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Academy > Crypto Insights > What Is Moonriver (MOVR)? Ethereum-Compatible Testing Environment >

What Is Moonriver (MOVR)? Ethereum-Compatible Testing Environment

2022-10-26 10:35:28

Summary

  • Moonriver is a companion platform to Moonbeam where code is first developed and tested in an Ethereum-compatible environment before being deployed to the Moonbeam network.
  • Being the first EVM-compatible launch on Kusama, Moonriver allows developers to port over their applications from Ethereum with minimal friction.
  • MOVR is the utility token of the Moonriver network used for transaction fees, staking, governance, and smart contracts.

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Blockchain is a space that is still so new that everybody is building their own thing and as a result, there is very little common language or standard to speak of.

This is the problem of interoperability and it’s important because, just imagine if the dollars you have can only be used at restaurant A and to spend at Shop B, you have to change it into another currency, and then to yet another currency at Shop C.

Polkadot, a network of connected blockchains, provides a common “home” for different blockchains so that these chains, called “parachains” can communicate with one another, addressing the interoperability problem so that users can move their crypto across the entire ecosystem.

Moonbeam is one of these parachains connected to Polkadot.

But this article is not about Moonbeam. It’s about Moonriver. Stay with us.

What Is Moonriver Crypto?

Moonriver is a “community-led sister parachain” of Moonbeam built on Kusama, which is a sandbox of sorts for Polkadot that allows developers to test their code before deploying it on Polkadot.

Moonriver enables code to be tested under real economic conditions before being deployed on Moonbeam.

The biggest thing about Moonriver is that it includes the first functional Ethereum Virtual Machine (EVM) deployed to the Kusama network. EVM is a runtime environment that allows smart contracts to be executed on Ethereum.

With EVM compatibility, Moonriver can run any smart contract that is written for Ethereum. This allows developers to port their applications from Ethereum to Moonriver with minimal changes.

In other words, Moonriver gives developers a safe space to test out an app which they originally built on Ethereum, so that it can eventually run on Moonbeam–which means it can also be accessed across other blockchains by other users and assets, by virtue of Polkadot’s interoperability.

app development on moonriverAnother key feature of Moonriver is Web3 RPC support, which allows applications to communicate with each other over the internet. Moonriver supports Web RPC, which means that it can interact with any decentralized application (DApp) that uses this technology just by connecting a crypto wallet.

The only requirement is to add the Moonriver network to the selected wallet, and then you can use MetaMask or any other Web RPC-compatible wallet to interact with the network.

This allows users to use their existing wallets to access applications on Moonriver without the need to create a new wallet.

Moonriver DeFi ecosystem

Moonriver’s DeFi ecosystem on Kusama comprises various apps (Source: Moonbeam)

Can You Bridge to Moonriver?

Bridging is the process of transferring assets from one blockchain to another. Since Moonriver is built on Polkadot, it can take advantage of the interoperability that Polkadot offers. This means that you can bridge assets from any other blockchain that is compatible with Polkadot to Moonriver.

People can also swap Moonriver for any other cryptocurrency through the use of platforms like Phemex.

Moonriver Token Functionality

The development of Moonriver is led by the community using the MOVR token. The MOVR token is used for:

  • Transaction fees: MOVR will be used to pay transaction fees on the network.
  • Staking: MOVR will be used for staking and validating transactions on the network. Moonriver staking will allow users to earn rewards for participating in the network.
  • On-chain governance: MOVR will be used for voting on proposals to improve the network.
  • Smart contracts: MOVR will be used to create and execute smart contracts on the network.
  • Incentives: MOVR will be used to incentivize users for their contributions to the network.

The MOVR crypto is an important part of the Moonriver network and will be used to power the network.

This allows Moonriver users to make changes to the ecosystem in the future. However, Moonriver will remain its own independent parachain with developments that are made specifically for the network.

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Moonriver Price Prediction & History

The Moonriver coin was launched in August 2021 at a price of $93.97, after which it saw a steady increase in price from late August to early November 2021, reaching an all-time high of $495.71 on 8 November 2021.

The Moonriver crypto price has since trended down in tandem with the bear market spanning not just crypto but stock markets.

MOVR price history

MOVR price history from August 2021 to September 2022 (Source: CoinMarketCap)

The Moonriver coin is currently trading at $11.89 with a circulating supply of 5.279 million MOVR tokens for a market cap of about $63 million at the time of writing.

Is Moonriver Crypto a Good Investment?

The Moonriver cryptocurrency has seen a lot of development in a short amount of time. It is fully launched, and the team is continuing to release additional functionality, including full support of XCM (Polkadot’s cross-chain messaging features) while focusing on three core pillars: interoperability, ecosystem growth, and community.

The community is very active, and there is a lot of potential for the network.

Potential investors who see the value of Moonriver in helping to bring interoperability to the Polkadot ecosystem will consider MOVR to be a token with good potential.

However, as with any investment, it is important to do more extensive research and due diligence before investing in Moonriver or any other cryptocurrency.


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