Moonriver is a peer–to-peer platform that uses the Ethereum blockchain for people to trade credits and vouchers for goods, services, or other digital content. This ecosystem will use MOVR tokens as currency.
The “moonriver” is a cryptocurrency that has been created by the team at Mooncoin. It was created for charitable purposes and financial transparency. The “moonriver” is currently ranked as the 6th most valuable cryptocurrency on the market.
Polkadot, a 2015 startup, has attracted a lot of attention due to its parachain-based auctions. Polkadot’s ecology has been thoroughly examined by Footprint Analytics: Is Polkadot going to be Blockchain 3.0?
Moonriver TVL Footprint Analytics
Polkadot’s environment is expanding as well. Moonriver, which was the second parachain to obtain a Kusama slot in October, climbed to an all-time high TVL of $700 million, before dropping to $500 million by December 12. It is currently ranked 22nd in TVL according to Footprint Analytics statistics.
Moonriver TVL Footprint Analysis
Moonriver is the Canary Network of Moonbeam
Moonriver, a Moonbeam Canary Network, was created by PureStake. Moonbeam aims at providing an EVM-compatible smart-contract platform that developers can quickly deploy Ethereum smart-contracts and DApp front-end office offices to the Polkadot ecosystem. It also links to other Polkadot chains.
Moonriver is linked to Kusama’s relay network, whereas Moonbeam is linked to Polkadot’s. Moonriver and Moonbeam share a connection similar to Karura’s and Acala’s. Kusama is a Polkadot canary network that serves as a test bed for the network’s security. It was created to simulate the real-world environment and to verify network security.
Before developers may publish projects to Moonbeam, they must be evaluated and confirmed in Moonriver, Moonbeam’s permanent test environment. This ensures that any bugs are found and corrected. As a result, Moonbeam’s governance structure will be more stable than Moonriver’s. Moonriver is, like Kusama’s, a community-driven network that promotes innovation.
Moonriver offers the following features to developers and users in order to help ecosystem growth.
- EVM-compatibility allows developers to deploy projects ranging from Ethereum to Moonriver, without the need to rewrite contracts and reconfigure existing systems.
- Web3 compatibility enables Ethereum’s standard tools (like as MetaMask) to connect to Moonriver’s Web3 RPC endpoints.
- The address has been unified. Moonbeam allows users to interact with their Ethernet H160 accounts.
Moonriver’s Native Token
MOVR is Moonriver’s token, with a price of $180 as of December 12. Although Moonriver’s TVL is not among the highest among blockchains, its token price has risen to third place among major blockchains, after ETH and BNB, and has even eclipsed Solana and Avalanche’s recent popularity.
Footprint Analytics: The Cost of MOVR
Moonriver is more concerned with the community. MOVR manages governance with these key features:
- Gas charge metering: Users must use MOVR to pay for smart contracts.
- Protocol security: This incentivizes organizers and encourages the development a decentralized node-infrastructure mechanism upon which the platform can run.
- On-chain governance – MOVR holders can propose members for voting, elections, or proposals.
- MOVR can be used to make network transactions. MOVR can also be used for trading with other tokens or to generate fees through the provision of liquidity in DEXs.
The allocation technique used by MOVR is more aggressive, since neither Moonriver’s investors nor the team will get tokens, with the bulk going to the community. Moonriver is competing for the space by providing a Kusama crowdloan for 30% of MOVR’s initial supply to reward allocation donors, with the bulk of the token returned to the community within a year of launch.
Moonriver thinks that the first allocation method will have a significant influence on the network’s later growth, thus it will implement a more equal and larger initial distribution plan.
MOVR’s total value is ten million dollars. The 30% mentioned above will go to crowdloan contributors. The rest will be distributed as follows:
- 40% will be saved for future Kusama Parallel Chain Slot Auctions and Community Events (e.g. liquidity rewards, strategic partnerships rewards, etc.).
- 24.5 percent to support network growth and maintenance.
- To help projects get up to speed, 4.5 percent is allocated for a program called developer assistance.
- The remainder of 1% is used to pay slot auction fees and parachain bond reserves.
MOVR Token Allocation Detail – Footprint Analytics
Moonriver’s token GLMR allocation system provides more tokens to the community than Moonbeam’s (26 percent for funding, and about 20 percent for key members, early and future employee incentives). This method is what makes Moonriver stand out from other programs.
Moonriver’s DeFi Ecosystem
According to Footprint Analytics data Moonriver’s dominant sector is still DEXs and assets, with only 5% of DeFi ecosystem being contributed by yield. This is in contrast to other top blockchains that have DEX and lending at their core. Moonriver still has a very limited distribution, so it needs to hire more developers to diversify.
TVL by category footprint analysis
As of December 12, AnySwap ($225 million) has the highest TVL, followed by Moonriver’s native DEX project Solarbeam ($80 million). SushiSwap was third with $52 million and $70 million, respectively.
TVL by Protocols Footprint Analysis
Moonriver has only been live for four months, but it has already established itself as a significant blockchain project—MOVR is more expensive than several other blockchains. DEXs now rule Moonriver’s DeFi ecosystem. EVM compatibility means additional loan programs may be available, leading to a stronger cycle for TVL growth.
Moonriver also stated that additional cross-chain bridges, oracles, will be added to the chain and that they are currently working on key ecosystem-building initiatives.
This report is a product of Footprint Analytics.
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