Recently the Moonriver (MOVR) token listing on Binance is enticing many crypto-lovers’ eyes. In addition, Binance Labs also is a strategic investor of Moonriver Network in late 2020. What is Moonriver? Let’s jump into Moonriver Ecosystem to gain deeper understanding with Coin98 Insights!
What is Moonriver Network?
Moonriver is a sister network of Moonbeam. Similar to its sister, Moonriver is a full Ethereum-like environment and works with industry-standard Ethereum tools, DApps, and protocols.
The only difference between Moonriver and Moonbeam is that:
- Moonriver is a parachain built on Kusama Relay Chain.
- Moonbeam belongs to the Polkadot Relay Chain.
Kusama Relay Chain is a wild cousin of Polkadot Relay Chain. It offers an early, adventurous version of Polkadot to allow teams to build parachains and deploy applications in an environment with economic incentives that will mirror those on Polkadot.
See Also: What is Polkadot (DOT)?
In this article, Coin98 Insights aims to focus more on Moonriver Network to explain its developing period and the roles on the Kusama Ecosystem.
How does Moonriver work?
Moonriver provides an environment to test new code under real economic conditions. New code ships to Moonriver first, where it can be tested and verified. Once proven, the same code ships to Moonbeam on Polkadot.
Although Moonriver shares much of its codebase with Moonbeam once they’re both launched, Moonriver will continue to live on as a parachain on Kusama, with its own projects and specialized use cases.
In August 2021, Moonriver officially became a parachain on the Kusama network.
Moonriver is an easy route to Kusama Relay Chain. It allows teams and developers ,who are familiar with Ethereum, access to the Kusama Network with little or no barriers. It minimizes the changes required to run existing Solidity smart contracts on the network. Therefore, Ethereum projects can simply replicate their DApp and deploy it to Moonriver using popular deployment tools.
What is MOVR token?
MOVR token is a utility token of the Moonriver Network.
Detailed information about MOVR Token
MOVR token metrics
- Token Name: Moonriver.
- Ticker: MOVR.
- Deployment Network: Moonriver.
- Relay Chain: Kusama.
- Token Standard: Updating…
- Contract: 0x98878b06940ae243284ca214f92bb71a2b032b8a
- Token Type: Utility and Governance.
- Total Supply: 10,000,000 MOVR.
- Circulating Supply: 2,185,399 MOVR.
MOVR Token Allocation
- Community Initiatives and Parachain Slot Reserve: 40%
- Parachain Crowdloan: 30%
- Long-Term Network Stewardship & Adoption: 24.5%
- Developer Adoption Program: 4.5%
- Parachain Bond Reserve: 0.5%
- Treasury: 0.5%
Detailed Allocation Purposes
MOVR Token Release Schedule
- Crowdloan: Upon launch of the Moonriver parachain, 30% of tokens will be distributed immediately to the crowdloan contributors, and the following 70% will be distributed weekly over the life of the lease (48 weeks).
- Community Initiatives and Parachain Bond Funding: 10% of genesis supply have been allocated to liquidity programs. For simplicity reasons, the Foundation has evenly distributed the release of these tokens across 11 months here, but the schedule may differ once details of the program are announced.
- Developer Adoption Program: The Foundation will release tokens as part of grants to teams building on Moonriver. These tokens will be released within approximately 4 months of the network launch
- Not included: The Foundation may release additional tokens as part of ecosystem development and to cover network-operation expenses. Material releases will be disclosed in transparency. To date, Foundation has released approx ~400k of MOVR to cover expenses and for liquidity.
- Unlike GLMR of Moonbeam, there were no sales of MOVR prior to launch and no project team allocations.
MOVR Token Use Case
Currently, the MOVR token has 4 use cases:
- Gas metering: Supporting the gas metering of smart contract execution
- Protocol Security: Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
- Governance: Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc
- Network transactions: Paying for transaction fees on the network.
How to get MOVR token
You can get MOVR through various options:
- CEXs: Binance, KuCoin, Gate.io, MEXC,…
- DEXs: Solarbeam
- Liquidity mining
How to buy MOVR token
The token is not currently supported on Coin98 Exchange. But in the future, Coin98 Exchange will be integrating the token native very soon.
Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,…) through intuitive and simple interfaces.
You can buy MOVR on centralized exchanges such as: Binance, Gate.io, KuCoin….
How to store JET token
You can store MOVR token on Coin98 Wallet when the token is supported.
Team, Investors, and Partners
The Moonbeam and Moonriver networks are built by PureStake – An Infrastructure-as-a-Service to crypto application and Validator Service for PoS Polkadot and Algorand. Both of them are under development of the same team and the foundation.
- Derek Yoo – CEO & Founder: He used to work as CTO and CPO at Fuse – A global cloud communications and collaboration software platform for enterprise, also a CEO of PureStake.
- Stefan Mehlhorn – COO: Master degree in Computer Science. In the past, Stefan was a Head of Technology Operations at Samsung Pay
- Alan Sapède – VP of Blockchain Engineer: Alan has two years experience in Software Engineer at Google
Moonbeam (also Moonriver) had raised 1.4M in the seed round led by Hypersphere Ventures, a venture firm focused on Polkadot founded by Polkadot co-founder Robert Habermeier.
Other notable participants include Arrington XRP Capital, HashKey, KR1, Bitcoin.com Exchange, and Du Capital.
March 3, 2021
Moonbeam was funded 6M in a strategic round. The primary investor was CoinFund, but it also included participation from Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, and IOSG Ventures.
Moonriver continuously expands the ecosystem by partnering and integrating with many Dapps across various fields.
Roadmap and Updates
The development of Moonbeam & Moonriver Network first started in late 2020.
- Q3 – Q4 2020: Released Moonbase Alpha Testnet and developed infrastructure.
- Q1 2021: Upgraded Moonbase Testnet, announced Grant Program and in initial partnership with many well-known protocols such as Chainlink, Band, Ocean, etc.
- Q2 2021: Moonriver won a parachain slot on Kusama and prepared for the launch on it. Early Dapps began to deploy on Moonriver.
- Q3 2021: Moonriver went live on Kusama.
- Q4 2021: Preparing for Moonbeam (its sister parachain) crowdloan on Polkadot. Continue to expand the project’s partnership and integrations.
Is MOVR a good investment?
Let’s look at the informative datas Coin98 Insights has gathered before making an assessment on Moonriver. However, you should always do your own research for your investment decisions.
More than 80+ Dapps are now live on Moonriver Parachain. This is one of the most diverse and dynamic ecosystem on Kusama. In the future, they will widen the Dapps ranges to serve community demand and yet Moonriver ecosystem continues to expand daily so the possibilities with MOVR are endless.
Until now, Moonriver has Total Value Locked of nearly 354M with Solarbeam dominance (its native DEX) of 35.23%. As can be seen from the data, TVL skyrockets from 180M to 354M only in four days (5/10 – 9/10)
In the past, Moonriver was the second parachain which won the slot on Kusama and more than 10,000 Network Holder locked up 205,900 KSM in favor of MOVR.
When the crowdloan was launched, Karura took the lead early on and surpassed all other teams by a large margin. Moonriver started out lower than their competitors but was able to quickly surpass Shiden Network
After looking at those Data, we could see that Moonriver has a diverse array of projects and DeFi legos initially arrives on. The parachain in which Binance Labs is investing has been listed on Binance CEX to bootstrap its development. Moonriver also has a strong community supporting only after Karura. The potential of Moonriver is still in growth and soon in 2022, when it is fully developed, we could see its blooming expansion.
Coin98 Insights hopes you will absorb well all of the important information about MOVR including its features and highlights throughout this topic.
If you have any questions about MORV or want to know more about MOVR, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.
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Posts “What Is Moonriver (MOVR)? All About MOVR Token” posted by on 2023-09-29 12:02:46. Thank you for reading the article at www.atccoin.net