A Guide to 123 Swap? What is Moonriver?


What is 123 SWAP?

The 123swap platform is a decentralized financial ecosystem that allows the fluid trading of crypto assets across currencies.

You can check it out more on Link https://123swap.finance/

Following platforms offers a variety of multi-chain DeFi solutions on blockchain assets, including:

  • Swapping
  • Lending
  • Borrowing
  • Staking
  • Yield Farming
  • NFT Minting
  • What is Moonriver?

Moonriver (MOVR) Network Design

Moonriver is intended to work as an innovative contract platform, allowing developers to create intelligent contracts quickly. Redeploy their Ethereum dapps in a substrate environment. Bridges — Enables token transfers, state visibility, and message transmission between Ethereum and other chains like Bitcoin. You can also get a news and updates from their social media handle on the Twitter

How to Use Moonriver on 123 SWAP

Moonriver became its blockchain on Kusama when it won its parachain auction. So, when you transact on Moonriver’s parachain, you will pay network fees with MOVR, and when you bridge your tokens, you will bridge to Moonriver rather than Kusama.

Swapping and providing liquidity is essentially the same as what people have come to expect from 123 swap. Like with any new chain, the only difference is that you will need to bridge liquidity to Moonriver to utilize it. You will also need to switch your digital wallet network to Moonriver. Here’s a quick visual walkthrough to switch your network to Moonriver using the 123 swap UI.

The Beginner’s Guide to MOVR

Moonriver was designed by the Moonbeam Foundation to provide an Ethereum-compatible blockchain ecosystem on the Kusama (KSM) network. Moonriver is designed to act as a parachain atop Kusama, assisting crypto projects in expanding their reach to new people and markets through a multi-chain strategy.

Parachains are bespoke blockchains on Kusama that feed into the main blockchain and core of the Kusama network, known as the Relay Chain. Kusama’s shared security, consensus, and transaction settlements are handled through the Relay Chain. Parachains benefit from the Relay Chain’s basic functionality by being merged into it.

The Moonbeam team has opted to publish Moonriver (MOVR) on Kusama to give its community an ethereum-compatible intelligent contract platform. It will also release Moonbeam (BEAM), a comparable platform for Polkadot, later in 2021.

MOVR, Moonriver’s native cryptocurrency, should play an essential part in the Moonriver network’s upkeep and operation. It is expected that it will be employed. Pay transaction fees, assist intelligent contract execution, incentivize collators to produce blocks to support the network, and facilitate Moonriver’s on-chain governance system.

MOVR is anticipated to be airdropped to community members who vote for the application to go live as a parachain on Kusama using their KSM, Kusama’s money, in a process known as a Parachain Auction.

Moonriver (MOVR) Network Design

Moonriver is designed to function as an innovative contract platform, allowing developers to redeploy their Ethereum dapps in a substrate environment quickly. This implies that the Ethereum smart contracts that enable dapps will not need to be rebuilt or changed for the Karura network.

Substrate, for those unaware, is a platform for developing new blockchains and blockchain applications that can operate on the Kusama and Polkadot networks. 

  • The Utility Token of the Moonriver Network
  • Moonriver, as a decentralized innovative contract platform, requires the MOVR coin to function.
  • On Moonriver, the MOVR token may be used for a variety of purposes, including:
  • Intelligent contract execution gas metering support
  • Incentivizing collators and facilitating the establishment of a decentralized node infrastructure on which the platform may function
  • They are facilitating on-chain governance mechanisms such as initiating referendums, choosing council members, voting, etc.
  • Network transaction fees must be paid.

Join us!

123 swap Website

Twitter — https://twitter.com/123swapfinance

Telegram — https://t.me/my123swap_chat

Reddit — https://www.reddit.com/r/123swap/

Discord — https://discord.gg/arNbvrPgZx

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