Ocean Protocol Now on Moonriver

By October 8, 2021DeFi
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As part of Ocean’s multi-chain strategy, they have deployed Ocean’s technology to Moonriver.

Moonriver is the leading EVM-compatible chain in the Kusama / Polkadot ecosystem. This gives it excellent security and cross-chain interoperability that will continue to improve.

Moonriver is a para chain (sub-chain) that leverages Kusama relay chain (parent chain) security. It’s a sister to the upcoming Moonbeam chain, a para chain to Polkadot relay chain. Kusama targets rapid testing and long-tail applications, whereas Polkadot targets slower large-enterprise applications.

Moonriver went live on August 26, 2021. Its traction is already impressive: within three weeks, it hit one million transactions and 100K wallet addresses.

A week and a half later, the transactions had doubled to two million. It has more than $200 million staked in DeFi applications and another $270 million bonded in collator staking, excellent for any network, let alone such a young one.

The Ocean core team and Moonriver / Moonbeam core team (PureStake) have been collaborating since January 2021. In April, the Ocean core team deployed Ocean backend components and Ocean Market frontend to Moonbase Alpha testnet, then shared that work in the Moonbeam #Illuminate21 community event.

The teams worked closely to iron out small kinks. The Ocean deployment to Moonriver is the first major technology milestone in this collaboration, and as part of the broader Ocean — Polkadot ecosystem.

Ocean and Polkadot have grown up together. The creators of Ocean (and before that BigchainDB and ascribe) and creators of Kusama / Polkadot have been collaborating since the 2014-era.

Ethereum days through the founding of Parity (née Ethcore) and Web3 Foundation, from security audits to go-to-market strategy, and always with an eye towards technology integration.

In 2017, Ocean founder Trent McConaghy presented “The Web3 Data Economy” vision at the inaugural Web3 Summit conference, hosted by Web3 Foundation slides, video, blog post.

The Ocean Moonriver deployment makes this vision real in Web3 Foundation ecosystem.

Moonriver is fully Ethereum-compatible, which allows it to run Ethereum smart contracts and use Ethereum-style ERC20 tokens. It’s a Proof-of-Stake chain with a modern consensus algorithm built on Parity Substrate technology.

This allows it to have low gas fees and low latency compared to the Ethereum mainnet.

The first dataset was published in Moonriver.

With Ocean deployed to Moonriver, this means:

Ocean components supported in Moonriver include Ocean smart contracts, Ocean Market, Provider (for data services), Aquarius (metadata cache), and Ocean Subgraph (The Graph queries).

For more details, visit the Supported Networks page.

Cross-chain mental model

Ocean is now deployed to four production networks: Ethereum mainnet, Polygon (Matic), Binance Smart Chain (BSC), and (new) Moonriver.

An Ocean Market user can click on the network preference in the top right, and toggle which chains they would like to see the assets for. Moonriver is now in this list and selected by default for all new users.

Default-selected networks now include Moonriver.

In each of these networks, tokens on the network have a real value associated, so there needs to be token bridges across networks. For Moonriver this is:

  • OCEAN on Ethereum mainnet gets bridged across as OCEAN on Moonriver.
  • ETH for gas fees on Ethereum mainnet corresponds to MOVR for gas fees on Moonriver.

MOVR is the native token on Moonriver used for gas fees.

For dApp developers, as with other networks, in ocean.js the Moonriver chained is passed to the ConfigHelper to get all required endpoints for initializing Ocean, while in ocean.py the respective RPC URL needs to be set as the network config parameter.

Resources on Ocean * Moonriver

Derek Yoo, Moonbeam Founder, said “There is an increasing recognition that the web2 model is broken, with huge concentrations of data and power in the hands of a very small number of centralized entities.”

“Ocean’s unique application of web3 technology to create open and decentralized data markets is leading the path forward on how to avoid these abuses. We are very happy to partner with Ocean to democratize access to data and help create a fairer and less manipulative online environment for everyone,” he said.

“It’s a wonderful feeling to see something manifest that has been years in the making. This is one of those days. The PureStake team has been excellent collaborators to bring Ocean to Moonriver and the broader Kusama / Polkadot ecosystem,” said Trent McConaghy, Founder at Ocean Protocol.

About Ocean Protocol

Ocean Protocol’s mission is to kickstart a Web3 Data economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world.

Visit the website to find out more.

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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