Boston, MA – June 1, 2022 – Moonbeam, the top destination for multi-chain applications on Polkadot, has announced the availability of new Moonriver integrations with two parachains, Heiko and Crust Shadow, and the availability of their tokens on Moonriver, HKO and CSM. Once deposited on Moonriver, users receive an XC-20 representation of the token that can be used across Moonriver’s active DeFi ecosystem. MOVR, the utility token of Moonriver, is also available to deposit and use in Heiko’s DeFi applications, but it is not yet available on Crust’s decentralized storage network. These integrations are made possible by XCM, the cross-consensus messaging format that makes native cross-chain interactions possible across the Kusama and Polkadot ecosystems.
These integrations introduced bidirectional HRMP channels between Moonriver/Heiko and Moonriver/Crust: tokens can move freely to and from each parachain. The introduction of XC-20s enables native assets from other parachains, like HKO and CSM, to be used on Moonriver-based DApps as if they were ERC-20 tokens while retaining their ability to move across the larger Kusama network. As an XC-20, users can “deposit” tokens from elsewhere in the Kusama ecosystem to be used in Moonriver-based applications. As the Polkadot XCM integrations continue, Moonbeam will also support Heiko’s DOT parachain, Parallel.
As the largest application ecosystem on Kusama, Moonriver presents new opportunities for HKO and CSM to be used and swapped. These Kusama-native tokens can be used across the increasingly interconnected Kusama ecosystem. Projects on Moonriver can add the XC-20 form of these tokens to their DApps, allowing their users to easily interact with an even wider array of assets as Kusama continues to grow and mature. In the future, as cross-parachain communication technology evolves, these connections will enable inventive new use cases, including the deployment of multi-chain applications spread across multiple parachains.
Parallel Finance (with its Kusama-based Heiko network) is the Polkadot network-based DeFi super DApp protocol that features a composable and interoperable ecosystem of community-focused decentralized applications. The Heiko platform contains a financial primitive for KSM, called sKSM, which allows users to access the benefits of staking and other options without lockup periods. Using the Heiko (and subsequently Parallel) platform, users can lend and borrow against their assets. With this integration, users can now interact with MOVR from within Heiko’s DeFi protocols, or deposit HKO for use across Moonriver.
Crust Shadow is a parachain on Kusama that provides a decentralized storage network for the ecosystem. This integration will eventually bring Moonriver developers access to Crust’s dStorage concept and its 1.2 million terabytes of storage. Holders can use the token to obtain discounts related to Crust Shadow’s storage market rates, and further used to exchange CRU in the revenue pool.
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). Find the latest list of live applications on Downtown Moonbeam, Dappradar, or DefiLlama.
About the Moonbeam Network
Moonbeam the top destination for multi-chain applications on the Polkadot network. Its complete 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/.
Crust Network provides a decentralized storage network for the Web3 ecosystem. It is designed to build a decentralized cloud ecosystem that values data privacy and ownership. Crust supports multiple storage layer protocols such as IPFS, and exposes storage interfaces to application layers. Crust Network enables dApp hosting, NFT metadata storage and encrypted file storage across a wide range of blockchains. Crust Mainnet currently has 4300+ nodes and 1500+ PB of storage capacity. Experience our applications Crust Files and our upcoming Crust NFT!