Exchange Moonriver (MOVR)

The Moonriver network is a blockchain network that operates as a parachain on the Polkadot network. It's designed to be a decentralized, interoperable, and scalable platform for building decentralized applications (DApps) and smart contracts. Moonriver is a parachain, which means it connects to the Polkadot relay chain. Polkadot is a multi-chain network that allows different blockchains (parachains) to interoperate and share information.

Moonriver is a part of the Moonbeam project developed by PureStake. The founders of PureStake, including Derek Yoo, have been instrumental in the development of Moonbeam and its associated networks.

Derek Yoo is the CEO of PureStake, the company behind the Moonbeam and Moonriver networks. He has experience in the blockchain space and has been involved in leading PureStake's efforts in building scalable blockchain infrastructure.

Before the mainnet launch, Moonriver went through a testing phase on various testnets. This phase allowed developers and the community to test the network's functionality, identify and address any issues, and ensure a more robust and secure mainnet launch.

Moonriver initially deployed on the Kusama network, which is a canary network for Polkadot. This deployment served as a crucial step to test the network in a real-world environment before moving to the Polkadot mainnet.

Moonriver serves as a complementary network to Moonbeam, functioning as a persistently incentivized canary network. Initial code deployments are directed to Moonriver, facilitating thorough testing and validation within actual economic contexts. Following successful validation, the verified code is subsequently deployed to Moonbeam on the Polkadot network. This process ensures a robust and tested implementation before integration into the broader Polkadot ecosystem.

Moonriver uses a consensus mechanism called "Glimmer." Glimmer is a proof-of-stake (PoS) consensus algorithm designed for the Moonbeam network. In a PoS system, validators are chosen to create new blocks and validate transactions based on the amount of cryptocurrency they hold and are willing to "stake" as collateral.

Moonriver employs a Nominated Proof-of-Stake variant, where token holders (nominators) can back validator nodes by "staking" their tokens. Validators are responsible for producing blocks and maintaining the network. Nominators can select validators they trust to secure the network and receive a share of the rewards generated by those validators.

Moonbeam's consensus involves two main roles—collators and validators. Collators are responsible for producing blocks by gathering and validating transactions. Validators, selected through the PoS mechanism, are responsible for finalizing the blocks and reaching a consensus on the state of the blockchain.

Moonriver is designed as a parachain on the Polkadot network. The Glimmer consensus mechanism helps secure Moonriver and allows it to communicate with the Polkadot relay chain, facilitating interoperability with other parachains.

Moonriver is Ethereum Virtual Machine (EVM) compatible. This means developers can deploy existing Ethereum smart contracts on the Moonriver network without major modifications. This compatibility aims to facilitate the migration of projects from Ethereum to Moonriver. Moonriver also supports decentralized finance applications, allowing developers to build and deploy DeFi projects on its network.

Moonriver closely replicates Ethereum's Web3 RPC, supporting essential components such as accounts, keys, subscriptions, logs, and more. This strategic alignment minimizes the modifications needed to run existing Solidity smart contracts on the Moonriver network. Ethereum projects can seamlessly extend their decentralized applications (DApps) to Moonriver with minimal friction, employing familiar development tools like Hardhat, Truffle, Remix, and other widely used deployment platforms. This compatibility and ease of transition empower Ethereum developers to efficiently replicate their DApps and deploy them on Moonriver, leveraging existing skills and tools to seamlessly extend their presence to this Polkadot ecosystem parachain.

The native token of the Moonriver network is MOVR. It can be used for various purposes within the network, such as transaction fees, staking, and governance.

Upon the launch of the Moonriver Network, a total supply was fixed at 10 million MOVR. The network is designed to incorporate a yearly inflation rate of 5%, contributing to the ongoing dynamics of MOVR tokenomics. These tokens play a pivotal role within the Moonriver ecosystem, and their distribution and utilization are subject to the principles outlined in the network's economic model. 

The MOVR token on Moonriver serves multiple functions, including supporting the gas metering of smart contract execution, incentivizing collators, and contributing to the creation of a decentralized node infrastructure crucial for the platform's operation, enabling participation in the on-chain governance mechanism through actions such as proposing referenda, electing council members, and voting, as well as acting as the means to pay for transaction fees on the network. These diverse uses highlight the token's integral role in powering various aspects of the Moonriver ecosystem.

As of December 26, 2023, the circulating supply of MOVR is 8,708,002 tokens. 

The Average Fees on the Moonriver Network

The fees on the Moonriver network are generally low, around 0.01 MOVR, which is equivalent to around $0.01-$0.02. 

The MOVR Token Wallets 

MOVR (Moonriver) tokens, being part of the Moonriver network, can be stored in wallets that support the Polkadot ecosystem and use the Substrate framework. Here are some wallets that are commonly used for managing assets within the Polkadot network: Polkadot.js Extension, Polkadot.js Apps, Ledger, Math Wallet, Trust Wallet, Nifty Wallet, Parity Signer, Subscan Wallets, Fearless Wallet, etc.