Moonbeam (GLMR) is an Ethereum-compatible smart contract parachain on the Polkadot network. It allows for seamless integration of Ethereum applications and decentralized finance (DeFi) projects, offering scalability, interoperability, and on-chain governance. The GLMR token is used for transaction fees, smart contract executions, incentivizing collators, and governance processes.
Moonbeam (GLMR) is used for several key purposes within the Moonbeam network:
Gas Fees and Transaction Costs: GLMR is used to pay for gas fees when executing smart contracts and for sending value within the network.
Staking: GLMR can be staked to support the network and participate in governance. Staking allows users to vote on important network proposals and elect council members.
Governance: GLMR is used for on-chain governance, enabling holders to vote on proposals and shape the direction of the network.
Incentivizing Collators: GLMR is used to incentivize collators, who are responsible for producing blocks and maintaining the network's security. Collators receive a portion of the annual inflation as a reward.
Network Maintenance: GLMR is used to maintain the network's parachain slot on Polkadot and to incentivize collators to provide block production services.
These uses ensure the smooth operation and development of the Moonbeam network, which aims to provide a seamless transition for developers seeking to escape the congestion and high gas fees of Ethereum.
To store Moonbeam (GLMR) tokens, you have several options:
MetaMask: You can use MetaMask to connect to the Moonbeam network and store your GLMR tokens. Ensure you add Moonbeam as a custom network in MetaMask, as GLMR tokens are not ERC-20s but native protocol tokens.
Ledger: Ledger supports Moonbeam (GLMR) tokens. You can add Moonbeam to your Ledger device and manage your tokens securely through Ledger Live. This allows you to receive and send GLMR tokens without connecting your device to MetaMask.
Obvious Wallet: The Obvious multi-chain wallet supports storing GLMR tokens across all supported chains, including the Moonbeam chain. It allows you to securely control your private keys and seed phrases, and manage your tokens via your mobile device.
- Staking Directly on Moonbeam: You can also store and stake your GLMR tokens directly on the Moonbeam network, earning staking rewards. This can be done using the Moonbeam dApp, which guides you through the process of staking your tokens.
To buy Moonbeam (GLMR) tokens, follow these steps:
Choose an Exchange: Select a reputable exchange that supports GLMR trading. Options include Kraken, Uphold, KuCoin, and Pionex.
Create an Account: Sign up for an account on the chosen exchange. Verify your email address and identity as required.
Deposit Funds: Deposit funds using a debit card, credit card, wire transfer, or Bitcoin. Ensure the exchange supports your preferred payment method.
Buy GLMR: Use your deposited funds to purchase GLMR tokens. You can do this directly on the exchange or through a decentralized exchange (DEX) like StellaSwap.
Transfer to Wallet (Optional): If you want to store your GLMR tokens securely, transfer them to a wallet that supports the Moonbeam network, such as MetaMask.
For US residents, some exchanges like Kraken and Pionex offer specific methods for buying GLMR, including debit card and bank wire options.
