SushiSwap (Moonriver) is a cryptoasset exchange. Their volume over the last 24 hours is $0. The exchange is rated “A” which means “Transparent.” They are a crypto-only exchange.
|1st Trade||Aug '21|
|1st 1D Candle||Aug '21|
|1st Orderbook||Mar '22|
SushiSwap on Moonriver is a decentralized exchange that was established after Sushi and Moonbeam created a cross-chain integration in October 2021. Moonbeam is a Polkadot smart contract platform used for building natively interoperable blockchain applications which means that dApps created on the platform can be easily integrated with other blockchains. SushiSwap is a decentralized exchange and AMM that forked from Uniswap in September 2020. SushiSwap offers various blockchain-based products such as the NFT marketplace and token launchpad trying to extend its presence in the decentralized industry through integrations with popular DeFi projects. Moonriver has become one of such projects as its functionality enables connecting with numerous blockchains.
Moonriver is a smart contract parachain built on Kusama, that features the same supply and token economic behavior as Moonbeam and differs from it only in token distribution. Being a canary network for Moonbeam, Moonriver functions as a community-driven experiment project as the community is responsible for all decisions. Moonriver platform
Moonriver is a fork of the Moonbeam Network that was created to solve the key problem of a multi-chain environment, i.e. interoperability. The platform features a developer-friendly approach and Ethereum-like design, which is familiar, clear, and convenient. This helps to attract developers who can easily create their products on it.
As mentioned earlier, Moonriver was first released as a parachain within the Kusama network. After Moonriver won a parachain auction, it became a separate blockchain on Kusama. Transactions on Moonriver's parachain require fees paid in MOVR. When bridging tokens, users have to bridge assets to Moonriver.
The Moonbeam protocol is based on PoS consensus. The platform comes with a number of on-chain governance features that enable the community to develop the project. Being a subsidiary of Moonbeam, it has become the experimental ground for different specialists which means that it is possible to test the code and develop the products in the frame of a canary network connected to Kusama.
In November 2021, Moonriver adopted RMRK 2.0 logic, an NFT system built on Kusama. The integration was required to develop new Solidity standards for RMRK-based Kusama assets that enable Moonriver and other EVM chains to use RMRK NFT infrastructure and develop advanced features for NFT developers, artists, and NFT collectors.
On January 11, 2022, the Moonbeam network completed its launch process on Polkadot which enabled EVM and balance transfers. In a few days, it released the functionality to enable native cross-chain token capabilities on Moonriver. With this upgrade, XC-20s were introduced to Kusama, Polkadot’s canary network. XC-20s represent a new type of token that complies with the ERC20 standard and with Substrate-based assets.
Moonbeam and Sushiswap cooperation
With the growth of liquidity on Polkadot and Kusama, the company started looking for implementing such DeFi options as swapping, leverage, and other utility features that are included in the suite of SushiSwap services. The partnership between SushiSwap and Moonbeam started as a result of the initiative proposed by Moonbeam’s CEO and co-founder Derek Yoo, who made an offer to Sushi in 2020.
Since SushiSwap is a DAO, the voting procedure was required to accept the proposal, which was conducted in a short while. Approved by the majority of the ecosystem users, the cooperation of SushiSwap and Moonbeam became an amazing example of cross-chain interoperability that positively affected the value of MOVR, a native utility token for the Moonriver network. In November 2021, a joint liquidity mining program was launched for Sushi on Moonriver. Thus, by establishing extensive relationships, the platforms create a symbiotic connection for both ecosystems.
SushiSwap has managed to partner with such platforms as Polkadot and Kusama with the help of Moonriver. Moonriver and Moonbeam derive their own benefits from this partnership, too, as SushiSwap has enabled them to connect with a substrate-based network and an EVM-based liquidity network. The partnership between Sushi and Moonbeam is very promising as it can capture a market share spanning all of the new liquidity of Polkadot and Kusama. Liquidity mining for incentivized pairs started on November 5, 2021.
Such features as full EVM compatibility, bridges connecting Moonriver to numerous Ethereum networks, and web-3 compatible API contribute to the popularity of the project. At the same time, the capability to deploy Solidity/Vyper-based smart contracts and dApps on Moonriver without radical changes makes the project an irreplaceable solution.
The choice of Moonriver explained
Moonbeam is the platform that combines the best features of Ethereum, including its convenient tools and Polkadot architecture, with scalability and interoperability. Being one of the parachains built on Polkadot, Moonbeam gives access to over 80 projects in the Moonbeam ecosystem which they can use to deploy their versatile products such as NFTs, wallets, etc. The ecosystem is highly appreciated by developers who can use their favorite Ethereum tools for work such as Waffle, Remix, Metamask, and others. In this way, developers can build their dApps on Moonbeam and Polkadot. They can also redeploy their Solidity projects easily introducing only minor changes to the code.
Despite the capability of parachains to replicate the mechanism of Polkadot, the projects deploying their products in this way can determine the level of decentralization themselves and decide what decentralization features to borrow.
How to use Sushiswap on Moonriver
Those who wish to swap and provide liquidity use the same scheme of auctions as on Sushiswap. What makes the process different is the fact that it's needed to bridge liquidity to Moonriver for that. Also, it is important to change the digital wallet network to Moonriver which is a pretty simple procedure. Users should acquire MOVR on a centralized exchange of their choice, e.g. on Kraken. They need MOVR in advance to cover transaction expenses. Users can bridge their assets using Anyswap or Meter bridge.
Derek Yoo, CEO and co-founder of Moonbeam, also founded PureStake in 2019, which is a blockchain infrastructure for PoS networks. Derek takes the CEO position there as well. When Derek Yoo just started his career in the blockchain industry, it was clear to him that it is important to focus on multi-chain interoperability, therefore, the Polkadot ecosystem attracted his attention, formed his vision, and helped to develop the products resolving one of the issues of the DeFi sphere.Read More