Exchange Moonriver (MOVR)

Moonriver is a companion network to Moonbeam, it is a parachain with smart contracts functionality on Kusama blockchain. It was meant to become an incentivized canary network. The new code will be first implemented on Moonriver for testing and then transferred to Moonbeam on Polkadot. 

Moonriver provides a full EVM implementation, a Web3 compatible API, and bridges that connect the network to the existing blockchains. It works with industry-standard Ethereum tools, dApps, and protocols. Thanks to this possibility developers are able to deploy existing Solidity smart contracts and dApp frontends to Moonriver with minimal changes. Developers can access and use the latest builds of Moonbeam in a live incentivized CanaryNet environment connected to the Kusama MainNet. 

Moonriver was deployed as a parachain on the Kusama network in June 2021 and the Moonbeam is only going to be deployed at the end of 2022. It gives advantages to the developers to start building, experimenting and launching dApps and assets accessible to the users. The launch of the network happened after completing the crowdloan campaign run by the Moonbeam foundation and securing the parachain slot on the network. 

The Moonriver network mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more, and thus minimizes the changes required to run existing Solidity smart contracts on the network. Any project on Ethereum can be simply reduplicated and deployed to Moonbeam with the use of Hardhat, Truffle, Remix, and other popular deployment tools. 

Another distinct difference of the Moonriver is that most of the tokens are meant to belong to the community, which will make all the decisions related to the development of the network. 

MOVR token is the utility asset for the Moonriver network. It is used to measure the gas needed for smart contract execution, pay for the transactions and also to incentivize the collators, and power the mechanics around the creation of decentralized node infrastructure on which the platform can run. Moreover, the MOVR token is used for governance, including proposing referenda, electing council members, voting, etc.

The total supply of the Moonriver tokens is 10 million MOVR. There will be a yearly inflation rate of 5%. MOVR exists to pay for the security needs of the network. Part of the tokens (30%) were fairly and permissionlessly distributed to secure the slot on the network. There are no rewards for founders and the development team doesn’t own any tokens from the network genesis. 

80% of all the fees are burnt, which acts like a deflationary force to assure the value to existing MOVR holders based on increased utilization of the network. 20% goes to the on-chain treasury that later can be allocated through the on-chain governance to projects and initiatives that promote further adoption and development of the network.