Moonbeam with NFT Reward for Delegators

Moonbeam (GLMR), a prominent smart contract platform within the Polkadot ecosystem, has initiated a unique reward campaign for its early delegation participants, offering them exclusive “I Delegated” NFTs. The campaign concluded on September 22, 2023, marking the end of the participation period for the first generation of delegators.

Rewarding Delegation Pioneers:

Moonbeam, serving as a crucial environment for smart contracts, is rewarding the inaugural delegators of its core native governance asset, GLMR, with commemorative non-fungible tokens (NFTs). This initiative aims to incentivize participation in subsequent rounds of delegation, recognizing the contributions of active community members and customers.

Every GLMR token holder who delegated their tokens before the deadline is eligible to receive the exclusive NFTs through an airdrop hosted by the Moonbeam team. The data from Moonbeam’s official delegation portal reveals that 135 entities are currently acting as delegates, with the largest delegate operating 1.8% of voting weight through an allocation of almost 210,000 GLMR tokens.

Community Growth:

The majority of the delegators became part of the ecosystem between July and August 2023, contributing to the growth and development of the platform. The Moonbeam Network had previously facilitated the integration of Ethereum’s largest DEX, Uniswap (UNI), into the Polkadot (DOT) ecosystem in May 2023, expanding its reach and influence.

Market Response:

Despite the innovative delegation procedure announced on September 5, 2023, aimed at achieving heightened decentralization, the GLMR price experienced a nearly 13% drop, trading 98.9% lower than its all-time high at $0.162. Moonbeam’s sister chain, Moonriver, also witnessed a decline, with its MOVR asset down by 99.2%, according to CoinMarketCap data.

Conclusion:

Moonbeam’s reward campaign stands to acknowledge and incentivize its community’s involvement. The exclusive “I Delegated” NFTs serve as a commemorative token of participation for the early birds in the delegation process, fostering a sense of community and encouraging further engagement. However, the market response indicates a need for strategic advancements and community-building efforts to bolster the platform’s standing and value in the competitive blockchain ecosystem.