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When was MOVR coin issued? Learn about the origin of MOVR coin in one article
Emerging from its genesis in 2021 as the native cryptocurrency of Moonriver, MOVR powers transactions, incentivizes staking, and drives governance in its sister network to Moonbeam.
Oct 28, 2024 at 05:16 am
The Genesis of MOVR Coin: Unraveling Its Origins
1. Inception: The Birth of Moonriver
The MOVR coin is the native cryptocurrency of Moonriver, a platform built on the Kusama network. Moonriver was launched as a "sister chain" to Moonbeam, a similar platform deployed on the Polkadot network.
2. Issuance Date: September 10, 2021
The MOVR coin was issued on September 10, 2021, coinciding with the launch of the Moonriver mainnet. The total supply of MOVR coins at genesis was 10,000,000.
3. Purpose: Fueling the Moonriver Ecosystem
MOVR is the primary currency used for transaction fees, staking incentives, and governance within the Moonriver ecosystem. Stakers earn rewards by securing the network and participating in its governance process.
4. Governance Mechanism: On-Chain Voting
The Moonriver governance system is powered by MOVR coin holders. Users can submit and vote on proposals that influence the platform's development and policies.
5. Initial Distribution: Airdrop to DOT and KSM Holders
Upon launch, 30% of the MOVR supply was airdropped to Kusama (KSM) holders. Additionally, 30% was airdropped to holders of DOT tokens, Moonbeam's native currency.
6. Tokenomics: Scarcity and Inflation
MOVR has a deflationary tokenomics model, meaning the supply decreases over time. The platform periodically burns a portion of transaction fees, reducing the circulating supply. However, there is also a small degree of inflation due to staking rewards and parachain bonding.
7. Current Market Performance
As of August 2023, MOVR is ranked as the 125th largest cryptocurrency by market capitalization. It has a circulating supply of approximately 5.6 million coins and a price of around $10.
8. Future Prospects
The future of MOVR is closely tied to the success and adoption of the Moonriver platform. As the Kusama ecosystem expands and Moonriver establishes itself as a popular destination for developers, the demand for MOVR is expected to increase.
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