🪙$BEAM's role

Attention: with MIP-28 and MIP-29 passing, all $MC tokens are migrated to the $BEAM token. As of the 26th of October, 2023, and for the following 12 months; $eMC and $MC holders will be able to convert their tokens to $BEAM tokens, following a 1:100 conversion ratio. For more information, please refer to our Beam migration tutorial.

$BEAM is an ERC-20 cryptographic token used for multiple things in the MC Ecosystem.

Token contract: 0x62D0A8458eD7719FDAF978fe5929C6D342B0bFcE

Fundamentally, $BEAM is used for the following purposes:

1. Gas token. $BEAM serves as the native crypto asset on the Beam network. Each transaction on the Beam network requires $BEAM to cover gas fees, which includes any game related transaction on the Beam network.

2. Validation (and possibly delegation in the future). $BEAM is required to validate transactions on, and to secure the, Beam network. There is ongoing work to enable tokenholders who do not wish to validate themselves to delegate their $BEAM tokens to validators and thereby contribute to validating transactions and securing the network.

3. Governance. $BEAM tokenholders may participate in governance and propose certain changes to the MC Ecosystem, including govern the community treasury and certain mutable smart contract systems.

4. Payment on Sphere. $BEAM is used as a means of payment for NFTs on Sphere.