Glimmer and Moonriver Tokens
Hello, Welcome to our website, today we are discussing about Glimmer and Moonriver, the Utility Tokens of the Moonbeam and Moonriver Networks
What is Glimmer (GLMR)
Deployment Network: Moonbeam
Relay Chain: Polkadot
Glimmer (GLMR) is the utility token of the Moonbeam Network, Moonbeam’s primary deployment on the Polkadot network that serves as a developer-friendly parachain. Moonbeam will launch after Moonriver, it’s “Canarynet.”
What is Moonriver (MOVR)
Deployment Network: Moonriver
Relay Chain: Kusama
Moonriver (MOVR) is the utility token of the Moonriver Network, Moonbeam’s Kusama deployment that serves as a “CanaryNet” to the Moonbeam Network. As such, the token utility behaviors on Moonriver will mirror that of Moonbeam.
Glimmer & Moonriver Utility
As decentralized smart contract platforms, Moonbeam and Moonriver require their utility tokens, GLMR and MOVR, to properly operate.
Holding these utility tokens serves as the gateway for network participants to access their corresponding network’s vital functions.
GLMR and MOVR are needed to perform the following functions:
- Pay transaction fees to access and support network operations
- Incentivize collators, the full nodes responsible for maintaining parachains on Polkadot and Kusama
- Support the gas metering of smart contract execution
- Facilitate on-chain governance mechanisms by proposing referenda, voting, electing council members, and more
- Power the mechanics needed to create the decentralized node infrastructure on which the networks operate
How to Get Glimmer & Moonriver
The Moonbeam Foundation is administering all information on the distribution, supply, and other token economic behaviours of Glimmer and Moonriver.
As part of this responsibility, the Moonbeam Foundation will lead and coordinate plans for a public sale of Moonbeam’s GLMR token and a crowdloan of Moonriver’s MOVR token.
Further information, including location and timing for these token events, will be published on that website as it becomes available.
Glimmer ($GLMR) and MoonRiver ($RIVER) token
Glimmer token (GLMR)
The Moonbeam platform has a base asset called Glimmer (GLMR), which has specific functionalities throughout its ecosystem. Glimmer works on the Moonbeam network and the Polkadot relay chain.
GLMR is used to:
- Pay transaction fees.
- Support network operations.
- Reward collators.
- Power on-chain governance.
- Support gas metering of smart contract execution.
GLMR has a genesis token supply of 10 million and an annual inflation rate of 5%. The token distribution goes to seed funding, strategic sale, public sale, parachain bond funding, treasury, development, partners/advisors, founders, among others. Moonbeam tackles the 5% inflation by burning 80% of the transaction fees.
River token (RIVER)
The RIVER token is deployed on Kusama and acts as a “CanaryNet” on the network. This means the token utility behaviours on Moonriver will mirror Moonbeam.
Governance on Moonbeam
Moonbeam employs community governance through the Glimmer token. Token holders range from developers, users, collators, and contributors. The governance aspect defines how token holders interact with proposals, referendum, voting, enactment, lock period, and delegation. Moonbeam takes a layered approach to governance.
Most importantly, governance is conducted on-chain. Some critical governance components include:
- Referendum – This is made up of the proposal with the highest number of votes. A proposal contains suggestions to change Moonbeam parameters, such as code upgrades and governance parameters. The platform supports a maximum of five proposals at each referendum.
- Voting – Voting is done by token holders. Notably, the weight of each vote depends on the amount of staked tokens.
- Council – This is a group of participants that propose referenda and vet community-suggested proposals. However, council members have special voting rights and are voted in by GLMR holders.
- Treasury – The treasury holds funds from users who wish to submit a proposal. The council can either approve or reject such proposals. Unfortunately, in case of a rejection, the proposer loses the amount held in the treasury.
Moonbeam Tokens and Tokenomics
Glimmer (GLMR) is the native platform token for Moonbeam. Since the network is pre-launch, it is not yet available or in circulation. Glimmer will be a utility token, serving much the same purpose as ETH serves on Ethereum plus added Polkadot functionality like staking and on-chain governance functions. Read more about Glimmer.
The Glimmer token is not yet available. Final token distribution mechanisms, plans, and dates are still TBD. Please do your research and be wary of anyone offering you Glimmer tokens, since these offers are more than likely a scam. Detailed information on the planned token allocation for Glimmer is now available.
The Glimmer token is not an ERC-20 currently. Once we have launched and the bridges connecting Polkadot to Ethereum are up-and-running, it will be possible to move Glimmer and other tokens on Moonbeam to Ethereum as ERC-20s.
Yes, the Moonbeam foundation will run a crowdloan campaign once parachain auctions commence on Polkadot. Rewards and other details about the crowdloan are still TBD.
Moonriver (MOVR) is the utility token of the Moonriver network. Moonriver is intended as a companion network to Moonbeam, where it will provide a permanently incentivized canary network. New code will ship to Moonriver first, where it can be tested and verified under real economic conditions. Once proven, the same code will ship to Moonbeam on Polkadot.
Moonbeam is not a typical EVM implementation. Instead, it adds to the existing Ethereum features such as staking, on-chain governance, and inter-blockchain connections.
Notably, Moonbeam’s community governance framework employs a layered structure. As such, it ensures only the most viable proposals make it to the voting stage. Additionally, integrating EVM and Web3 makes it easier for developers to transfer existing projects to the network with minimal changes.
On the other hand, GLMR helps power the network by enabling staking, payment of transaction fees, and rewarding collators. Note that the network’s use of the Polkadot PoS consensus mechanism provides scalability and high transaction speeds.