By Lewis C - Cryptocurrency Speculator - 12-11-2021
In recent news regarding the Ethereum (ETH) compatible smart-contract platform Moonriver (MOVR), its native crypto coin has witnessed a massive price increase of up to 300% to buy MOVR. According to coinmarketcap as of writing, MOVR has a market cap of $800 million while hitting price highs of over $370.
Moonriver is as a parachain on the Kusama (KSM) network compatible with the Ether Virtual Machine (EVM), a smart-contract platform. The Kusama network already has many parachains, despite the large number of parachains already integrated, Moonriver is considered the most adopted. Kusama is a platform within Polkadot (DOT) that allows users to experiment on new blockchains and also produces new parachains for developers.
Users of the Kusama network can buy Kusama KSM and stake it in order to gain the ability to vote on upgrades. Within the Moonriver network, MOVR plays a crucial role and therefore cannot be removed from the system. Users can buy Moonriver MOVR for multiple purposes, some examples include paying for transaction fees, promoting governance, providing rewards to users, and more.
Parachains are critical within blockchains as it builds a bridge between each independent network. The Moonriver parachain is designed to link dApps to the Kusama and Ethereum networks. Moonriver is seen as the leading parachain on Kusama due to multiple factors. The first is its large market capitalisation, second is its mass transaction volume and usage with over 60 integrations, 195k wallets, and over 2000 ERC-20 tokens. Another factor to consider is Moonriver's Total Value Locked (TVL), as it currently has the largest TVL of all parachains in the network.