Moonriver was created by the Moonbeam Foundation to be a blockchain environment compatible with Ethereum on the Kusama network. In other words, Moonriver is a smart contract parachain built on the Kusama(KSM) Network, which aids in compatibility with the existing Ethereum network and developer toolchain. All you need to know about the Moonriver network.
1. What is Moonriver Network?
A sister network to Moonbeam is called Moonriver. Like its sister, Moonriver is a complete Ethereum-like environment that utilizes protocols, DApps, and tools accepted in the industry.
2. How does Moonriver work?
Moonriver provides a platform for testing new code in real-world economic conditions. The new code is first sent to Moonriver, where it can be tested and verified. Once validated, the same code is sent to Moonbeam on Polkadot.
Although Moonriver and Moonbeam share much of their codebase, Moonriver will continue to exist as a parachain on Kusama, with its projects and specialized use cases. Moonriver officially became a parachain on the Kusama network in August 2021.
Moonriver is a quick way to get to Kusama Relay Chain. It provides teams and developers who are familiar with Ethereum with easy access to the Kusama Network. It reduces the number of changes needed to run existing Solidity smart contracts on the network. As a result, Ethereum projects can easily replicate their DApp and deploy it to Moonriver using widely available deployment tools.
3. 4 projects to watch
SolarBeam (SOLAR)
With nearly 5,400 users in 24 hours, SolarBeam is the only Moonriver-based dApp to make it into the top 10 of the State of the Dapps.
This decentralized exchange, similar to Uniswap or PancakeSwap, offers to swap pairs with MOVR, USDC, AVAX, BNB, BUSD, FTM, and other popular cryptos traded on almost any AMM (automatic market maker).
More ‘exotic’ Moonriver-based tokens can also be found on SolarBeam: SOLAR (the protocol’s native token), BEANS (MoonBeans), KAFE (MoonKafe), MD (MoonDAO), and so on.
Zenlink Protocol (ZLK)
Zenlink is a Polkadot DEX hub, allowing any parachain to quickly add its decentralized exchange. Furthermore, Zenlink aggregates liquidity across the ecosystem by connecting various DEX dApps on various parachains.
In addition to Moonriver, Zenlink has active or planned integrations with Karura, Bifrost Finance, Shiden Network, Bit.Country, Manta, Acala, Astar, Phala, and others.
Profit Circus (CWS)
Profit Circus is a DeFi minigame created by Seascape, the famous gaming ecosystem behind Staking Saloon and NFT Brawl.
There is no actual gameplay: users stake tokens to earn rewards (Crowns) and free NFTs, which can be staked to make Crowns in other Seascape games. Profit Circus is also available on Ethereum and Binance Smart Chain, in addition to Moonriver.
MoonBeans (BEAN)
The largest NFT market on Moonriver, MoonBeans is also a passive income platform where you can earn USDC for holding BEANS. All earnings are distributed among BEANS owners as follows: So far, $500k has been given out in rewards.
MoonBeans stands out due to its clever, ironic taglines that make fun of both associations with the moon and space and typical DeFi tropes like aping (blindly investing into projects simply because someone you follow did).
Conclusion
Looking at the data, we can see that Moonriver has a diverse range of projects, and Defi legos are the first to arrive. Moonriver’s potential is still growing, and we may see its blooming expansion when it is fully developed in 2022. If you are seeking a trusted blockchain partner, contact SmartOSC.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.
