Community network Moonriver goes live with balance transfers and EVM

  • The successful launch makes Moonriver the first fully-Functioning EVM deployment to Kusama.
  • The Moonriver platform also has a governance system allowing MOVR token holders to participate.

The Polkadot-based ethereum-compatible smart contracts platform Moonbeam has attained a significant milestone. Moonbeam announced the successful launch of its community network Moonriver on the Kusama blockchain.

Over the last few months, Moonriver has been working on securing parachain slots on the Kusama blockchain. Now, with the final phase of the launch process, Moonriver goes fully functional while successfully enabling balance transfers and EVM functionality.

This makes Moonriver the first EVM-compatible parachain on Kusama. Besides, it also offers a seamless experience through full Ethereum compatibility. Over 60 projects and integration teams in the Moonbeam ecosystem will start deploying their DApps and smart contracts in a permissionless manner, to the Moonriver network.

All users and token holders of Moonriver can access the platform’s full functionality. This includes token transfers, receiving staking rewards, voting on referenda, and nominating collaters. Earlier today, two motions from the Moonbeam ecosystem passed the governance.

  1. Enabling runtime upgrade for activating balance transfers and the EVM
  2. Distributing rewards to the participants who helped in bootstrapping the network as a parachain working on Kusama.

The Ethereum compatibility of the Moonriver parachain brings along a unified account structure, a Web3 RPC, and precompiles. It will also unlock the ability to host dozens of projects and DApps to Moonriver in the coming weeks.

Understanding the benefits of Moonriver launch

As said, the launch of Moonriver brings along a fully functional EVM deployment on Kusama. Let’s take a look at some of the key benefits it brings along with.

  • Balance Transfer Enablement: this allows the MOVR tokens to move freely while offering a similar experience to that on Ethereum. Besides, it provides several tools for token holders to set up. It includes connecting Metamask to Moonriver for using the DApps on the Moonriver ecosystem. Other tools are for nominating a collator or redeeming the MOVR rewards.
  • Crowdloan Reward Distribution: Participants contributed to the launch of Moonriver through a community-focused crowd loan hosted by Moonbeam Foundation. A total of 200,000 KSM tokens were contributed by these participants. The participants have been rewarded with MOVR tokens which they can leverage for engaging with the network. The crowd loan structure aims at maximizing the rewards.
  • Governance and Voting: Moonriver has also implemented an on-chain governance system by letting token holders participate. Using the Polkadot.js web application, users can also vote on the referenda.
  • Collater Staking: MOVR token holders can now nominate and stake directly with collators on Moonriver. The platform’s custom parachain staking process simplifies the nomination process while alleviating risks of collators front-running transactions.

With this progress, the Moonbeam Foundation is also planning to introduce Liquidity Programs on Moonriver during the first year.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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