Glimmer Token (GLMR)¶
As a decentralized smart contract platform, Moonbeam requires a utility token to function. In Moonbeam, this token will be called Glimmer as in, “that smart contract call will cost 3 Glimmer.” The token symbol will be GLMR.
This token is central to the design of Moonbeam and cannot be removed without sacrificing essential functionality. Some of the uses of the GLMR token on Moonbeam include:
- Supporting the gas metering of smart contract execution.
- Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run.
- Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc.
- Paying for transaction fees on the network.
The issuance model, genesis allocation, incentives, fees, and token economics surrounding the GLMR token are still under development. There will be further updates to this page once those details are finalized.