Accepting KSM Contributions from the Community Through a DApp and Participating Exchanges
The Moonbeam Foundation is thrilled to announce that the Moonriver crowdloan is officially open and is accepting contributions from the community.
As of now, the crowdloan can be accessed in two ways: through a DApp built by the Moonbeam Foundation or through participating exchanges (Kraken and KuCoin). For updated ways to access the crowdloan, please check the Moonriver crowdloan page.
Here are important details for the crowdloan:
- Moonriver Parachain Campaign ID: 2023
- Crowdloan Start: June 9, 2021 21:00 UTC
- Crowdloan End: July 23, 03:00 UTC (block 8,443,800)
The Moonbeam Foundation and PureStake teams will be live on YouTube at the time of launch (21:00 UTC) to walk through the crowdloan DApp and answer any questions the community has.
The opening of the Moonriver crowdloan is an unprecedented moment in the Moonriver and Kusama story. It represents the first value-bearing deployment of Moonbeam’s Ethereum-compatible technology. For the first time, Moonbeam’s global community is able to come together to support the Moonriver network via the parachain slot auction.
The Moonbeam Foundation has allocated 30% of the Moonriver network genesis tokens (3,000,000 MOVR) to reward Moonriver crowdloan contributors. Of that, 30% (900,000 MOVR) will be distributed once the Moonriver parachain has launched and transfers are enabled (see the Moonbeam network’s phased deployment schedule). The remaining 70% (2.1M MOVR) of the total rewards payout will follow a linear vesting schedule over the parachain slot duration (48 weeks). The amount of rewards earned will be proportional to the participant’s contribution to the crowdloan. Note that there is a cap on overall contributions to the crowdloan (1M KSM) but this number was set purposely high so that, in practicality, there will not be a limit.
By design, Kusama has a limited number of parachain slots on the network, creating competition that results in only the highest quality projects maintaining a slot (because without usage, the fees for the parachain slot are not worthwhile). The Moonriver crowdloan is a way for the community to temporarily lock KSM in order for the project to bid on and win a parachain slot at auction. After the crowdloan ends and the parachain lease period is complete (assuming a slot is successfully obtained), the KSM will be unlocked and returned to the original contributor.
Although Moonriver shares much of its codebase with its sister network Moonbeam, it is a strong, independent network in its own right. It has a unique community-led token distribution strategy and inherits the experimental nature of its parent network, Kusama. As the first deployment destination for all new Moonbeam code, Moonriver aims to be the home of innovation on Kusama and the Polkadot ecosystem as a whole.
How to Participate in the Crowdloan through the Moonbeam Foundation dApp:
The participant must have unlocked, unbonded KSM in an address that is connected to the Polkadot.js extension. If you are unfamiliar with Kusama addresses, follow this tutorial to learn how to create your first Kusama account. You will also need a Moonriver address (which is the same format as Ethereum addresses).
Given the large volume of information about crowdloans from all directions, please be vigilant and cautious of scams. Crowdloan contributions are only made through a special transaction using the Moonriver campaign index (2023) and not by transferring KSM to a specified address. Contact the Moonbeam Foundation directly with concerns or to report a scam: crowdloan@moonbeam.foundation.
Join the Moonbeam Network official Discord, Twitter, and Telegram channels for updates as well.
