When was the Moonbeam (GLMR) coin issued?

The Moonbeam (GLMR) coin was initially issued in March 2021 through a community token distribution event, raising approximately $6 million.

Nov 28, 2024 at 11:46 pm

When was the Moonbeam (GLMR) Coin Issued?

Moonbeam (GLMR) is a Polkadot parachain that enables developers to build interoperable Ethereum-compatible dApps. GLMR is the native token of the Moonbeam network, used for governance, transaction fees, and staking.

GLMR Coin Issuance

The Moonbeam (GLMR) coin was first issued during a community token distribution event in March 2021, raising approximately $6 million. The distribution was conducted via the CoinList platform and involved a two-week process of registering, verifying, and committing funds.

GLMR Token Distribution

The total supply of GLMR is 10 billion tokens, distributed as follows:

• Community Token Distribution (15%): Distributed through the CoinList token sale and other community events.
• Network Operations (32%): Reserved for blockchain operations, development, and marketing.
• Foundation (18%): Allocated to the Moonbeam Foundation for ongoing development and support.
• Early Contributors (15%): Rewarded to individuals who contributed to the network's early development.
• Treasury (20%): Held as a reserve for future ecosystem grants and initiatives.

GLMR Coin Release Schedule

The GLMR token release schedule has been designed to distribute tokens gradually over time, ensuring both initial liquidity and long-term sustainability. The schedule is as follows:

• Month 0 (March 2021): 20% of the total supply (2 billion tokens) released.
• Month 1 (April 2021): 10% of the remaining supply (1 billion tokens) released.
• Month 3 onwards: 1% of the remaining supply (100 million tokens) released per month for the next 80 months.

GLMR Use Cases

GLMR is a multi-purpose token that serves several functions within the Moonbeam ecosystem:

• Governance: GLMR holders can participate in network governance by voting on proposals and selecting validators.
• Transaction Fees: GLMR is used to pay transaction fees on the Moonbeam network.
• Staking: GLMR holders can stake their tokens to secure the network and earn rewards, contributing to the decentralization and security of the platform.
• Gas Fees: GLMR is used as a gas fee to execute smart contracts on the Ethereum Virtual Machine (EVM) running on Moonbeam.
• Network Participation: GLMR holders can participate in the Moonbeam network by running nodes, contributing to development, or engaging in ecosystem activities.