uses of GLMR on Moonbeam include:
Natural gas metering that supports smart contract execution;
Encourage collaborators and provide momentum for the creation of a decentralized node infrastructure on which the platform can run;
Facilitate on-chain governance mechanisms, including proposing referendums, electing council members, voting, etc.;
Pay transaction fees on the network.
Token distribution quantity (GLMR) ratio explanation
Parachain Bond Fundraising 150M 15% of the tokens under Foundation control will be used to pay for the DOTs required for Moonbeam parachain slots for 1-6 years. These payments can be in the form of interest payments to borrow DOTs to obtain the required parachain bonds, or rewards for crowdsale participants. These funds will act as a backstop to ensure our parachain slots are funded for 1-6 years. Unused funds can be used for other Foundation protocol adoption initiatives.
Long-term Protocol and Ecosystem Development 150 million 15% Moonbeam Foundation tokens for protocol development and other programs.
The seed funding of $140 million 14% is subject to a 24-month vesting schedule, with a 3-month cliff and equal vestings from 4 to 24 months.
Strategic sales of $120 million 12% are subject to a 12 month vesting schedule with a 2 month cliff and vest equally over 3-12 months.
The public sale of 100 million 10% is subject to a 40-day lock-up and has no vesting schedule. The details of the public sale are subject to change.
Founders and Early Employees 100 million 10% Founders and PureStake employees. Based on a 4-year vesting schedule at network launch, including a 1-year cliff, and monthly vesting thereafter.
Liquidity Program 80 million 8% of the tokens used for liquidity programs to incentivize Moonbeam growth and adoption. This allocation will help accelerate Moonbeam and ecosystem activities.
Future Employee Incentives 46M 4.6% Future Employee Token Incentive Pool. Future issues in this pool will be subject to a 4-year vesting schedule from network launch or the date of grant (whichever is later), with a 1-year cliff period, and monthly vesting thereafter.
Developer Adoption Program 45 million 4.5% used as a fund to incentivize developers and projects who are early Moonbeam adopters. Subject to vesting (2-year monthly linear vest). Unused tokens can be used for future sales.
Key Partners and Advisors 45 million 4.5% is reserved for strategic partners and advisors. 2 years of vesting are required for network launch, followed by 6 months of ramp-up, and then monthly vesting.
PureStake early backers 14 million 1.4% Network launch requires a 2-year vesting schedule with a 6-month cliff period, and monthly vesting thereafter.
Parachain Bond Reserve 5 million 0.5% of on-chain funds used for off-chain bond purposes. A portion of the supply inflation goes into this fund, and the ultimate idea is for this reserve to hold enough DOTs to ensure a parachain slot is permanently reserved.
Treasury 5 million 0.5% Initial funding for the on-chain treasury, which can be used to fund public goods through on-chain governance. 20% of fees also go here.
