What is Moonriver (MOVR)?
Shifting your Ethereum-based DApps on the Kusama Network can be difficult due to factors like different consensus mechanisms, block times, network fees, etc. That’s where Moonriver steps in as a savior – a platform that is Ethereum-compatible and facilitates the seamless transition of decentralized applications on Kusama.
Let’s dig deeper into the platform, its native token, and other details that are worth knowing.
It is compatible with Ethereum and is built to simplify things for developers who want to deliver their Ethereum DApps to Kusama without any extra charges. The native token MOVR is used to pay transaction fees while ensuring the fostering of a close-knit community and security.
Moonriver’s Place in the Blockchain Ecosystem
Moonriver’s place in the blockchain landscape is quite prominent. It helps connect Ethereum and Kusama Network seamlessly. But how does it benefit?
Many developers out there create applications on Ethereum but want to use them on other networks like Kusama. Using Moonriver, this collaboration becomes a breeze.
A Brief History of Moonriver
Being a part of Moonbeam Network, Moonriver was deployed in June 2021 as a Kusama parachain. In January 2022, it was officially launched with the main goal of making things easier for developers who created decentralized apps and wanted to transfer them to Kusama Network without the prolonged process of their reconfiguration.
Under the Hood: How Moonriver Works
If we dig a bit deeper, it comprises an environment, better called a substrate, that facilitates the easy moving of DApps to the Kusama Network.
Here is more about Moonriver’s overall working mechanism:
The Technology Stack of Moonriver
The technology stack is a crucial part of MOVR as it is built to handle Ethereum’s smart contract code. This ensures that, as a developer, you can bring your Ethereum project over to Kusama Network without having to make any major changes to it.
Moonriver’s Consensus Mechanism Explained
Moving further, if we talk about Moovriver’s decision-making abilities, these come from a consensus mechanism, which is a solid part of the Kusama Network known as Nominated Proof of Stake.
With this system in place, developers can easily validate transactions and be assured about the network’s security, giving rise to smooth and trustworthy functionality of the platform.
Smart Contracts on Moonriver
Smart contracts on Moonriver are self-executing contracts that function on terms that are written directly into code. Here are some worthwhile details about it:
The Functionality of Smart Contracts
Smart contracts are an important part of Moonriver as they play the role of automating and executing predefined conditions. With it, the enabling of decentralized apps and DeFi services is facilitated.
Furthermore, these contracts can easily tackle complicated tasks that encompass basic transactions, decentralized exchanges, and governance protocols.
Deploying Smart Contracts on MOVR
Since Moonriver is Ethereum-compatible, deploying smart contracts on it is almost similar to doing so on this blockchain technology. Developers can leverage Solidity or Vyper for coding-related tasks, while deployment can be made easier with tools like Truffle and Hardhat.
The Moonriver Network in Detail
Here are some details on the Moonriver network that you should know:
The Ecosystem of DApps on Moonriver
Moonriver’s ecosystem features a wide range of DApps, including:
- DeFi platforms
- Gaming applications
- NFT marketplaces
The decentralized applications use the Ethereum-compatibility of the platform for quick transitions and operations of relevant projects on the network.
Moonriver’s Interoperability Feature
This feature is useful for multiple reasons, which primarily include cross-chain integrations. It enhances the utility of the network in a broader blockchain landscape.
Not only does this, but interoperability also simplifies the exchange of value and information with other blockchains.
MOVR: Moonriver’s Native Token
The below section explores everything you need to know about Moonriver’s native token MOVR:
Roles and Utility of MOVR
MOVR is multifaceted, and it is thus used for various things, which include:
- Paying transaction fees
- As a governance token
- Empowering holders to participate in network decisions
The token’s utility extends towards facilitating the security and efficiency of the Moonriver network.
Staking with MOVR
MOVR holders can stake their tokens for supporting validators. This plays a direct role in the NPoS consensus mechanism. As a result, stakers receive rewards to promote the long-term holding of the currency.
Tokenomics of MOVR
Here are some elements that make up the tokenomics of MOVR, designed to ensure top-notch network health and encourage user participation:
- Strategic inflation rate
- Balancing new tokens
- Reward mechanism
- Introduction with demand
The Role of Community in Moonriver’s Development
Moonriver community offers insights, feedback, and active participation in the platform’s decision-making processes. This ensures the platform stays in line with user needs and industry trends. Here are some more details to explore:
Community Governance Mechanisms
With decentralized governance, Moonriver allows token holders to have the right to vote on key decisions. The best part is that any community member can make decisions transparently, allowing a democratic approach to evolving the network.
Contributing to the Moonriver Ecosystem
The contributions to the Moonriver ecosystem are not limited as they come in the following forms:
- Development of DApps
- Offering feedback
- Engaging in community discussions
These aspects play an important role in improving and growing the network continuously.
Incentivization in the Moonriver Network
Incentivization in Moonriver Network is done the following way:
- Validators actively participating in block production and transition are rewarded with MOVR tokens.
- The network offers funding opportunities for developers who want to create and deploy dApps.
Reward Distribution on MOVR
Meanwhile, validators get rewards for making transactions and even maintaining network consensus. And when it comes to stakers, they get rewards proportional to the staked amount allowing prolonged holding.
How to Buy and Trade MOVR on Binance
Here’s a comprehensive guide that explains the steps to buy and trade MOVR on Binance:
- Click the link below to register on Binance using a special Coin-Labs referral code.
- Click on Buy Crypto to deposit MOVR in your account. You can opt to pay with your credit or debit card. Also, bank transfer of fiat currency is supported.
- Confirm your order at the current MOVR price in 1 minute. After that, the price would be recalculated based on its market rates.
- Log in to your Binance account.
- Navigate to the Trade tab and choose Spot Trading.
- Choose your preferred trading pair and click the Place Order option.
- Select between Buy and Sell, opt for a suitable order type, and enter the MOVR amount you want to trade.
- Confirm the trade. You can monitor it in the Open Orders section.
MOVR Wallets and Storage Solutions
Moonriver offers secure wallet and storage options to manage and safeguard the platform’s native coin, MOVR. Here are a few top ones:
- Hardware wallets like Ledger and Trezor
- Software wallets, including Metamask and Trust Wallet
- Exchange wallets like Binance
- Web wallets accessible through browsers, for example, the MetaMask’s web extension
Moonriver offers the following benefits for developers:
- Gives users a chance to work with Ethereum-based coding on a more compatible platform.
- Allows creation and launch of Solidity Smart Contracts deployed on the Kusama Blockchain.
- Offers seamless compatibility with different Ethereum tools like Remix, Hardhat, Waffle, DApps, and relevant protocols.
- With Moonriver, developers get early access to experimental builds and those projects that have the potential to revolutionize the market.
- Provides access to useful tools for development tasks, including Chainlink and The Graph.
- Ensures reduced congestion and fees as compared to Ethereum for other DeFi tasks.
- Comes with robust features like on-chain governance, staking, and cross-chain integrations.
Market Dynamics and Price Factors of MOVR
Both market conditions and price factors of MOVR depend upon several factors. As of 2023, its sentiment is quite neutral with the following trends:
- 19 indicators show bullish signs
- 9 indicators show bearish projections
If we talk about the price predictions, then it’s expected to increase 9.36% to reach $6.55. The recent performance indicates 73% green days with a 17.48% volatility over the last 30 days. If everything goes as planned, MOVR will reach $46.40 in 2024 and $57.13 in 2023.
All these future projections are based on market trends like Bitcoin halving cycles and historical price movements.
Challenges and Resolutions for Moonriver
While Moonriver is a solid platform offering multiple benefits for developers, it faces a few challenges when it comes to the following things:
- Maintaining compatibility with Ethereum Blockchain
- Employing network safety
- Ensuring the formation of a robust community
However, the good thing is that the platform is continuously working on improving in these areas. For example, constant work is being done to optimize the platform’s infrastructure so developers can easily scale it according to their needs. Moreover, it also seeks to use layer 2 solutions to address this challenge.
Moving forward, you can find continuous updates on Moonriver majorly directed towards enhancing its Ethereum ecosystem. For security, there are solid solutions that encompass the Nominated Proof-of-Stake consensus and Kusama’s shared security network.
Lastly, the platform offers multiple innovative tools and resources for developers so they stay connected with it as loyal prospects.
The Future Roadmap for Moonriver
The future roadmap for Moonriver aims to enhance its functionality and user experience, focusing on scaling solutions, increased interoperability, and developer support.
This includes upgrades in network efficiency, collaborations with other blockchain ecosystems, and introducing advanced features to cater to evolving decentralized applications. All of this is aimed at fostering a robust blockchain environment.
So that was all about Moonriver emerging as a versatile blockchain platform with its Ethereum compatibility and cross-chain integration. As a Kusama Network parachain, it offers interoperability along with enhanced functionality for developers looking for user-friendly dApps shifting solutions.
Here are some factors that investors should consider before investing in Moonriver.
|Publisher or Developers
|Headquarters (Registration Number)
|Published Date (CMC Registration)
Reliability Score of Moonriver in 2024
These are indexes mesuring the investment reliability of Moonriver conducted by Coin-Labs.com.
|Investment Reliability Rating Items
|Scores and Current Status
|Company Activation Rate
|/ 10.0 CAR
|/ 10.0 CR
|Technology Transparency Rate
|/ 10.0 TTR
|Development Participation Rate
|/ 10.0 DPR
|Listing Status on the World's Top 10 Exchanges
|Listed on 7 Exchanges
|Number of Available Pairs Worldwide
|Market Cap of the Cryptocurrency
|190,240,911 USD (Rank #245)
Here are the price and recent trading volume of Moonriver. (Data of 2024-02-23 15:24:00)
|Price and Trading Volume of Moonriver
|Price Change 24h
|Price Change 7d
|Trading Volume 24h
|Trading Volume Change 24h
You can check the development status and social media information of Moonriver through the links in the table below.
|🌎 Official Website
|📖 White Paper
|🛰️ Source Code (GitHub)
|🎺 Message Board
Where to Buy Moonriver
Here are the top ten world crypto exchanges where traders can buy Moonriver in 2024.
Frequently Asked Questions
What is the current price of Moonriver?
Moonriver price today is 22.410 USD. Furthermore, the price of Moonriver has fluctuated by -0.83% from 24 hours ago, and by -2.95% from a week ago.
Where is Moonriver listed?
Currently, it is listed on a total of 7 among the world top 10 exchanges.
What is the market cap of Moonriver now?
Currently, Moonriver has a market cap of 190,240,911 USD, which is ranking 245 among cryptocurrencies worldwide.
How much is the trade volume of Moonriver?
Currently, 8,880,203 MOVR coins are circulating through 75 market pairs. As a result, in the last 24 hours, 17,730,991 USD of MOVR coins were traded in the market.