What Is Moonbeam (GLMR) How It Works & Where To Buy It?

Moonbeam is a blockchain protocol that improves the interoperability of Ethereum in the Polkadot network. The Moonbeam Network is Polkadot’s novel parachain and has quickly garnered an immense amount of attention in the crypto space.

Glimmer Token (GLMR) is the native utility token and governance token that is used to pay transaction fees when executing smart contracts. Persons wanting to utilize the Moonbeam network need to transfer GLMR to their retail investor accounts.

The GLMR token is currently the 123rd largest cryptocurrency by market capitalization.

 

How Moonbeam (GLMR) Works

The Moonbeam platform extends the interoperability and overall functionality of the Polkadot network. This is especially beneficial for Ethereum developers trying to escape a congested, expensive, and slow network.

Moonbeam’s decentralized smart contract platform offers developers familiar Ethereum development tools and leverages a very reliable public blockchain infrastructure to ensure that operations are optimized.

Moonbeam’s platform is equipped for Ethereum; compatible smart contracts are seamlessly integrated because Moonbeam was built to support developers that use the Ethereum developer toolkit.

The Moonbeam platform extends the ability of Ethereum developers by allowing them to build DeFi applications and products with a superior decentralized node infrastructure. This allows developers to create applications that run seamlessly and provides network participants with an improved experience.

Essentially, any decentralized applications can be migrated, and all that is required is just an EVM implementation.

The Moonbeam developer toolkit makes it possible for developers to easily redeploy existing solidity smart contracts, which primes the network for cross-chain integrations by catering to a large number of blockchain app developers.

Parachains play an integral role in the Polkadot ecosystem and are essentially decentralized networks that rely on the security, functionality, and efficiency of both the Polkadot and the Kusama blockchain.

This is especially unique because this lucrative mechanism still allows the decentralized network access to their custom tokens, various DAO mechanisms, and other unique features. Cross-blockchain transfers are facilitated seamlessly, supporting the transfer of crypto assets and various data.

Additionally, the use of sharding on the Moonbeam network makes it incredibly scalable and resistant to the congestion that other chains experience. For instance, the Moonbeam network utilizes a delegated Proof-of-stake consensus mechanism to handle up to 10,000 transactions per second – whereas Ethereum handles around 15 tps.

Individuals interested in learning more about the technical aspects and capabilities of the Moonbeam project can refer to the Moonbeam whitepaper.

 

What Is Moonbeam (GLMR) Used For?

GLMR is utilized to ensure the seamless functionality of the Moonbeam platform. The Glimmer token has various uses, including being used as a utility token to pay for interactions in the network, as a governance token, and as a reward token for network contributors.

Additionally, the GLMR token is often arbitraged or swing traded by experienced traders. These types of traders seek to capitalize on price fluctuations and make a profit when trading volumes are high and there is a lot of volatility.

 

Where To Buy Moonbeam (GLMR) Token

Moonbeam has grown to become one of the most talked-about crypto projects in recent months. The innovative protocol is offering developers a solution to a problem that has plagued the blockchain space for a very long time.

GLMR tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase GLMR, you’ll need to deposit fiat money onto an exchange; sequentially, GLMR tokens will then be credited to your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

GLMR token holders can transfer their tokens to a digital wallet. Once they’ve transferred their tokens, they can stake their GLMR tokens by using a dApp on the Moonbeam platform – this will earn them additional yields on their GLMR tokens.

Removing tokens from centralized exchanges is strongly suggested since doing so gives users complete control over their crypto assets and private keys.

None of the abovementioned information is investment advice.

 

About Moonbeam (GLMR)

How long has Moonbeam (GLMR) existed?

The project was initially founded in 2020, but Moonbeam officially launched in January 2022. It has grown to host more than 100 projects on the platform, and the GLMR token has also grown in popularity since its listing in 2022.

Moonbeam was created by PureStake under the vision of Derek Yoo, who is the company’s founder.

What’s controversial about Moonbeam (GLMR)?

In the vast majority of countries, the cryptocurrency market is infamously lawless and controversial. Users should always exercise caution before investing and acquaint themselves as much as they can with the fundamentals of cryptocurrencies and blockchain.

Several scam projects are launched to prey on inexperienced consumers who don’t do enough research before investing. Never invest heavily if you can’t afford to lose your investment.

Let’s take a look at the top controversy surrounding Moonbeam (GLMR):

• Initial Coin Offering – One of the major controversies surrounding the Moonbeam project is the fact that US citizens weren’t allowed to participate in the initial coin offering. This restriction is imposed according to the rules and regulations surrounding cryptocurrencies and blockchain projects in the USA. There was a significant number of unhappy US citizens that went on to claim other nationalities had an unfair advantage by participating in the Moonbeam ICO.

  However, it should be noted that the Moonbeam team was simply following the rules and regulations and did their best to comply with international laws surrounding blockchain and cryptocurrency.

How many Moonbeam (GLMR) Tokens are there?

At the time of writing, Moonbeam (GLMR) has a circulating supply of 309,792,391.00 GLMR

The total supply of Moonbeam (GLMR) is 1,025,925,650

Can Moonbeam (GLMR) be mined?

GLMR tokens can’t be mined. Instead, Moonbeam uses a delegated proof-of-stake consensus mechanism to secure its network, along with unique sharding to achieve optimal efficiency. This consensus mechanism is considered to be much more energy-efficient than traditional proof-of-work consensus mechanisms.

Additionally, GLMR token holders can earn yields on their tokens by staking GLMR on the Moonbeam platform. It’s very common for users to participate in decentralized finance products that allow them to earn additional yields on their tokens.

It should be noted that to participate in DeFi products, users need to transfer their GLMR tokens to a digital wallet. Sequentially, they can then easily connect the wallet to the decentralized platform.

Some centralized exchanges allow users to earn yields from staking their GLMR tokens.

What is the market cap of Moonbeam (GLMR)?

The market cap of Moonbeam (GLMR) is: the total amount of coins in circulation x the current market price of GLMR.

Moonbeam (GLMR) Market Cap = 309,792,391.00 GLMR x $0.67 = $207 million (123rd largest market cap)

GLMR is currently one of the top 150 cryptocurrencies by market capitalization.

 

Biggest Competitors Of Moonbeam (GLMR)

Moonbeam is considered a novel project because it leverages the unique functionality of both the Polkadot and Kusama blockchains. Several protocols specialize in providing users with cross-chain solutions, but Moonbeam has quickly become the most popular solution in the crypto space.

Moonbeam’s biggest competitors are:

• Acala
• Metis

 

What Are The Future Plans of Moonbeam (GLMR)?

Moonbeam continues to grow at an exponential speed and has managed to onboard several applications and a significant amount of world-class developers. The team has announced that it will continue to focus on increasing the project’s exposure and adding more utility to the GLMR token.

Furthermore, the team will continue focusing on security and optimizing the platform. The Moonbeam platform has quickly become known as an efficient and superior solution allowing developers to create exceptionally optimized decentralized networks.

 

Pros And Cons Of Moonbeam (GLMR)

Pros:

• Advanced Interoperability – The Moonbeam network uses an array of exclusive and optimized features to provide developers with a seamless and superior experience. The Moonbeam network supports cross-chain integrations and has become an incredibly popular platform to use.
• Listed On Large Exchanges – GLMR was only recently released, but it has already been listed on several popular exchanges, including Binance, KuCoin, and HTX. Being listed on such trusted and popular exchanges has bolstered the project’s exposure and increased the trading volume of the GLMR token.
• Leverages Polkadot and Kusama – Moonbeam leverages the security, scalability, and speed of the Polkadot and Kusama blockchains to provide an exceptionally optimized experience. The unique value proponents of the platform, paired with the efficiency of Kusama and Polkadot, ensure that Moonbeam can provide users and developers with top-tier functionality.
• Growth Potential – The Moonbeam platform is only starting out and has seen a rapid rise in popularity and adoption. The next few years could be incredibly exciting and could see the project flourish and become one of the most dominant crypto projects in the crypto sector. The number of partners endorsing Moonbeam is incredible, and if things continue to grow at this speed, Moonbeam will soon be one of the most popular projects.

Cons:

• Reliant On Polkadot and Kusama – Moonbeam leverages its efficiency, security, and scalability from Polkadot and Kusama. If these blockchains were to become less utilized or suffer an exploit, it would have a massive impact on the functionality of the Moonbeam platform and would likely lead to a rapid price decline in the GLMR token.