Moonbeam (GLMR) - Polkadot project on its way to the moon?

Moonbeam is the first of the winning auction designs for Polkadot. It is a connecting bridge Ethereum z Polkadot, which solves the problem of high fees and allows the use of the most famous cryptocurrency wallets. Is its native GLMR cryptocurrency can it still earn? Will the planned 5% inflation allow it, or will the burning of 80% of charges in the network take the top? We check.

We are continuing the cycle of the Forex Club portal in which we analyze and describe the largest, highest-valued, most interesting, most developing, advanced and also the most controversial cryptocurrency projects around the world. Today, it's time for Moonbeam and the GLMR token, a duo that allows you to develop projects on various chains without incurring huge costs for the work of the world's best programmers.

What is the Moonbeam network

The need to create Moonbeeam came from the imperfection of the Ethereum network, which is visible to everyone. Although it is still - and probably for very long months or even years to come - the largest platform for smart contracts, its limitation is undoubtedly high fees. It is because of their height that some users choose other networks, although their capabilities are sometimes smaller. However, they prefer to pay less, because sometimes the Ethereum fee is so high that it pays to put in more work to avoid it. 

That is why Moonbeam was created, which allows Ethereum to be easily connected to the multi-chain Polkadot network. This reduces costs to the necessary minimum, because the bridge between the chains is much cheaper to use than many hours of work of highly qualified programmers. It is also faster than programming and then testing to avoid mistakes and possible risks. 

How Moonbeam works

This platform smart contracts has its own Glimmer token (GLMR), which pays for its operation. Importantly, you can use all the tools that are available in Ethereum and there is no need to modify them. It is enough to pay a fee in GLMR, which means that the more interested people, the greater the demand for the cryptocurrency. This allows you to have one private key for your funds, so you do not have to transfer them every time. 

No wonder that the leading companies in the blockchain market have invested in Moonbeam, including such big names as the well-known Binance Labs, Coinbase Ventures, ParaFi or Bitcoin.com. 

Glimmer Utility Token (GLMR)

The native token of the Moonbeam platform is the Glimmer cryptocurrency (GLMR). With its help, you pay off the costs of network operation, as well as all smart contracts. It is also used to manage the network. 

Interestingly, GLMR does not have a specific maximum emission limit. Initially, it was stated that the supply would be a maximum of 1 tokens, but 000% inflation was planned for each year. 000% of it will go to node support, 000% to the parachain reserve, and 5% will go to delegates. So it is not a token, the number of which is known in advance - as in Bitcoin, for example.

This does not mean, however, that the GLMR token price has no chance to increase. 80% of fees in the network are immediately burned, and 20% goes to a separate management account. So it all depends on whether the network will be successful. The more users, the faster its price will rise. 

GLMR cryptocurrency quotes

As of April 26, 2022, you will have to pay $ 3,32 for each GLMR token. They can be traded on five cryptocurrency exchanges from all over the world, including the largest of them - Binance. There are currently 230 tokens in circulation, which translates into a capitalization of over USD 648 million. The maximum GLMR token rate reached on January 397, 765, when each one had to pay $ 11.

GLMR / USDT token chart, D1 interval. Source: Binance platform