One of Polkadot's most well-known parachains is Moonbeam. It has a fantastic community behind it that has assisted them in reaching an incredible milestone of approximately $1 billion in DOT provided through crowdloan. So, what was it about Moonbeam that made it remarkable?
Let's get started on this topic today with Coin98 Insights and learn more about Moonbeam!
What is Moonbeam Network?
Moonbeam is a full Ethereum-like environment and works with industry-standard Ethereum tools, DApps, and protocols. Moonbeam is onboarded as a parachain to Polkadot on December 17th 2021.
It will be the Ethereum compatible smart-contract parachain in the Polkadot ecosystem, allowing developers to port their projects with minimal to no code changes and enabling them to tap into the Polkadot ecosystem and all its assets.
Moonbeam has a sister parachain, Moonriver, which is now deployed on Kusama.
How does Moonbeam Network?
Key Features and Functionality
- Decentralized and permissionless, ensuring censorship resistance and support for a wide range of current and future DApp use cases.
- Contains a Full EVM Implementation, enabling Solidity-based smart contracts to be migrated with minimal changes and with expected execution results.
- Compatible with the Substrate Ecosystem Toolset, including block explorers, front-end development libraries, and wallets, allowing developers and users to use the right tool for what they are trying to accomplish.
- Native Cross-Chain Integration via the Polkadot network and via token bridges, which allows for token movement, state visibility, and message passing with Ethereum and other chains.
- On-Chain Governance to allow stakeholders to quickly and forklessly evolve the base protocol according to developer and community needs.
For many developers and projects, an Ethereum-compatible smart contract approach will be much simpler and faster. And by building these smart contracts on Moonbeam, developers can still integrate with other chains and get value from Polkadot-based network effects.
Who Benefits From Moonbeam?
Moonbeam's cross-chain functionality has three key audiences that can benefit the most:
Existing Ethereum-Based Projects: Projects that are struggling with cost and scalability challenges on Ethereum can use Moonbeam to:
- Move portions of their existing workloads and state off of Ethereum Layer 1 with minimal adjustments.
- Implement a hybrid approach, where applications live on both Ethereum and Moonbeam simultaneously.
- Extend their reach to the Polkadot network and other chains that are connected to Polkadot.
Polkadot Ecosystem Projects: Ecosystem projects that need smart contract functionality can use Moonbeam to:
- Augment their existing parachains and parathreads.
- Add new functionality that is needed but not included on the main Polkadot relay chain.
DApp Developers: Individuals and teams that want to try building on Polkadot can use Moonbeam to:
- Utilize Polkadot parachains' specific features while also accessing people and assets on other chains.
- Compose functionality from Polkadot parachains by using Moonbeam as a lightweight integration layer that aggregates network services before presenting them to end users.
Detailed information about GLMR Token
GLMR Token Metrics
- Token Name: Glimmer
- Ticker: GLMR
- Deployment Network: Moonbeam
- Relay Chain: Polkadot
- Token Standard: Updating
- Contract: Updating
- Token Type: Utility and Governance
- Total Supply: 1,013,286,367 GLMR
- Circulating Supply: 205,844,487 GLMR
GLMR Token Allocation
- Sales: 26%
- Seed Funding: 14%
- Strategic Funding: 12%
- 2021 Moonbeam Crowdloan: 15%
- Take Flight Community Event: 10%
- Long-term Protocol & Ecosystem Development: 15%
- Liquidity Program: 5%
- Developer Adoption Program: 4.5%
- Partners, Advisors & Early Backers: 5.9%
- Key Partners & Advisors: 4.5%
- PureStake Early Backers: 1.4%
- Founders & Employees: 14.6%
- Founders & Early Employees: 10%
- Future Employee Incentives: 4.6%
- Other: 4%
GLMR Token Release Schedule
- Seed Funding: 24-month vesting schedule with a 3-month lock and equal vesting in months 3-24
- Strategic Funding: 12-month vesting schedule with a 2-month lock and equal vesting in months 2-12
- Take Flight Community Event: 40-day lock with no vesting schedule
- 2021 Moonbeam Crowdloan: 30% of tokens will be distributed immediately after the launch of Moonbeam, and the following 70% will be vested linearly on a block-by-block basis over the life of the lease (96 weeks)
- Long-term Protocol & Ecosystem Development: Tokens to be used by the Moonbeam Foundation
- Liquidity Programs: Tokens for liquidity programs to incentivize growth and adoption on Moonbeam
- Developer Adoption Program: 2-year monthly linear vesting
- Key Partners & Advisors: Strategic partners are subject to a 12-month vesting schedule with a 2-month lock and equal vesting in months 2-12. Advisors are subject to 24-month vesting with 7-month lock and equal vesting in months 7-24.
- PureStake Early Backers: 4-year vesting schedule with a 1-year cliff and monthly vesting thereafter
- Founders & Employees: 4-year vesting schedule with a 1-year cliff and monthly vesting thereafter
GLMR Token Use Case
The GLMR token has these use cases:
- Gas metering: Supporting the gas metering of smart contract execution
- Transaction fees: Paying for network transaction fees
- Governance: Facilitating the on-chain governance mechanism, including proposing referenda, electing council members, voting, etc.
- Protocol Security: Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
How to get GLMR Token
You can get GLMR Token through various CEXs, such as Binance, Gate.io, Huobi, KuCoin,..
How to store GLMR Token
You can store GLMR on the Coin98 Super App or the Coin98 Extension Wallet by following these steps::
Step 1: Open the application, at the homepage click the Moonbeam Wallet icon → Moonbeam Wallet.
Step 2: Choose Receive.
Step 3: Click the icon to copy the wallet address or get the QR address and send your assets to this address.
Team, Investors, and Partners
The Moonbeam and Moonriver networks are built by PureStake - An Infrastructure-as-a-Service to crypto application and Validator Service for PoS Polkadot and Algorand. They're both being developed by the same team and foundation.
- Derek Yoo - CEO & Founder: He used to work as a CTO and CPO at Fuse - A global cloud communications and collaboration software platform for enterprises, also a CEO of PureStake.
- Stefan Mehlhorn - COO: Master degree in Computer Science. In the past, Stefan was a Head of Technology Operations at Samsung Pay
- Alan Sapède - VP of Blockchain Engineer: Alan has two years experience in Software Engineer at Google
Q3 2020: Moonbeam (also Moonriver) had raised 1.4M in the seed round led by Hypersphere Ventures, a venture firm focused on Polkadot founded by Polkadot co-founder Robert Habermeier.
Other notable participants include Arrington XRP Capital, HashKey, KR1, Bitcoin.com Exchange, and Du Capital.
March 3, 2021: Moonbeam was funded 6M in a strategic round. The primary investor was CoinFund, but it also included participation from Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, and IOSG Ventures.
Moonbeam already has a wide range of partners and they will continuously expand the ecosystem by partnering and integrating with many Dapps across various fields.
Roadmap and Updates
- January 2020: Project started.
- July 2020: Awarded a W3F grant for Substrate-based Ethereum compatibility features.
- September 2020: Moonbase Alpha TestNet Launched.
- October 2020: Publish-Subscribe Capabilities Added.
- November 2020: Transforms Account Structure to Match Ethereum.
- June 2021: Launched Moonriver on Kusama.
- December 2021: Launch Moonbeam on Polkadot.
Moonbeam will follow the same launch process as Moonriver, which is modeled after the launch process for Kusama and Polkadot.
Phase 0: Centralized (December 18th, 2021)
The Genesis block is launched, and the network is in Centralized mode to ensure proper block production and other basic functionalities.
Phase 1: Decentralization (December 21, 2021)
After the stability of the network is confirmed, Moonbeam will continue with the decentralization journey and add more collators to the active set. Governance will be used to issue a runtime upgrade and expand the network.
Phase 2: Full Launch (Mid-January)
This is the most important milestone for end users. This upgrade hand over control of the network to token holders. Additionally, balance transfers (which also allow users to stake and start claiming any rewards from the crowdloan) and the EVM will be enabled. With transfers enabled, the chain will be governed by token holders using the onchain governance system.
Is GLMR a good investment?
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. 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 per participant was approximately 170 DOT, indicating the broad participation of Moonbeam's global community.
Moonbeam Ecosystem & Partners
More than 80+ Dapps are now active on Moonriver Parachain (its sister parachain). This is one of the most diverse and dynamic ecosystems on Kusama. And sooner or later, nearly all of these Dapps will adopt and enrich Moonbeam once it’s officially launched.
We could see from the data that Moonbeam has a diverse set of projects. Moonbeam is also supported by a large community in the Polkadot Ecosystem. Moonbeam's potential is still growing, and when it is fully developed in 2022, we may see its blooming expansion.
Coin98 Insights hopes you have gained all of the important information about GLMR including its features and highlights throughout this topic.
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