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Moonbeam

Moonbeam launched as a parachain on the Polkadot network in December 2021 after the network completed a crowdloan campaign, which received over 35M DOT (~$1.4 billion USD) from over 200,000 supporters around the globe.

Moonbeam is an Ethereum-compatible smart contract platform that makes it easy to build natively interoperable applications. This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Moonbeam benefits from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot.

Moonbeam depends on its native utility token, Glimmer (GLMR), for its operations. The token is essential to the parachain’s design as it powers the smart contracts, facilitates the security of the network, and enables DApp performance.

LetzBake Moonriver icon

Return on Stake (ROS) and Fee

ROS: ~35%
Fee: n/a
Min. Delegation: 50 GLMR

Moonbeam Collator Address

LetzBake!

Moonbeam FAQs

As Moonbeam is fully Ethereum-compatible, we recommend using MetaMask for either Chrome, Firefox, Brave, or Edge. Once you have MetaMask installed, you need to configure the wallet for Moonbeam. Find a good guide on how to do that here.

You can then connect MetaMask to the Moonbeam app to delegate to the LetzBake! collator. After connecting MetaMask, click on "Manage delegations". Then click on "Select a collator" and select our collator from the list. Enter the GLMR amount you want to stake. When you click on "Delegate", MetaMask opens and asks to confirm the transaction. Click on "Confirm" to finalize the transaction.

Note that to participate in staking you need to lock (bond) your coins and that it takes 7 days until your funds will be transferrable after unbonding.

We also recommend using a Ledger or Trezor hardware wallet to safely store your GLMR coins. Both devices are fully compatible with MetaMask on Moonbeam, but, in the case of Ledger, you need to use the Ethereum app to interact with the network. Trezor automatically detects the appropriate app, so you can use your device as you are used to on Ethererum or any other Ethereum-compatible chain.

Contact us with any questions you may have. We’re happy to help!

Only download wallets from the original sources, and never from a random link on the Internet!
Reward payouts are quite straightforward in Moonbeam and are automatically delivered to your wallet at the end of every round, with one round being 1800 blocks or about six hours. Note that after you set up your delegation, it will take two rounds (about 12 hours) before you will start receiving your staking rewards.
That's enforced by the Moonbeam protocol.
There are two possible reasons:
  • If you just recently delegated to us, note that delegations start receiving rewards after two rounds or about 12 hours.
  • The Moonbeam protocol currently only allows 300 delegators per collator, which are ranked by their amount of stake, not by the length of time they have delegated to a collator. It is thus possible to lose your spot in the top 300 delegators list, and, if you do not have a high amount of stake, it is advisable to occasionally check your rank, for instance at Subscan here.

    If you happen to have fallen out of the top 300 you should search for another collator, which has less than 300 delegators or one where you have a higher amount of stake than the delegator with the lowest amount of stake for that collator.
Moonbeam targets a 5% annual inflation rate. Of the 5% inflation, 2.5% go to users that stake their GLMR coins and help power the collator selection process, 1.5% go to the Moonbeam parachain bond reserve, and 1% go towards incentivizing collators. As the percentage of the inflation emission the different groups receive is fixed at protocol level, collators cannot set their own fee, as is common on most other chains.
There are many exchanges out there that fake trading volume, and thus, these cannot be trusted. Find below a list of exchanges whom we trust to buy Moonbeam:
Although we trust these exchanges to behave fairly, we advise to never leave your crypto on any of these long-term and instead use a hardware wallet for long-term cold storage.