- Moonriver is the fully Ethereum-compatible smart contract parachain companion network to Moonbeam.
- After completing its launch sequence on Kusama, Moonriver became the first EVM-compatible parachain on the Kusama Network.
- Yuser Inc. will work with Moonriver in the upcoming weeks to deploy the Yuser App on the network.
- Since going live, Moonriver has seen gains of over 465%, trading at $381.6662 at the time of writing.
Moonriver was built as a companion network to Moonbeam (on Polkadot) and provides a permanently incentivized canary network. New codes are first tested on Moonriver, where they are verified under actual economic conditions. Then, codes that pass the Moonriver test are shipped to Moonbeam.
Because Moonriver is a fully Ethereum-compatible smart contract parachain, many projects have taken the initiative to build on the Moonriver network. So, how has the performance of Moonriver been recently?
The Moonriver network is now live on Kusama after completing the final phase of its launch sequence. Following the launch, users and token holders were given access to Moonriver’s full functionality, including token transfers, nominating collators, receiving staking rewards, and voting on referenda.
In addition, at its launch, Moonriver became the first EVM-compatible parachain on the Kusama Network, and the only blockchain project that delivers a seamless experience through unmatched Ethereum compatibility.
The Dailycoin team found both the Moonriver team and community to be ecstatic about the announcement. One user, @Vibin84894927, wrote;
Congrats!!! I see a bright future here!!!
— Vibin in Crypto (@Vibin84894927) August 26, 2021
C.R.E.A.M. Finance, a decentralized lending protocol, will be integrating with the Moonbeam network. Being the companion network of Moonbeam, the lending and borrowing suite of C.R.E.A.M. Finance will start with Moonriver.
Overall, the integration seeks to boost the DeFi ecosystem on Kusama by bringing the lending and borrowing protocol to Moonriver. A full suite of lending and borrowing services will be available to the Polkadot community when the integration is complete.
On September 14th, 2021, Yuser Inc. announced its integration with Moonbeam. The early stage of the partnership will see Yuser launch the world’s first NFT social app & token on the Moonriver network.
The integration with Yuser will also allow the deployment of their Gem Diamond token on the Kusama Network. In addition, users will also be able to exchange their Yuser Gemstones into Gem Diamonds and provide liquidity for current Gemstone holders.
Yuser Inc. has announced that it will be fully working with Moonriver in the upcoming weeks to deploy the Yuser App on the network. According to the announcement, they are in the late stages of planning and development.
While no actual date was given, the soft launch of the Yuser NFT Marketplace on Moonriver was predicted to take place during the second and third weeks of September 2021. Following this, NextGems, the first-ever generative avatar project, will be launched on Moonriver.
The run of announcements in the last month has boosted the performance of Moonriver (MOVR) in the market. In the previous 30 days, MOVR has jumped by more than 465%.
The 30 days price chart for Moonriver (MOVR). Source: Tradingview
MOVR is trading at $381.6662, as of the time of writing, with 1.5 million tokens in circulation, Moonriver currently has a market cap of $570.2 million, which makes it the 223rd largest crypto by market cap.
On The Flipside
- Regardless of its strong performance since launch, MOVR has underperformed over the last week .
- After hitting an all-time high of $495.23, MOVR has been on a slow decline.
- Losing more than 24% of its value in just a week, MOVR is now trades at $381.6662 at press time.
Moonriver is referred to as a community-led project. Moonriver launched in mid-2021 but has gathered respectable members thanks to its innovation and hardworking team.
On Twitter, Moonriver has over 27K followers. And the Dailycoin team discovered that most of the Moonriver community members are firm believers in the project and are especially bullish regarding the project’s future.
One Twitter user, Ryan Turner, wrote;
Another user, @mattunchi believes that;
Why You Should Care?
Moonriver is an emerging project that has shown promising prospects just weeks after going live. Due to its Ethereum-like design and developer-friendly approach, Moonriver has attracted dozens of projects to build on it, and may continue to attract more now that it has fully launched on the Kusama network.