Moonriver is a solidity smart contract network that is working at Kusama and acts as Polkadot’s testnet. It was launched in June 2021 and from that time attracted more than $400M.
Providing Solidity support allows Ethereum developers to send their dApps to Polkadot but also make new ones without the requirement to learn any other programming language.
The Moonriver and Moonbeam networks are made by Pure Stake, which provides blockchain technology services including infrastructure, APIs, and other developer tools for public blockchain networks. These are funded by Moonbeam Foundation. Derek Yoo is the CEO of Purestake, the Founder of the Moonbeam Project, and Moonriver, the associate network to Moonbeam.
Derek Yoo had a vision of accomplishing a multichain future into reality, for which this project was made. These organizations work in cooperation to bring the founder's vision into existence.
Moonriver is an Ethereum based compatible blockchain, a parachain on the Kusama network. Kusama is a “canary network” which promotes the development of pre-use testing in the Moonbeam series in Polkadot. The new code is first shipped to Moonriver, where it can be checked, verified, and confirmed under real economic conditions. Once it is verified, the same code is then sent to Moonbeam through Polkadot. Moonriver is basically linked to its sister chain, Moonbeam as a canary network. Moonriver will aid as a checkpoint for characteristics and changes that may find their way to Moonbeam. Two blockchains share a testnet called Moonrock, a parachain that exists on Polkadot's Rococo testnet.
Like the Kusama parachain, Moonriver uses the Kusama Relay Chain as its security layer and its seating layers to be in touch with other parachain. Moonriver is listed on major crypto exchanges namely Binance and Kraken. The supply of MOVR tokens is 10 million. Some part from all the tokens is kept aside to make sure that the network protects and maintains the parachain slot on the Kusama network.
MOVR, the utility and governance token of Moonriver, is used for the following purposes:
1. Transaction Fees: Users can pay gas fees, the cost of doing a transaction on the Ethereum network, and make smart contracts with MOVR.
2. Staking: Users can contribute to the MOVR to become a guarantor or submit to participate in a network agreement and be awarded the MOVR.
3. Governance: Allows MOVR token holders to nominate council members and involve in network voting.
4. Liquidity Mining: Invest in Decentralized Exchanges (DEXs) based on the Moonriver blockchain to earn part of the exchange costs.
DATE | NEWS/EVENTS | IMPACT |
07/05/2022 | TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath | -41% Decrease |
08/11/2021 | Moonriver will soon be available on Binance, the largest crypto exchange in the world | +26% Increase |
22/10/2021 | Altcoins breakout even with the price of Bitcoin falling to $60,000 | +32% Increase |
02/09/2021 | Cream Finance will be integrated with the Polkadot blockchain using Moonbeam | +54% Increase |
Moonriver seems to be a good long-term investment considering all of it is for Moonbeam’s goals and objectives, but in any case, it is an integral part of the ecosystem. In addition, it allows for more innovative designs than ever before, serving as a test site for projects at Moonbeam.
It is very important to remember the fact that like any other online investment, Moonriver also has its risks, and you should only invest if you are willing to take those risks and endure losses if necessary.
Moonriver