What is Moonriver Token (MOVR)?

Modified on Thu, 07 Dec 2023 at 03:50 PM

What is MOVR token?

MOVR is the native cryptocurrency token of the Moonriver network. Its primary roles include maintaining and facilitating the operation of Moonriver by serving as transaction fees for transactions and smart contract executions. Additionally, it acts as a reward for nodes that perform their duties honestly. Furthermore, MOVR tokens grant holders the ability to participate in the governance and development direction of Moonriver.

Distribution of MOVR

In the early stages of the Moonriver network’s operation, the MOVR tokens were initially created with a total supply of 10 million coins. However, MOVR coins were designed to have an unlimited supply or be inflationary, with an inflation rate of 5% per year.

As for the distribution of MOVR tokens, 30% are distributed fairly to users through the Parachain Crowdloan program. The remaining tokens are allocated to the Moonriver development team and held by the Moonbeam Foundation to support the network’s long-term development, with the following details:

40% (Community Initiatives and Parachain Slot Reserve): Reserved for community-building activities and additional Parachain slot leasing on Kusama.

0.5% (Parachain Bond Reserve): Used for connecting to Parachains.

0.5% (Treasury): Reserved in the treasury, which is managed through governance systems.

24.5% (Long-Term Network Stewardship & Adoption): Held by the Moonbeam Foundation to support network acceptance, development, and other necessities.

4.5% (Developer Adoption Program): Reserved funds for short-term activities to encourage network usage.


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