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Price (USD)$ 7.24
Circulating SupplyMOVR 8.59258M
Volume (24h)$ 1.45192M
Market Cap$ 62.30162M
Low/High 24h$ 7.07 - $ 7.38
Change (24h)-$ 0.02925
Many blockchains are trying to attract Ethereum dApps developers to work for their networks to increase their scalability, lower fees, etc. One of such projects is Moonriver, launched by PureStake and Moonbeam Foundation. The Moonriver smart chain platform aims to become an experimental center where new and older projects can deploy and test their functionality. So what is the Moonriver blockchain?
Moonriver is an Ethereum-compatible blockchain environment deployed on the Kusama (KSM) network and a companion network to Moonbeam, which is a smart contract parachain on Polkadot. Ethereum developers can use it to redeploy projects they have already built in Solidity, Ethereum’s smart contract programming language.
To begin with, Moonriver is intended to operate on Kusama as a parachain, helping crypto projects expand their reach to new users and markets with a multi-chain approach. These parachains are custom blockchains connected and secured by the Relay Chain, the heart of Kusama. The Relay Chain is responsible for the security and consensus of the network.
The canary network allows developers to first test, integrate and launch their dApps, before losing a lot of money because of the errors in the source code. New dApps, and thus source codes, are tested and approved under real economic conditions. This is the best way to know if a decentralized application is well-developed. To access these features, the Moonriver platform will offer these main services to developers:
Fees on Moonriver related to transactions and smart contract execution are handled in two ways. 80% of the spent fees are burned, which acts as a deflationary force and accrues value to existing MOVR holders based on increased utilization of the network.
20% of the spent fees go to the on-chain treasury which can be allocated via on-chain governance to projects and initiatives which further adoption and engagement with the network.
The native token of the Moonriver network is MOVR coin that went live in August 2021. This token keeps the network operational. Users pay transaction fees in Moonriver tokens, but also support the development and use of smart contracts with it. The token also entitles holders to governance: with their tokens, they can vote on proposals and determine the future of Moonriver.
When the Moonriver Network launched, the total supply of MOVR tokens was 10 million. A portion of the network tokens has been reserved to ensure the network maintains a parachain slot on the Kusama network.
A significant portion of the network (30%) was fairly and permissionless distributed as part of the initial crowd loan. The remaining balance is distributed to teams building on Moonriver and held by the Moonbeam Foundation to support long-term protocol and network development. Notably, there is no ‘founders reward’ and the PureStake team developing Moonriver does not own any of the tokens at network genesis.
The purpose of inflation in Moonriver is to pay for ongoing security needs of the network. The primary security budget items are to pay for a parachain slot on an ongoing basis, and to incentivize collators to provide collation services to support the Moonriver network. The system targets 5% annual inflation, with approximately 1% going towards incentivizing collators and approximately 1.5% going towards the parachain bond reserve to accumulate on chain funds to pay for a parachain slot in perpetuity. The remaining roughly 2.5% is for users that stake their MOVR tokens and helps power the collator selection process. Inflationary token emissions can vary over time based on changes to parachain block times, network conditions, variances in relay chain performance, runtime bugs, and other factors.
In February 2023, Moonbeam Network implemented OpenGov, formerly referred to as Gov2, the next phase of Polkadot governance that brings the next generation of decentralized, secure, and democratic governance to Polkadot. In March, the project updated Moonbeam staking app and launched a new dynamic fee mechanism.
Considering that the project is live and keeps developing, the expert predictions for MOVR price are optimistic. For instance, PricePrediction promises MOVR crypto a steady growth in price: the website’s analysts forecast that by 2030, the token’s maximum price might reach $178.16. By 2025, it’s already supposed to cost around $26.34 per coin at its peak.
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