MOVR Transparency Commitment

Updated September 30, 2022

The Moonbeam Foundation (“Foundation”) is committed to the longevity, development, and security of the Moonriver network. We recognize that transparency is core to the sustainable success of the network. As part of this commitment to transparency, we are providing the community the following information on the Foundation’s token holdings, token actions to date and token supply.

Foundation Objectives & Statement of Use

The Moonbeam Foundation uses tokens under the Foundation control to help ensure the following three immediate strategic goals: (i) parachain sustainability, (ii) security and protocol development, and (iii) grants and ecosystem development.

(i) Parachain sustainability: the Foundation uses tokens from the “Community Initiatives and Parachain Slot Reserve” allocation and the “Parachain Bond Reserve” allocation to help ensure that Moonriver maintains its parachain slot on the Kusama network. Ultimately, the Moonriver network needs to acquire enough KSM to remain in a parachain slot in perpetuity. On March 6th 2022, Moonriver won the 27th Kusama auction for lease period 20-27. The Moonbeam Foundation self-funded this auction through KSM acquired by liquidating approximately 20,000 MOVR from the “Community Initiatives and Parachain Slot Reserve” allocation.

(ii) Security and protocol development: the Foundation uses tokens from the “Long-Term Network Stewardship and Adoption” allocation for a variety of initiatives that help ensure network security and that help drive the protocol’s long-term utility. These include supporting security audits, core protocol development, integration and testing of parachains and remote chains, infrastructure related test and integration environments, public RPC endpoint services, block explorers, developer support, education, and documentation, etc. The Foundation encourages teams that can provide these kinds of services to apply via the Grant Program or through the Treasury.

(iii) Grants and ecosystem development: the Foundation uses tokens from the “Developer Adoption Program”, “Community Initiatives and Parachain Slot Reserve” and the “Long-Term Network and Stewardship & Adoption” allocations to continue to attract cutting-edge teams and builders to Moonriver through cash or token grants, competitions, and programs. In addition, the Foundation assists in ecosystem development by supporting teams with grants and through user-adoption initiatives. Selection for these initiatives are based upon a myriad of factors including the team’s technical capabilities, their product innovation, and market sentiment.

In order to achieve these stated objectives:

  • The Foundation may re-balance Foundation-controlled accounts from time to time, creating new addresses or removing old addresses. Any update to account addresses will be reflected below in order to ensure transparency.
  • The Foundation may liquidate MOVR from time to time, when expenses cannot be paid in MOVR. A prime example would be liquidating MOVR in order to accumulate KSM for parachain sustainability purposes as described above. When undertaking these activities the Foundation will strictly adhere to the following Structured Selling Guidelines:
    • The seller only makes offers above market price, and doesn’t sell into bids.
    • Daily sales remain materially below a fixed amount set based on medium term volumes, and with the constraint of remaining below 5% of estimated real market volume on any given day.

Genesis Addresses Under Foundation Control

The Foundation has published below the non-circulating and circulating genesis* addresses of the tokens held under Foundation control for the community to monitor.

Non-Circulating Genesis Addresses

0xab1949cea95bdc445951b823f21a30e6596364c1
0xe30c476bf8b62fe3eee1a5914eb5f1c10c001454
0x51c40f6186c987dcf924cb1a0ac87263fed9bd8b
0x9b400d3a8a8d920d1ef4674095c354c9c3f929a8
0x0f5e55ab26822263923da4f14b1300d2b9264b3f
0x077e70374867349a2dc0fecb41b1c24d536b98ab
0x71fba157ee58974a32a473dd3f0d5beeb73cfd5e
0x76590b7071cc471e03144dd1d646a5f1299e1db7
0xa60ec49cc4ac1fcd24f82e638d7481107bee0fc0
0x83fd62188455f913423836b61671377602e5bd33
0x770a3fe433bcf1cd0c0ab72221a35c61ad9d7f3d
0xe840f52ccd6f2b0ad81ebaa42f1f6e8846e0c471
0x7aff0f0b40fde8e3fb3dee9f5ef82dfcc8f53faa
0x7497fccd6148e07b54be3ce4e3f79521b2a3267f
0xc563973f278b3eeae0f71d367099ea74d94a3303
0x48c2ccb7d1994acd1085d380969e8db0770360df
0x029344fcdb05a7a79f770ed4fdd855f3d8b99383
0xb8b4563e5bbd7b94e39a632a62a205d823e4a8ed
0x7439adaf0e67f1d0ad514da2b9cc06320dbc7838
0x9ec661dda5a39e14ff6091f1755016563ad82466
0x4c3bf24c4597dea110a7d6c4d41d5fc161e139e7
0xa59ac55cdb74339a4b2f6e59501efd1ebcf4f13a
0xbef14b868712fd52c430f963a260725138da9204
0xc2d7cc2df8da68613afb47c412984de551111a8a
0x3c78feb354003798e36a15dbb704cdd3c1d06f6a
0xeda72c8e02f29d90998fddd1c0a435596be66d6a
0x4049fdf7a30f0d061ac9707c0d031a414028d16d
0x0f5ff80225441781ebd9aa23671eac5a7f3c941c
0x99aec99cf4f8adefd4da2b1fc11110450c4c736d
0xe2413b3cc93655996f3bd0466602fd3817d63753
0xd13ec9ff1815387b17d49ec3fadd6c799afa5ff5
0x0cb93a7c2246be7a3350e9ac11846c5deb856ccd
0xce5190864480457a95bbe595286cca480261935d
0x05a1e7c971ade346babbe4555a6eb451be00a80e
0xd690b084778370e6118b8b05a4c6480eff075e2d
0x8e6115384b22235ba3ac911977ff5cb6dee85841
0x0f3e7d0158bd3208122c4d26d47d911c1aa44d80
0x9d07c19d69dd06be5d6ab458f07a241ceb33976d
0xf83b3682a46a83aa0622d5508b6880be9b931051
0x7394cf09d3f0065908bc64f7a4ef828d2cfc8a32
0x7421332cd1e5e0b4cc98432ec46003ee8dc4e69f
0x8809e65a96a973f96f7f44e38833da1b41708a63
0xeb6d7ea9df53e011efaba99fe7137bdf922d8add
0x7d5f0c9168866db358a5fbb0b9e3a26fa82b89b2
0x807653fc48aa037a98cd431648dcec84ce880f97
0x654e90a5fea414ecdfcb6f4d3f688c7cab913ab5
0x5a04d242669edf087ab5e6829b10d9556f4020a3
0xda5531c9329426F4f3d4051291D98947F219ae20*

*This account was not a genesis address but was subsequently added to the list above to maintain reporting transparency.

Circulating Genesis Addresses

0x6477c1006ab85e6d94e8e7371f23b782fe95ca6b
0x4828e3d2a1c4b0a90a2a125b9d53204efaf876a5
0x2869e58409ca3e286a89d8baec432b6bd42aa895
0x10a2f17d8150b76359e9ced567fc348c71a74b46
0xb728c13034c3b6c6447f399d25b097216a0081ea

Protocol Controlled Addresses

Treasury:

0x6d6f646C70792f74727372790000000000000000

State of MOVR Supply as of July 31, 2022

Circulating Supply: 4,924k
Total Supply: 10,417k
Gross Inflation: 424k
Net Inflation: 417k
Burnt Fees: 7k

As of July 31,2022, total MOVR supply was 10.4M, consisting of 10M genesis supply and 417k cumulative net inflation (defined as newly minted MOVR less burned transaction fees). Cumulative gross inflation since network launch totaled 424k through period end, reflecting a 4.24% increase over genesis supply of 10M. Actual gross inflation was below the 5% annual inflation rate target primarily due to average block times exceeding the 12-second assumption used to support this target. From February through May, in particular, average block times rose by ~70% and reached a daily average high of 28 seconds on April 6, 2022 (source: Moonscan) due to an underlying relay chain issue (more technical detail is provided here). However, improvement was observed in May with the release of the Kusama v0.9.20 and v0.9.21 upgrades as block times returned to more normalized 14-15 seconds, on average.

Since the launch of the network, approximately 297k MOVR tokens have been minted and distributed to collators and delegators in the form of inflationary protocol rewards consistent with MOVR’s inflation model. Collators and delegators are integral to the security and sustained operation of the network and, as such, earn a proportionate share of the supply’s 5% target annual inflation rate for their network contributions (20% and 50%, respectively).

To ensure long-term parachain sustainability, a portion of MOVR supply inflation (30% of total) is also designated to the parachain bond reserve to ultimately secure a Kusama parachain slot in perpetuity. The parachain bond reserve has grown by approximately 127k MOVR to 177k MOVR since the launch of the network via its proportionate share of supply inflation.

In line with MOVR’s token economic model, approximately 80% of transaction fees related to smart contract execution are burned and removed from token supply. It’s worth noting that cumulative burnt fees don’t precisely match the 80% targeted proportion due to imprecise fee calculations in earlier Moonriver releases, resulting in the issuance of additional rewards to collators instead of these MOVR being burned. The overall increase to supply was 2.6k MOVR (0.026% of genesis supply), which was more than offset by the lower amount of inflation attributable to slower block times (mentioned above). The other 20% of transaction fees are allocated to the community-controlled treasury. As of July 31st, 2022, 2.1k MOVR have been sent to the treasury through its proportionate share of transaction fees.

Approximately 47.3% of total MOVR supply has been released into circulation as of July 31st, 2022, which is further detailed in the sections below.

Glossary

  • Circulating Supply: all tokens that are held in accounts outside of the non-circulating Moonbeam addresses and Protocol-controlled addresses listed above.
    • Circulating supply includes circulating accounts under Moonbeam Foundation control (listed above) such as collator and other operational accounts that were classified within the Long-Term Network Stewardship & Adoption allocation. The combined total genesis balance of these accounts was released into circulating supply at network launch.
  • Total Supply: the number of tokens that are (i) circulating, (ii) under the Moonbeam Foundation control, (iii) under the Protocol Control

Tokens Released Into Circulation

Historical Token Release Since Network Launch(1)(2)

MOVR Token Release Schedule - Updated October 2022

  1. Token release schedules are approximate and subject to change. Please refer to https://moonbeam.foundation/moonriver-token for information on token allocations and please see the information below for further detail on the release of tokens.
  2. Forecast token releases for allocations are not included in the figures above. As such, only historical activity is presented from network launch through 7/31/22 for the selected allocations in the chart.

The release of MOVR into circulation from select non-circulating genesis allocations is reported on a cumulative basis since network launch as well as for the subject 5-month reporting period (the subject period is condensed for this specific update, i.e., less than 6 months, in order to report on the same cadence as Moonbeam). Going forward, updates to the transparency pages will be bi-annual.

Genesis Allocation

MOVR Released 3/1-7/31/22

Cumulative MOVR Released at 7/31/22

Crowdloan 2021 775 thousand 3.0 million
Developer Adoption Program 45 thousand 292 thousand
Community Initiatives & Parachain Slot Reserve 396 thousand 562 thousand
Long-Term Network Stewardship & Adoption 434 thousand 768 thousand
Treasury (Community-controlled) 0 0
  • Crowdloan 2021: 3M MOVR was allocated to the Moonriver 2021 Crowdloan, of which 30% was distributed at network launch (when transfers and EVM were enabled) and the remaining 70% vested linearly over the 48 weeks of the parachain lease. Crowdloan rewards became fully vested in March 2022. Of the 3M total vested, an estimated 300k MOVR remained unclaimed as of 7/31/22.
  • Long-Term Network Stewardship & Adoption: As of July 31, 2022, there is approximately 1.682 million MOVR remaining in the Long-Term Network Stewardship & Adoption allocation. Disbursements from this allocation are used to fund overall operational expenses for the Moonriver and Moonbeam networks. Specifically, a cumulative total of 463k MOVR has been transferred to a third party provider for liquidation under the structured selling guidelines outlined above. Sales proceeds have been used to build operational cash reserves to cover future expenses and to fund fiat and stablecoin grants, daily operations, and other network expenses. Other Long-Term Network Stewardship & Adoption funds were used in support of network operations and ecosystem engagement as well as loaned to liquidity providers in conjunction with liquidity & treasury management services. Three Arrows Capital (3AC), a firm who has recently declared bankruptcy, was one of multiple service providers that the Foundation engaged for such management services.
  • Developer Adoption Program: Cumulatively, the Foundation has distributed approx. 292k MOVR from this allocation as grants to 26 teams and developers building on Moonriver as their contractual milestones have been achieved. New notable grant recipients since last period include Lido, Linear Finance, and Fearless Wallet. Other projects deployed on the Moonriver network who have received MOVR grants are included in the list on the Moonbeam Foundation’s Grants Program page. It’s worth noting that in addition to the 292k MOVR distributed from the Developer Adoption allocation, the Moonbeam Foundation has disbursed an incremental $865k from its cash and stablecoin reserves in the form of fiat/stablecoin grants to 30 teams building on the Moonriver protocol.
  • Community Initiatives and Parachain Slot Reserve: 4M MOVR was allocated for community initiatives, liquidity programs and a parachain slot reserve. As mentioned last period, approximately 20k MOVR was liquidated from this allocation to acquire KSM, which was used to self-fund the parachain slot renewal in March 2022. Since network launch, 562k MOVR has been released with approx. 400k disbursed as liquidity grants from March through July to fuel additional defi activity on Moonriver.
  • Treasury: The Foundation operates one of its non-circulating addresses as a network delegator in support of the Orbiter Program. This account has earned delegation rewards and will continue to do so going forward in conjunction with the Orbiter Program. All earned rewards are being sent to the Treasury. As such, inflows to the Treasury will exceed the designated 20% share of transaction fees going forward. Through July 31, 2022, 457 MOVR rewards earned via this delegation account were swept to the Treasury.