{"id":1796,"date":"2021-12-13T15:55:32","date_gmt":"2021-12-13T15:55:32","guid":{"rendered":"https:\/\/de.fi\/blog\/?p=1796"},"modified":"2023-08-13T14:43:10","modified_gmt":"2023-08-13T14:43:10","slug":"the-ultimate-yield-farming-guide-for-moonriver-network-7dfd3e367f19","status":"publish","type":"post","link":"https:\/\/de.fi\/blog\/the-ultimate-yield-farming-guide-for-moonriver-network-7dfd3e367f19","title":{"rendered":"The Ultimate Yield Farming Guide For Moonriver Network"},"content":{"rendered":"

Yield farming and staking on Moonriver Network \u2014 all you need to know in our ultimate guide, including an overview of the project and investing opportunities<\/h3>\n

There\u2019s lots of excitement about Polkadot but the parachains that will power services and applications on this network are only now in the early stages of their development. That\u2019s why Kusama, Polkadot\u2019s canary network, and the parachains that are operational on it right now are gathering real momentum.<\/p>\n

Step forward the Moonriver Network. This decentralized smart contract platform, which exists on Kusama, is the latest need-to-know project for staking and yield farming enthusiasts.<\/p>\n

If that\u2019s you, this guide will be a perfect starting point for your journey into Moonriver. It includes all you need to know about this companion network to Moonbeam, such as its main architectural features and benefits, as well as all the staking and yield farming opportunities you need to know.<\/p>\n

So, if you\u2019re interested in what yield generation opportunities exist in this next-generation of blockchain ecosystems, this is the guide for you!<\/p>\n

Table of Contents<\/h3>\n

What is the Moonriver Network?
\nMoonriver on Kusama is like Moonbeam on Polkadot
\nMoonriver\u2019s architecture
\nMoonriver governance
\n$MOVR Token
\nThe Moonriver Network Ecosystem
\nBridges for Moonriver Network
\nWallets for Moonriver Network
\nHot wallets
\nCold Wallets
\nHardware Wallets
\nMoonriver on De.Fi
\nYield Farming on Moonriver Network
\nShould I use Moonriver Network for Staking and Yield Farming?<\/p><\/blockquote>\n

What is the Moonriver Network?<\/h2>\n

Moonriver is a decentralized smart contract platform on Kusama. It was announced in April 2020 and launched as a parachain on Kusama in June 2021.<\/p>\n

Its companion network on Polkadot is Moonbeam. If you\u2019re not aware of Polkadot\u2019s design, including what parachains are and how Kusama fits into the ecosystem, it\u2019s worth understanding this before digging deeper into Moonriver\u2019s features and benefits.<\/p>\n

\"\"<\/p>\n

Moonriver on Kusama is like Moonbeam on Polkadot<\/h2>\n

Polkadot is an ecosystem for building blockchains and blockchain applications using the Substrate framework.<\/p>\n

There is a main relay chain that all parachains connect to. Parachains are what the blockchains that are built using the Substrate framework are referred to as. To ensure the relay chain, parachains and all other aspects of the Polkadot ecosystem function as effectively and securely as possible, there is also a canary network where everything can be tested and verified before it is deployed in the Polkadot network.<\/p>\n

Polkadot\u2019s canary network is the Kusama network. It is a network in its own right but it mirrors the relay chain and parachain architecture of Polkadot. Moonriver is the decentralized smart contract platform on Kusama that will be Moonbeam when deployed on Polkadot. There is also a testnet shared by Moonbeam and Moonriver called Moonrock, which is a parachain on Polkadot\u2019s Rococo testnet.<\/p>\n

Moonbeam, Moonriver and Moonrock are products of the development firm PureStake.<\/p>\n

\u201cMoonbeam and Moonriver are developer-oriented infrastructure platforms. These platforms provide open and permissionless infrastructure for builders of Web3-based applications to express themselves and to solve problems in novel ways using Web3 technologies.\u201d \u2014 Derek Yoo, CEO of PureStake<\/p><\/blockquote>\n

An Ethereum-compatible blockchain environment<\/h2>\n

Moonriver is intended as a smart contract platform where developers can deploy their Ethereum Dapps in a substrate environment without having to make a lot of smart contract changes. They can deploy existing Solidity smart contracts and protocol frontends to Moonriver.<\/p>\n

In this way, it is Ethereum-compatible and has been designed so many of the tools developers recognise from Ethereum are available to use.<\/p>\n

These include metamask, hardhat, waffle and truffle, as well as support for familiar smart contract languages like Solidity, Hyper and others that compile to EVM bytecode. There are also pre-built integrations for assets like DOT, ERC20 tokens and common infrastructure tools like Chainlink and The Graph, as well as a Web3-compatible API.<\/p>\n

Having said all that, Moonbeam is not just an EVM implementation, as it also extends base Ethereum functions through features like staking, on-chain governance and crosschain integrations.<\/p>\n

Moonriver\u2019s architecture<\/h2>\n

As mentioned, Kusama has the same architecture and technology features as Polkadot, with a relay chain responsible for shared security, consensus and transaction settlements. The Moonriver parachain interacts with the Kusama relay chain in this way.<\/p>\n

Moonriver is built in Rust using the Substrate framework and it has adopted many existing blockchain services and functionality, such as data structures, peer-to-peer networking, consensus mechanisms, accounts, assets and balances.<\/p>\n

It has a number of benefits that are worth mentioning, including:<\/p>\n

EVM implementation<\/h3>\n

This allows Ethereum-based smart contracts to be deployed within the Kusama environment with minimal changes required.<\/p>\n

Web3 compatible API<\/h3>\n

This enables the use of popular Ethereum and Web3 tools and applications and infrastructure, such as metamask.<\/p>\n

Bridges<\/h3>\n

These allow for cross chain token transfers and state visibility to a range of existing networks, including Ethereum and Bitcoin.<\/p>\n

To bridge your tokens, you can use Anyswap <\/a>or Solarbeam bridge<\/a> (powered by Anyswap. However SolarBeam does not support hardware wallets).<\/p>\n

Integrations<\/h3>\n

Integrations to assets such as DOT and ERC20 tokens, as well as make Moonriver more interoperable and attractive for developers.<\/p>\n

Moonriver governance<\/h2>\n

Moonriver uses on-chain governance, which involves a tiered structure and token weighted voting, with the ultimate goal of allowing the majority of tokens on the network to make key decisions.<\/p>\n

Proposals need to be seconded for them to reach the referendum stage, at which point token staking and conviction voting mechanisms are used to determine the outcome. Spending proposals need to be approved by the Council, which is a group of elected individuals with special voting rights.<\/p>\n

The Council also has the power to elect a Technical Committee, which is a group that can fast track emergency voting and urgent implementations.<\/p>\n

$MOVR Token<\/h2>\n

MOVR is the utility token of the Moonriver Network. It is used to participate in consensus through staking, to pay for transactions and to vote in governance proposals.<\/p>\n

As of 10 November 2021, MOVR has a maximum supply of 10,157,771, a price of $330.32 and a current market cap of $755,988,973 (according to CoinGecko data).<\/p>\n

[SPACE FOR TOKEN CHART IMAGE]<\/p>\n

The Moonriver Network Ecosystem<\/h2>\n

With Moonriver having been specifically designed so that developers can deploy their Ethereum Dapps in a substrate environment without having to make a lot of smart contract changes, there are a lot of project teams that have taken up this opportunity.<\/p>\n

\"\"<\/p>\n

These include everything from APIs, infrastructure and bridges to oracles, wallets and NFTs. In terms of DeFi, well known names in the Moonriver ecosystem include Sushi, Balancer and Lido.<\/p>\n

\"\"<\/p>\n

Bridges for Moonriver Network<\/h2>\n

There are a number of ways to bridge assets to and from Moonriver Network, with some of them described below.<\/p>\n

Meter Passport<\/h3>\n

Meter Passport allows assets and information to flow from one blockchain to another. It connects Moonriver to Ethereum, Binance Smart Chain, Polygon and Meter.<\/p>\n

Solarbeam<\/h3>\n

Solarbeam is a multifunctional DeFi app for Moonriver. It includes a bridge tool that allows you to transfer to and from Ethereum and Binance Smart Chain.<\/p>\n

RelayChain<\/h3>\n

RelayChain lets you make cross-chain transfers between a range of networks, including Moonriver, Ethereum, Polygon, Binance Smart Chain, Avalanche and Huobi Eco Chain.<\/p>\n

Wallets for Moonriver Network<\/h2>\n

Moonriver (like Moonbeam) uses the unified account system that makes it compatible with Ethereum. This means an Ethereum wallet can generate a valid address for Moonriver so, if you already have an Ethereum wallet, you also already have a Moonriver wallet. All you have to do is add the Moonriver network to your account to interact with the chain.<\/p>\n

Below, we explain how you can create a Moonriver address if you don\u2019t have one already.<\/p>\n

Hot wallets<\/h2>\n

For detailed explanations on different types of wallets, including hot and cold wallet definitions, refer to our DeFi Bible: The Wall Street Era Is Over!<\/a><\/p>\n

How to connect MetaMask to the Moonriver network<\/h3>\n

Metamask<\/a> is available as a browser extension and a mobile application. It is also compatible with hardware wallets, such as Ledger. You can add Moonriver to MetaMask<\/a>, as shown in the \u201cSwitch network\u201d image below.<\/p>\n

\"\"<\/p>\n

Alternatively, you can add it manually by clicking on the \u201cAdd Network\u201d in the Netoworks drop-down.<\/p>\n

You then need to insert the following information:<\/p>\n