Moonbeam Foundation gets a new Kusama parachain lease

The Moonbeam Foundation has happened to have successfully managed to get itself another Kusama parachain lease. This, in turn, will provide Moonriver the opportunity to carry on its functions in the role of a parachain without any hitches. This goes to the credit of Moonbeam Foundation. It was in the position of self-funding the further extension of the slot yet again. It is now extremely pleased with the fact that it will continue to function as a Kusama parachain for another lease term. 

Moonriver managed to get the results of the 67th Kusama parachain auction in its favor with the help of its bidding for the 28-34 lease tenure. The winning of this bid will see Moonriver carrying on functioning in its present slot following the expiry of the present lease term period, which happens to be 27.

Incidentally, this happened to have been a bidding that was made for a part of the lease period and which provided the option of carrying out functioning minus any form of overlap. This, however, makes the freshly allotted lease term a little less than the otherwise 42 weeks. The expiry for the newly received lease will be at block 21,167,999 and over a term of approximately 300 days. This would be somewhere around the month of December 2023.  

Moonriver, on its own, happens to be a smart contract platform that began with the production of blocks sometime in the month of June 2021. However, it happened to have been officially launched on the 26th of august, 2021. This was also when the EVM, staking, and pallets were duly brought into action, along with the transfers provided. 

Playing the role of an associate network of Moonbeam, along with being a prime layer 1 blockchain, there happen to be more than the figure 200 projects that are presently incorporated and also functional on Moonriver. 

Following the launch, XCM has provided the option for Moonriver to successfully gain access to 13 separate types of parachains. These incorporations provide all of the connected users to be in the position of making deposits of 17 separate sorts of Kusama ecosystem tokens onto Moonriver, in the form of XC-20s, along with being able to utilize them for the interaction with Ethereum type of applications that have been duly positioned there.  

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Having gone in for self-funding where the gaining of this very slot is concerned, The Moonbeam foundation now finds itself in the position of directing the present MOVR reserves for the utilization of activities that will be instrumental in furthering the adoption of Moonriver. This also happens to be in the case scenario of grants, as well as developer backup. 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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