Moonriver (MOVR) Token

About Moonriver

The Utility Token of the Moonriver Network

The network’s Kusama deployment will be called Moonriver, and have its own utility token also called Moonriver (MOVR).

Supply and other token economic behaviors on Moonriver will be the same as Moonbeam, but token distribution will be different in order to support the unique goals and attributes of the network. Moonriver will serve as a “CanaryNet” for Moonbeam, but it will also be a community-led experiment where the community will decide the direction it takes. Among other things, Moonriver used a large parachain crowdloan to obtain its initial parachain slot on Kusama.

Last Updated May 24, 2021. Note that the name for the Moonriver network token has changed to Moonriver (MOVR) to avoid a potential trademark conflict.

Deployment Network

Moonriver

Relay Chain

Kusama

Token Name

Moonriver (MOVR)

Anticipated Launch

Q2 2021

Small Unit

Wei (10^18 Wei = 1 MOVR)

Genesis Token Supply

10 Million

Annual Inflation Rate

5% Uncapped Supply

Transaction Fees

80% Burned / 20% to Treasury

MOVR Token Utility

As a decentralized smart contract platform, Moonriver requires the MOVR token to function. This token is central to the design of Moonriver and cannot be removed without sacrificing essential functionality.

Some of the uses of the MOVR token on Moonriver include:

  • Supporting the gas metering of smart contract execution
  • Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
  • Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc
  • Paying for transaction fees on the network

Gas Metering

Protocol Security

Onchain Governance

Network Transactions

Genesis Token Allocation

When the Moonriver network launches, the total supply of MOVR tokens will be 10 million. A portion of the network tokens have been reserved to ensure the network secures and maintains a parachain slot on the Kusama network.

A significant portion of the network (30%) was fairly and permissionlessly distributed as part of the initial crowdloan. The remaining balance will be distributed to teams building on Moonriver and held by the Moonbeam Foundation to support long-term protocol and network development. Notably, there is no “founders reward” and the PureStake team developing Moonriver will not own any of the tokens at network genesis.

Allocation Details

Allocation
Amount
%
Description
Parachain Crowdloan 3,000,000 30% 30% of the network was offered to raise KSM needed for a crowdloan to bid in the Kusama parachain auction for an initial 48-week year parachain slot. We used this as a way to achieve token distribution for Moonriver. Upon launch of the Moonriver parachain, 30% of tokens will be distributed immediately to the crowdloan contributors, and the following 70% will be distributed weekly over the life of the lease (48 weeks).
Community Initiatives and Parachain Slot Reserve 4,000,000 40% Tokens reserved to secure future Kusama parachain slot leases (e.g., continued parachain slot occupancy) and other community initiatives (e.g., liquidity incentives, strategic program rewards, etc.).
Parachain Bond Reserve 50,000 0.5% Funds to be used for parachain bond purposes. Part of the supply inflation goes into this fund and the idea is ultimately for this reserve to hold enough assets to secure a parachain slot in perpetuity.
Treasury 50,000 0.5% Onchain managed funds where spending the funds is only possible via token weighted onchain governance mechanisms.
Long-Term Network Stewardship & Adoption 2,450,000 24.5% Tokens under the control of the Moonbeam Foundation, to be used to fund network adoption, grants programs, ecosystem development, and other network needs.
Developer Adoption Program 450,000 4.5% Supply that will be used in the short term for project and platform adoption and practical needs. These are matching funds for the Moonbeam developer adoption program.

Inflation and Fee Model

Moonriver targets a 5% annual inflation rate and, as such, has an uncapped token supply.

The purpose of inflation in Moonriver is to pay for ongoing security needs of the network. The primary security budget items are to pay for a parachain slot on an ongoing basis, and to incentivize collators to provide collation (block production) services to support the Moonriver network. Of the 5% inflation, 1% will go towards incentivizing collators and 1.5% will go to the parachain bond reserve to accumulate onchain funds to pay for a parachain slot in perpetuity. The remaining 2.5% will go to users that stake their MOVR tokens and help power the collator selection process.

Fees on Moonriver related to transactions and smart contract execution will be handled in two ways. 80% of the spent fees will be burned, which acts as a deflationary force and accrues value to existing MOVR holders based on increased utilization of the network. 20% of the spent fees will go to the onchain treasury which can be allocated via on-chain governance to projects and initiatives which further adoption and engagement with the network.