January 4th, 2022 – This is an updated version of the article that was originally published on October 18th, 2021. This update includes the change in the staking experience.
Now that Moonriver has officially launched and crowdloan contributors have received MOVR tokens for their support, users can engage with the network in exciting new ways. Those with MOVR tokens are in a powerful position since they have early access to the network and the projects building on top of it.
MOVR tokens are now transferable between addresses, so it is important for holders to get set up to take advantage of full functionality. Some activities they can take part in immediately include token transfers, nominating collators, receiving staking rewards, and voting on referenda. While the multitude of possible activities can seem both thrilling and a bit daunting, these impactful tasks can each be done in a few simple steps.
As an essential first step, users need to set up MetaMask on Moonriver to use Moonriver ecosystem DApps.
How to Connect Metamask To Moonriver
MOVR is the native network token of Moonriver. In order to see your MOVR balance in MetaMask, you must add the Moonriver network to your account since MOVR is not an Ethereum token. MetaMask is most often used for Ethereum, but since Moonriver lives on Substrate as its own separate, Ethereum-compatible network, you must switch networks to display your MOVR balance. You can use any H160 address (“0x…” style) with Moonriver, as long as you have the private keys. This means you shouldn’t use any accounts for which you have the keys, for example. Many DApps will automatically switch your network to Moonriver, such as SushiSwap, Solarbeam, or other AMMs.
Adding Moonriver to your MetaMask is easy. You can either click “Connect MetaMask” on the top navigation of the documentation site or manually add it as a custom network using this tutorial.
Once you have MetaMask configured for Moonriver, you can access a staking and rewards application to interact with the network. You can also see your current MOVR balance and return to claim newly earned rewards. MetaMask is available as a mobile app and also as a browser extension, making it easily accessible.
How to View and Claim Crowdloan Token Rewards
For those who participated in the Moonriver crowdloan, redeeming MOVR rewards that have been vested from the crowdloan is a very straightforward process. The Moonbeam Foundation has provided an app that enables you to claim your MOVR rewards earned through the crowdloan using MetaMask. The first 30% of these rewards were paid out automatically, and the remaining 70% will vest over the 48 week lease period.
As a first step, go to the Moonriver dashboard. Make sure to switch your MetaMask to the Ethereum/Moonriver address entered for the crowdloan and use Moonriver as a custom MetaMask network.
To claim rewards, click the purple “Claim” button next to reward earnings and confirm the transaction in your MetaMask. This claimed balance will almost immediately be transferred over to your MetaMask wallet.
The Moonbeam team has also released a guide that will walk you through the MOVR claiming rewards process.
How to Delegate to a Collator on Moonriver
Collators are network participants that maintain parachains. Their purpose is to produce blocks and support the liveness of the network. They also offer up blocks to validators on the Relay Chain for finalization.
MOVR token holders can now delegate and stake directly with collators on Moonriver. The network’s custom parachain staking pallet was designed to simplify the nomination process and ensure an open and decentralized collator set. As of the writing of this blog, Moonriver has 58 collators in the permissionless active set, which is periodically expanded. Token holders can earn MOVR rewards by staking with these collators using the Moonriver staking application. For guidance, view this tutorial.
Initiating a delegation is easy and only takes a couple of minutes. First, you’ll need to decide on the amount you wish to stake (5 MOVR is the protocol minimum) and you’ll need to choose a particular collator. The Staking DApp has been enhanced to provide all of the relevant information needed to select a collator, including the minimum delegation amount to earn rewards, the total amount staked to the collator, and the number of blocks produced in the last round. Generally speaking, it’s best to choose a collator in the active pool with a lower total amount staked. This way, your delegation represents a larger portion of the total amount staked with that collator and you earn a greater proportion of the rewards.
To summarize, your staking rewards are dependent upon the following factors:
- Your chosen collator is in the active pool.
- Your chosen collator produces blocks on a regular basis (if they stop producing blocks, you’ll stop earning rewards)
- Your delegation amount is above the minimum delegation amount for that collator (i.e. you’re in that collator’s top 300 delegators by stake)
Community members who wish to optimize their staking rewards can explore APY estimates and statistics on the Dapplooker Collator Dashboard. The dashboard is in beta and users should verify all information with their own research. Users can check the Collators Leaderboard on Moonscan to check collator performance in terms of number of blocks produced. They also can check out the list of collators on Subscan to view additional information.
If you’re unfamiliar with the staking process, you can start small and stake additional amounts once you’re comfortable with the process. Note that reducing or revoking a delegation on Moonriver is a two-step process that takes 24 rounds or approximately 48 hours. After initiating a reduction in a delegation or revoking a delegation, you’ll need to return to the staking DApp after the exit delay period (24 rounds or about 48 hours) has passed to execute (in other words, finalize) the request.
How to Vote on Referenda
On-chain governance allows users to make their voices heard and prevents network forks that were previously commonplace, as network upgrades are approved or rejected by token weighted voting. Moonriver is governed by token holders using the fully on-chain governance system. Users can vote on referenda directly through the Polkadot.js web application or with Polkassembly, a voting, and discussion forum currently in beta on Moonbase Alpha. Polkassembly makes voting a breeze by harnessing the power of Moonbeam’s democracy precompiles for developers. With Polkassembly, join discussion forums and submit votes directly from Metamask.
To vote in Polkadot.Js, first import an Ethereum-style H160 account with a MOVR balance to the Polkadot.js apps interface connected to Moonriver. Review the referendum details by clicking on the arrow in the description under the “Democracy” tab. Then, select the account you will vote with and the amount of tokens you are putting behind your vote. Finally, set the vote conviction to determine its weight and select either “aye” or “nay.” Due to the exclusivity of those currently possessing MOVR tokens, these pioneer users have early influence, allowing each user to make a great impact on the future of the network. For more information about governance and voting, visit our documentation site.
Use MOVR with Projects Deployed on Moonriver
Many projects have already deployed on Moonriver, and there is an inflow of many new deployments regularly. There are already permissionlessly deployed DeFi apps on Moonriver, as well as games, NFTs, bridges, and other creative deployments. As the most active DeFi ecosystem on Kusama, dozens of projects are deployed on Moonriver as an easy way to reach users and assets on the Kusama Network. This incredibly fast-paced, experimental, and cutting-edge network is made up of dozens of projects and partners that allow users to choose from a multitude of applications, including AMMs, DEXes, lending and borrowing applications, staking protocols, and more.
Seascape: DeFi-Enabled NFT Games
In the six weeks since the Moonriver launch, the Seascape team has already put out an AMM/DEX called SeaDEX, two interactive NFT games, NFT Brawl and Profit Circus, and an NFT marketplace.
AMMs Galore: Sushiswap, Solarbeam, and beyond
The launch of SushiSwap brought fast and efficient decentralized trading to Moonriver, in addition to highly competitive farming APRs on a number of pools. The largest DEX by TVL on Moonriver according to DefiLlama is currently Solarbeam. Moonlit Finance comes from the Convergence team and allows users to swap and exchange their tokens. These DEXs use the AnySwap bridge to access assets on Ethereum and beyond. DefiLlama is a great resource to discover other new AMMs and DEXs on Moonriver.
Fee-Free Bridges and More
AnySwap and Meter.io make it easy to bridge assets to and from Moonriver. Both bridges provide a small airdrop to users bridging assets to Moonriver to cover the gas for an initial transaction. With MyWish, users can even create a token on Moonriver and distribute it. With Polkamarkets, users can access a prediction market.
New, Exclusive NFT Collections
With NFTs buzzing in the cryptocurrency space, Moonriver is also excited to incorporate NFT-focused projects into the network. Zoombies has deployed and launched on Moonriver, turning NFTs into collectible cards with different rarities. Yuser, also deployed on Moonriver, launched its NFT social network as well. Users can use their MOVR to purchase a generative NextGems Yuser avatar or trade collectible Zoombies.
On the Horizon
In addition to staking rewards, the Moonbeam Foundation has allocated 10% of the total genesis supply of MOVR to incentivize liquidity programs on Moonriver. This allocation to liquidity programs competitively bootstraps activity in the Moonriver ecosystem and demonstrates the Foundation’s dedication to ensuring the success of the teams building and deploying on Moonriver. These programs will start in the near future.
The Moonriver ecosystem continues to expand daily, and we are excited to collaborate with such a diverse array of projects. The possibilities with MOVR are endless, and we are so glad to welcome you to this active and lively community.
