Multichain 101 : Understanding Moonriver Blockchain Ecosystem

ENEDEX multichain is coming very soon. Multiple blockchain has been prepared for seamless swapping experience across cryptoverse. But before the release of ENEDEX multichain, let’s learn more about the blockchains that potentially will be in ENEDEX multichain. This time, let’s deepdive on the most well known canary network, Moonriver!

What is Moonriver?

Moonriver is a permanently incentivized, community-led canary network of Moonbeam blockchain. Both are L1, but Moonriver was built on Kusama and Moonbeam on Polkadot. Although it is a Canary Network, it has garnered its fair share of native projects built upon it and thousands of users daily.

A lot to unpack, as the concept of launching a Canary Network might be uncommon for some. Therefore let’s learn the infrastructure and the core concept of Moonriver, starting from Kusama and Polkadot

Kusama and Polkadot

Polkadot is the best-known interoperability project in the crypto industry, a real ‘internet of blockchains’. It will comprise 100 independent parachains, each with its own asset, governance, consensus etc. - all linked through the central Relay Chain. This ‘tree trunk’ lets the parachain ‘branches’ interact and exchange data, as well as provides shared security.

A parachain can grow into an ecosystem of its own, hosting a multitude of dApps. Imagine if Ethereum, Solana, BSC, and dozens of other blockchains suddenly became seamlessly interoperable, letting you send, for example, SOL to Avalanche without any bridge. That’s how Polkadot’s multichain architecture works — a grand vision indeed.

Before launching such an innovative platform, you need to test everything properly — and a simple sandboxed testnet won’t cut it. That’s why Polkadot has Kusama — a ‘wild cousin’ where all new features are rolled out first.

Kusama also has a Relay Chain and 100 parachain slots, uses the same codebase, and can do everything that Polkadot can — but its focus is on experimentation and quick deployment, while Polkadot is more about stability and security.

What is Canary Network?

In 1980’s, miners would bring caged canaries into coal mines to check for dangerous gases that you can’t smell or taste. Canaries would get distressed when the concentration of methane or carbon dioxide was high, which could signify an upcoming explosion or fire. It was only in 1986 that this canary ‘alarm system’ was replaced by modern electronic gasometers.

Just like a canary in a coal mine, a canary network allows developers to detect bugs and vulnerabilities in a live setting, with real users and assets — but before launching the main product. Canary networks are also often called incentivized testnets, because the participants (mostly validators) receive rewards for helping to stress-test the system. In fact, 1% of the initial DOT supply is reserved for various Kusama grants.

About $MOVR Token

Project teams building on Moonriver can expect to be rewarded in MOVR. The same goes for users who bond (stake) their KSM to secure the parachain slot: as long as the lease is active, they will keep getting rewards.

Notably, Moonriver didn’t allocate any tokens to the founding team or early investors. In an industry where teams sometimes leave up to 20% of all the tokens for themselves, this is proof of Moonriver’s community-centered approach. 30% of the initial MOVR supply will be given to the crowdloan participants as rewards — a high percentage, given that most auction winners allocate less than 15%.

There is an on-chain governance system, so MOVR holders will decide how the project should develop.

About Moonriver Features

Moonriver has a solution — an on-ramp that lets developers deploy Ethereum dApps on Kusama with almost no changes, plug-and-play style. In the comfy environment, devs can use all the tools they are used to:

  1. Ethereum Virtual Machine (EVM);

About Ecosystem

Although merely a Canary Network, tens of projects has been built on top of Moonriver. Here is a brief list of familiar tokens and their contract addresses that has Moonriver version or are uniquely built only in Moonriver :

USDT : 0xb44a9b6905af7c801311e8f4e76932ee959c663c
USDC : 0x818ec0a7fe18ff94269904fced6ae3dae6d6dc0b
BUSD : 0x5d9ab5522c64e1f6ef5e3627eccc093f56167818
DAI : 0x80a16016cc4a2e6a2caca8a4a498b1699ff0f844
MATIC : 0x682F81e57EAa716504090C3ECBa8595fB54561D8
AVAX : 0x14a0243C333A5b238143068dC3A7323Ba4C30ECB
LINK : 0x8b12Ac23BFe11cAb03a634C1F117D64a7f2cFD3e
FRAX : 0x1a93b23281cc1cde4c4741353f3064709a16197d
FTM : 0xad12dab5959f30b9ff3c2d6709f53c335dc39908
FXS : 0x6f1D1Ee50846Fcbc3de91723E61cb68CFa6D0E98
ANKR : 0xfd301ca82d007880e678bb750a771550c5104ff2
SYN : 0xd80d8688b02B3FD3afb81cDb124F188BB5aD0445
MIM : 0x0cae51e1032e8461f4806e26332c030e34de3adb
MULTI : 0x9fb9a33956351cf4fa040f65a13b835a3c8764e3
PERI : 0x50A86f6abeb1c90719fF1F5d5B86A7e304B7593F
MFAM : 0xbb8d88bcd9749636bc4d2be22aac4bb3b01a58f1
ALM : 0x1581929770bE3275a82068c1135b6dD59c5334Ed
MIMATIC : 0x7f5a79576620c046a293f54ffcdbd8f2468174f1
ROME : 0x4a436073552044d5f2f49b176853ad3ad473d9d6
SOLAR : 0x6bd193ee6d2104f14f94e2ca6efefae561a4334b

Summary

As Ethereum scalability continues to be a significant cause for concern, Layer-1 networks like Moonriver should find more traction from customers looking for low cost, fast transactions, and Ethereum class security. By providing an Ethereum-compatible development environment, Web3 RPC API support, and ready-made tooling for tokens and data, Moonriver simplify deploying Ethereum-based dapps within the Substrate ecosystem.

Also with thousands of users and tens of projects built on what initially made as a canary network, proves that the effort is working and Moonriver is worthy to be developed continuously and traded in DEX such as ENEDEX

Do you have a favorite Moonriver based token that you wish to see in ENEDEX multichain?

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