What Is Moonbeam (GLMR)?

What is GLMR

Moonbeam (GLMR) is a blockchain platform that brings the power of smart contracts to the Polkadot network. It is designed to be compatible with the Ethereum Virtual Machine (EVM), making it easier for Ethereum developers to transition to the Polkadot ecosystem. Moonbeam aims to bridge the gap between different blockchain networks, allowing for seamless interoperability and greater flexibility for decentralized applications (dApps) and DeFi projects.

Origin of GLMR

The Moonbeam Network was founded by Derek Yoo, the CEO of PureStake – a platform that provides secure and reliable public blockchain infrastructure to blockchain app developers, projects, and enterprises. PureStake consists of a team of experienced developers and blockchain enthusiasts who are committed to building tools and infrastructure for the Polkadot ecosystem.

PureStake was founded in 2018 and is headquartered in San Francisco, California. The company is known for its expertise in blockchain technologies, with a focus on Polkadot and Ethereum. They are dedicated to providing developers with the tools and services they need to build, deploy, and maintain blockchain applications. PureStake's involvement in the Moonbeam project highlights its commitment to expanding the Polkadot ecosystem and facilitating the adoption of blockchain technology across various industries.

Use Cases of $GLMR

Trading cryptocurrencies can be both exciting and profitable, but it's essential to have a clear understanding of why you should consider trading a specific cryptocurrency like GLMR. Here are some compelling reasons to consider trading GLMR:

Ethereum Compatibility: One of the primary reasons to trade $GLMR is its compatibility with the Ethereum Virtual Machine (EVM). This compatibility allows Ethereum developers to easily migrate their projects and dApps to Moonbeam. If you believe in the potential of Ethereum but are concerned about scalability and transaction fees, Moonbeam offers a viable alternative.

Interoperability: Moonbeam is built on the Polkadot network, which is designed to facilitate interoperability between different blockchains. As a result, Moonbeam can interact with other parachains on the Polkadot network, enabling the seamless transfer of assets and data across chains. This interoperability can open up exciting opportunities for cross-chain DeFi projects and asset transfers.

DeFi and Stablecoin Potential: DeFi (Decentralized Finance) and stablecoins are two of the hottest trends in the cryptocurrency space. Moonbeam provides a platform for developers to create and launch DeFi projects and stablecoins within the Polkadot ecosystem. If you believe in the future of decentralized finance and stable digital assets, trading $GLMR can be a way to gain exposure to this growing sector.

Community Governance: Moonbeam's governance model involves its community members in decision-making processes. Holding $GLMR tokens gives you a say in the network's development and direction. If you're passionate about blockchain technology and want to contribute to its growth, trading and holding $GLMR tokens can give you a voice in shaping the future of Moonbeam.

Diversification: Diversifying your cryptocurrency portfolio is a smart strategy to manage risk and potentially increase returns. Adding Moonbeam to your portfolio can provide diversification benefits, especially if you're heavily invested in other blockchain ecosystems like Ethereum or Binance Smart Chain. Moonbeam's unique features and compatibility make it an attractive addition to a diversified portfolio.

GLMR Circulating Supply

GLMR was issued via a private Community Event called Take Flight. During the community event of Moonbeam, 100,000,000 GLMR (10% of the total supply) was issued. There will be a total of 1,000,000,000 GLMR tokens, with an annual inflation rate of 5%, as such, there will be an uncapped token supply. At the time of this article, $GLMR has a circulating supply of 747,727,990 GLMR, with a market cap of $170,224,600.

GLMR NFT Rewards

The first generation of delegators of GLMR, the primary native governance token of the Moonbeam smart contracts platform, are now receiving special "I Delegated" non-fungible tokens (NFTs) as a commemorative gesture. Moonbeam's team is conducting an airdrop to recognize and reward the most engaged customers and dedicated members of the community.

Any GLMR token holder who assigned their tokens to a delegator before September 22nd is qualified to participate in the exclusive NFT airdrop. This initiative has been designed to serve as an incentive for future rounds of delegation. According to data obtained from Moonbeam's official delegation portal, there are currently 135 entities acting as delegates at the time of this update. Among them, the largest delegate has allocated nearly 210,000 GLMR tokens and now wields a 1.8% voting weight.

Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.