Boston, MA – May 20, 2022 – Moonbeam, the top destination for multi-chain applications on Polkadot, has announced an XCM integration with Khala and the availability of the kPHA token on Moonriver. Once deposited on Moonriver as xcPHA (an XC-20 representation of PHA), the token can be used across Moonriver’s active DeFi ecosystem. The MOVR token can be used in SubBridge, a cross-chain router built on Phala Network OR Khala’s Dapp. While today’s integration introduces fungible token movement between these two chains, future updates will allow full interoperability between the chains, enabling smart contracts on Moonriver to leverage Khala’s suite of confidential computing services.
xcPHA is the latest XC-20 to be added to Moonriver. Users can deposit xcPHA tokens on Moonriver through the DApp, after which the tokens can be used and moved freely across the Moonriver ecosystem, including DeFi applications. The XC-20 (cross-chain enabled ERC-20) format allows Substrate-based tokens like kPHA to be used like ERC-20s within Moonriver’s EVM environment, which lets users hold xcPHA in an Ethereum-style H160 address within MetaMask for the first time.
Khala is Phala’s sister network on Kusama and is used as a confidentiality layer for Web3 developers to invoke and interact with confidential contracts on other parachains. kPHA is Khala’s token on the Kusama Relay Chain, while PHA is its sister network Phala’s token on Polkadot.
These types of deployments help bring together the many parachains in the Kusama ecosystem to interact seamlessly with each other. This first phase of deployments is largely centered around asset movements between parachains; future enhancements will allow richer integrations, introducing hybrid DApp deployments and new applications of Polkadot’s core interoperability technology.
As the largest ecosystem on Kusama, Moonriver and its DeFi applications have become a destination for a variety of assets, both Moonriver-native and non-native (from the greater Kusama ecosystem). Token holders can find the latest list of live applications on Downtown Moonbeam, Dappradar, or DefiLlama.
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform and the top destination for multi-chain applications on the Polkadot network. Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Like Moonriver, its sister parachain on Kusama, Moonbeam is expected to accumulate developer and user activity from the 80+ projects building DApps and protocols on the network. As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot Relay Chain and integrations with other chains that are connected to Polkadot. Learn more: https://moonbeam.network/.
About Phala Network
Phala Network tackles the issue of trust in the computation cloud.
By organizing a decentralized network of computation nodes around the world, it offers high-performance services without relying on any cloud vendor. Phala workers run the programs in Secure Enclaves, a privacy technology already embedded into modern processors, enabling versatile and confidential execution. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.