Moonbeam Tokenomics Update: Reallocate and redenominate

Moonbeam Network declared they would reallocate and redenominate the $GLMR token to prepare for “Take Flight” - a community token event planned for September 2021.

Similar to $DOT, the initial genesis supply of $GLMR has been redenominated from 10 million to 1 billion. Its tokenomics and ownership, including the 5% annual inflation rate, will remain the same.

About 8% of the total genesis supply of GLMR and 10% of the total genesis supply of MOVR will be spent on incentivize liquidity programs, which aims to help effectively and competitively bootstrap activity in the Moonbeam and Moonriver ecosystem.

10% allocation (1,000,000 MOVR) for Liquidity Programs will be powered by the Community Initiatives and Parachain Slot Reserve fund. More details about Liquidity Programs will be announced shortly.

Take Flight event will happen on September 2021 and the tokens Allocated for this event is 80,000,000 (8% of the initial, re-denominated supply). There will be 3 sequential phases and the first of which will have a guaranteed allocation.