How can it be applied together Kintsugi & Moonriver
To understand how two projects can interact with each other, let’s first understand what each of them is intended for.
Warning: as always, none of the above is investment advice! Don’t buy coins just because some dude from the internet posted a blog post with a couple of cool memes. DIOR! DeFi is fun, but you need to always be on your guard.
Moonriver
Moonriver is a companion network to Moonbeam and provides a permanently incentivized canary network. New code ships to Moonriver first, where it can be tested and verified under real economic conditions. Once proven, the same code ships to Moonbeam on Polkadot.
Moonbeam is a developer-oriented blockchain that strives to provide compatibility with the existing Ethereum developer toolchain and network. It does this by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonbeam to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes.
Moonbeam is much more than just an EVM implementation: it’s a highly specialized Layer 1 chain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. The Moonbeam platform extends the base Ethereum feature set with additional features such as on-chain governance, staking, and cross-chain integrations.
Kintsugi
interBTC is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. interBTC will be hosted as a Polkadot parachain and connected to Cosmos, Ethereum and other major DeFi networks.
Kintsugi is interBTC’s canary network, an experiment with real economic value deployed on Kusama. Kintsugi and interBTC share the same code base — with the difference that Kintsugi focusses strictly on innovation and will always be ahead in terms of features.
- Kintsugi users’ participation in Moonriver projects
Participation of kBTC owners in the sale of NFT on Moonriver. Now the NFT theme is very popular and more and more projects are being launched on the Moonriver network.
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With joint integration, users would be able to purchase NFT not only on MOVR, but also for the kBTC. Since at the moment there are clearly much more kBTC owners than MOVR owners, this would give an impetus to the development of both systems, since it would be convenient for Kintsugi users to purchase NFT for their bitcoins without additional exchange for other tokens, and the Moonriver platform would become more widespread due to an increase in the number of users who can participate.
From the latest examples, the sale of NFT by the YuserBeta platform. Since the sale took place for Wmovr tokens, the number of participants was severely limited. And what would happen if bitcoin owners could easily and simply buy NFT and join the new trend. The integration of these two projects will help achieve this goal.
2. Exchange kBTC for MOVR
If a simple exchange of btc for MOVR is made, then both sides will win. So kBTC owners will be able to simply change their tokens to MOVR, which they will already use within the Moonriver network, for example, to pay transaction fees that are paid in MOVR or to ensure the operation of smart contracts.
MOVR users will be able to quickly exchange it for btc, which they will already use on any network or store it, since BTC is still gold in the world of cryptocurrencies. It has no practical value, but it will still be respected and kept as a value.
3. Stacking kBTC Tokens and Attracting Liquidity to Moonriver
The possibility of stacking would also be useful for both platforms. So kBTC owners could easily convert their tokens into MOVR and place them in a stack to get additional profitability (which is now about 20% per annum).
It would also help Moonriver attract additional liquidity. Since the amount of capital concentrated in BTC is very large.
To enable these use cases, Kintsugi must go live on Kusama — that is, win a parachain auction slot. Kintsugi is currently participating in the auctions and has a crowdloan open. Support Kintsugi BTC in the auctions → get BTC to Karura → turbo-charge Kusama DeFi!
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