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 to view 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 you can find here.
How to Nominate a Collator on Moonriver
Collators are network participants that maintain parachains. Their purpose is to produce blocks and support liveness on the network. They also offer up blocks to validators on the Relay Chain for finalization.
MOVR token holders can now nominate 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 48 collators in the permissionless active set (with 52 expected very soon), with new collators joining regularly. Token holders can earn MOVR rewards by staking with these collators using the Moonriver staking application. For guidance, view the tutorial here.
Both nominating a collator and removing a nomination can be completed in a couple of minutes. You can do your own research to select the best collator for you to stake with in order to earn optimal rewards. This can be determined based on the amount of MOVR staked on a particular collator and the amount you plan to stake. Here you can view the active collators and click on their address for more information, including your potential rank, how many MOVR every nominator put behind the collator, and what percentage of the rewards pool you would earn. This is a great way to collect all the stats you need to make an informed decision and optimize rewards.
APY is calculated by using a couple of different factors. 1) Proportion staked to the overall portion staked to that collator. 2) The collator performance producing blocks. 3) Remaining a top 100 nominator by stake on one or more active set collators.
Users can check out this block explorer to see how many blocks their collator is producing. They also can check out https://moonriver.subscan.io/validator to see what amount of MOVR is staked to each collator. Rewards are paid to the top 100 nominators based on the percentage that the nominator stakes relative to the overall total stake. In order to maximize your rewards, you will want to select collators with the lowest total stake and bond enough to be in the top 100 nominators for the validator. The reward earnings are very competitive, and additionally, staking is a great way to support the network.
To bond and unbond staked MOVR, it only takes ~2 hours for 2 rounds (1 round = ~1 hour). On Kusama, this length is 7 days, and on Polkadot, 28 days.
How to Vote on Referenda
On-chain governance prevents the 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, with additional interfaces on the way.
To start, 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. Some DeFi apps are already deploying permissionlessly on the network, 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. Click here to learn 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: Moonlit Finance, and Soon, SushiSwap
While the Moonriver community awaits the official SushiSwap launch on the network, there are another notable AMMs besides SeaDEX that is live on Moonriver. 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.
As far as bridges, Meter.io and AnySwap simplify asset transfers to and from other networks. For both Meter and Anyswap, users receive a small airdrop of .001 MOVR to pay for an initial transaction or swap when transferring in assets. For Meter Passport, they provide an airdrop of 10 MTRG, their governance token. With MyWish, users can even create a token on Moonriver and distribute it. With Polkamarkets, users can access a prediction market.
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.
What Can I Do With My MOVR? was originally published in Moonbeam Network on Medium, where people are continuing the conversation by highlighting and responding to this story.
