Moonbeam Price

What Is Moonbeam (GLMR)?

Glimmer (GLMR) is the native utility token for the Moonbeam network deployed on Polkadot. As a Layer 1 parachain, Moonbeam simplifies work for developers by providing an Ethereum-like environment with Polkadot’s multi-chain and cross-chain functionality.

By building on Moonbeam, developers can easily launch their decentralized applications (DApps) on Polkadot by deploying their Solidity smart contracts without rewriting codes. This makes projects easy to scale with unparalleled Ethereum compatibility at a much lower cost.

Moonbeam (GLMR) Price

GLMR was launched in phases starting from December 2021 to January 2022. Following this successful process, Moonbeam went live on Polkadot on January 11, 2022, with its price skyrocketing to an all-time high of $19.50.

Soon after the launch, the price retraced sharply to $8.95, but recovered the same week to $13.36. However, as bear market conditions persisted in early 2022, Moonbeam’s price began to decrease, finding support at around $2, where it stagnated for some time.

GLMR experienced a slight spike to $5.24 at the beginning of April 2022, but the price increase didn’t last. A retracement began that saw Moonbeam’s price trade below $1 in mid-June. Since then, it’s been trading in the range of $0.40 to $0.60.

What Is GLMR Used For?

The Moonbeam platform requires GLMR tokens to efficiently function. GLMR has several uses:

• Support gas metering to execute smart contracts

• Pay for transaction fees

• Incentivize collators to maintain full nodes to ensure a decentralized node infrastructure

• Facilitate on-chain governance

Moonbeam (GLMR) Tokenomics

Moonbeam launched with a total supply of 1 billion GLMR tokens and an uncapped max supply, with an annual 5% inflation rate.

GLMR tokens are distributed as follows:

• 26% for seed funding and strategic funding

• 16.7% for long-term development of the protocol and the entire ecosystem

• 15% for crowdloan contributors

• 9.8% for the Take Flight community token event

• 3.5% for parachain bond funding and reserve

• 0.5% for on-chain treasury

• 5% for liquidity programs

• 5% for early adopters (both developers and backers)

• 3.9% for key partners and advisors

• 14.6% for founders and employees (including 4.6% for future employee incentives)

GLMR is intentionally inflationary in order to maintain the security functions of the network. Of the 5% inflation, 1% is used to incentivize collators, 2.5% to incentivize stakers, and the remaining 1.5% is allocated to the parachain bond reserve.

With Moonbeam, 80% of all transaction and smart contract execution fees are burned, while the remaining 20% are channeled to the network’s treasury to be designated to on-chain governance.

Who Is the Founder of Moonbeam (GLMR)? 

Derek Yoo, the founder and CEO of Moonbeam, began the project as PureStake in 2019. However, the Moonbeam Foundation is the team charged with the growth and development of the Moonbeam ecosystem, which includes two other networks, Moonriver (Moonbeam deployment on Kusama) and Moonbeam Alpha TestNet.

Read more: Moonbeam: Beaming a New Path to Multi-Chain

How to Store GLMR

Since Moonbeam is a Polkadot parachain, you can store GLMR tokens on Polkadot and in Ethereum-compatible wallets. Some of these include Fearless Wallet, Nova Wallet, MathWallet and MetaMask.

You can also store GLMR offline on Ledger using the Moonbeam app, or on Trezor (both Trezor Model T and Trezor One devices).

Where to Buy Moonbeam (GLMR)

You can buy GLMR from any top crypto exchange, including Bybit. On Bybit, you can trade GLMR as a USDT spot pair (GLMR/USDT) or as a USDT perpetual (GLMRUSDT) in the derivatives market.