Moonbeam network is an Ethereum-compatible smart contract blockchain using the Substrate framework. It allows developers from the Ethereum ecosystem to tap into the Polkadot system by enabling the migration of projects coded in Solidity without the need to rewrite them, requiring only minimal changes. It facilitates the deployment of natively interoperable applications and greatly promotes the cross-chain interoperability scenario. You can read more about the parachain and its purpose here.Staking Information
Every round (6 hours)
Reward Distribution Period (Payout Frequency)
Every round (6 hours)
Figment Validator Address
The Moonbeam team is most bullish on the emergence of a full DeFi ecosystem in the Moonriver / Moonbeam EVM. Moonbeam and Moonriver already have a large number of ecosystem partners covering many different DeFi areas such as DEXs, stableswaps, stablecoins, lending / borrowing, etc. The Moonbeam foundation is working now on how to plan out liquidity bootstrapping initiatives for this DeFi ecosystem. Getting this ecosystem bootstrapped and with a decent amount of users and liquidity will be a big win for Moonbeam and Moonriver.
What is Moonbeam?
Moonbeam is one of the most Ethereum-compatible smart-contract parachain in the Polkadot space. Thanks to Moonbeam developers can migrate their projects without any significant coding changes and consequently greatly reduce the heavy lift.
What problem does Moonbeam solve?
Blockchain interoperability is critical to Web3 development and growth as it allows different ecosystems and their respective chains to exchange value, share resources, and support each other’s growth without the help of intermediaries. Moonbeam specifically, allows transferring value between Polkadot and Ethereum, which operate on different smart contract languages, without the need of rewriting codes, paying expensive transaction fees, or duplicating the same job to deploy the same product in two different chains.
What is protocol staking?
On a Proof of Stake blockchain, protocol staking is the act of depositing tokens in order to become a validator; that is, to participate in proposing and attesting to transaction blocks. Anyone with a minimum necessary coin balance can validate transactions and earn staking rewards on these blockchains.
What is the name of the asset being staked?
The native token of Moonbeam is called Glimmer (GLMR).
What is the GLMR token used for?
The GLMR utility token is used to pay transaction fees and support network operations. To secure the network through staking token holders can delegate their tokens and earn GLMR rewards in return. GLMR tokens holders can also participate in the network governance by proposing and discussing changes to the Moonbeam network such as code upgrades, altering values to key parameters and the governance system itself through referendums.
Where can I explore the network and create a Moonbeam wallet?
Who are the Collators and what’s their role in the network?
Collators are active set of node operators that are selected to be block producers. Collators maintain the Moonbeam network by collecting transactions from users and producing state transition proofs for the relay chain validators. The candidates in the active set of collators are selected to produce blocks based on the highest staked amount. Collators have a maximum number of 300 delegators per candidate. It’s possible for the collator to accept more than 300 delegators, but only the top 300 delegations by stake will receive staking rewards. Part of each block reward goes to the collator that produced the block, who then shares it with its delegators, proportionally to their individual staked amount. Figment is among the active set of collators on Moonbeam, and we are accepting staking with the standard commission fee of 20% of the network’s annual inflation.
How long does it take to stake and unstake?
Delegators can unstake their GMLR tokens at any time, but there’s a 7-day unbonding period for your funds to become transferable, during which you will not earn any rewards.
Will I keep receiving rewards after I unbond?
No. Once you unbond you stop receiving rewards.
When do rewards get distributed?
Epochs on moonbeam are called “rounds”, one round takes 6 hours (approx. 1800 blocks). A certain number of rounds must pass before staking rewards are distributed automatically to the free balance, this is called reward payout delay and takes 2 rounds, approx. 12 hours.
What is a reward payout delay?
A reward payout delay is the number of rounds, typically 2 rounds (12 hours), that have to pass before rewards get automatically distributed. amongst delegators.
What rate of rewards can I expect and how is staking income disbursed?
The current average APY on Moonbeam is between 20-25% depending on collators. Delegator rewards are distributed pro-rata over all delegators. You can check the mathematical formula for calculating rewards - both for collators and delegators here.
Can my staked GLMR be slashed (seized or destroyed)?
Currently, Moonbeam does not enforce slashing. Collators who produce blocks that are not finalized by the relay chain don’t receive rewards.
What is the rate of new issuance (aka "annual inflation") for GLMR?
How does the token supply change? Moonbeam targets a constant inflation rate of 5% with an uncapped token supply. Of this 1% is allocated as an incentive to collators, 1,5% goes to the parachain bond reserve to accumulate funds that will pay in perpetuity slots in the Polkadot parachain, whereas the remaining 2,5% are used as staking rewards.
Fees from transactions and smart contract execution are destinated 20% at the on-chain treasury to fund projects and initiatives that boost adoption and engagement with the network; whereas 80% is burned working as a deflationary force to let GLMR accrues value over time as the network grows.
What is the total supply of the GLMR token?
At the network launch, the total supply was 1,000,000,000. Approx. 7% of the total supply was circulating at launch, including Moonbeam Crowdloan rewards and tokens distributed for broader long-term network adoption.
Do I maintain custody of my GLMR tokens?
Who or what controls my staked GLMR token? Yes, Figment is non-custodial, which means we are never in control of your staking income and staked asset. We have partnerships with several top-in-class custodians: For inquiries, please contact [email protected]
How are decisions about Moonbeam made and executed?
Moonbeam’s on-chain governance is run by its community of GLMR token holders. The protocol follows the Polkadot governance framework, to learn more click here. Token holders can get involved in the development of the protocol by discussing governance proposals in forums such as Polkassembly. Referendums – which are the second stage of a proposal - have a voting period of approx. 14 days and decisions come in the form of stake-weighted voting on each referendum.