Moonriver Begins Phase Three of the Parachain Launch Process on Kusama

Removal of the Sudo Key is the Final Step Before Full Launch

Singapore – August 5, 2021 – MoonbeamGo to page https://moonbeam.network/, the Ethereum-compatible smart contract platform on Polkadot, announced today that MoonriverGo to page https://moonbeam.network/networks/moonriver/, its community-led sister network on Kusama, has completed Phase 2 of its five-phase launch processGo to page https://moonbeam.network/. Moonriver has now officially entered Phase 3, during which the network will remove Sudo (the superuser key) and hand over network control to token holders. Once Phase 3 is completed, the team will begin the process to enable the EVM and balance transfer functionality.

The removal of the Sudo demonstrates the confidence that the network is running well. Without Sudo, the only way to make changes to the chain is through the on-chain governance system. In order to move to Phase 4, an upgrade motion to enable balance transfers and the EVM will be put to an on-chain vote. Also in the current phase, crowdloan rewards functionality, performance improvements, and bug fixes will be introduced.

Moonriver’s launch was enabled by a community-focused crowdloan hosted by the Moonbeam FoundationGo to page https://moonbeam.foundation/, which received over 200,000 KSM from around 6,000 contributors across the globe. Contributors earned rewards for their support of the network. The set rewards contributors list has now been placed in the crowdloan rewards pallet.

The next phase of the Moonriver launch process includes EVM functionality and balance transfers. The Moonriver process is similar to those followed by Kusama and Polkadot, consisting of multiple phases designed to ensure network stability upon launch. This process gives the network the chance to confirm that all systems are operating as intended. To learn more about the overall Moonriver launch process, visit the network launch status siteGo to page https://moonbeam.network/.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachainGo to page https://moonbeam.network/education/what-is-a-parachain/ on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by Q3 2021. Learn more: https://moonbeam.network/Go to page https://moonbeam.network/.