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The Moonriver Crowdloan is Complete and Moonriver is Now Producing Blocks on Kusama

Jun 29, 2021

2 min read

The Moonbeam Foundation is delighted to announce the successful completion of the Moonriver crowdloan with more than 205,935 KSM (approximately $45,000,000 USD) received from 5,977 contributors around the world. The success of the crowdloan resulted in Moonriver winning the Kusama second parachain slot auction. This is a significant milestone for the Moonbeam community, which came together to support the Moonriver launch.

The crowdloan is a unique bootstrapping mechanism that helps projects in the Polkadot and Kusama ecosystems secure enough tokens to pay for a slot on the network. By design, it relies on community engagement and endorsement in order to win a parachain slot in a competitive auction format. Those who participated in the Moonriver crowdloan provided KSM that will remain locked for the duration of the lease, which will last 48 weeks starting today.

The Moonriver crowdloan featured a uniquely community-centric design: 30% of Moonriver crowdloan rewards, which represent 3,000,000 MOVR tokens, will be given to participants based on the amount of KSM contributed. Of those rewards, 30% will be distributed right away (once transfers are enabled), and the remaining 70% will be distributed linearly over 48 weeks. Contributors can see their rewards by using this rewards calculator or entering their KSM address into this app.

As the highest bidder in the Kusama parachain auction, the Moonriver Network has secured a slot and has launched to the Kusama network with limited functionality available. Additional functionality will be gradually added to ensure the stability of the network while it is deployed. In the final phase, which is expected to occur 6-8 weeks from today, full functionality will be made available to all users.