How Moonriver staking works
The network's basic principle is to function as an innovative contract platform that provides users with a one-stop hub for redeploying Ethereum Dapps without the need to configure them specifically for this network—built on the Kusama blockchain, which serves as Polkadot's Canary network.
Even though Kusama uses the same code as Polkadot, the network's capabilities are limitless. Kusama has grown into an independent ecosystem with a fully committed community and teams working on incredible web 3.0 projects.
Existing innovative contract platforms support users and assets on a single, specific chain. Moonriver enables developers to shift existing workloads and logic to smart contracts by extending the scope of applications to new users and assets on other chains by providing cross-chain smart contract functionality.
How Moonriver staking work?
• Users must have MetaMask installed
• Users should connect their MetaMask wallet and switch their network to Moonriver
• Navigate to 'Manage Delegations'
• Choose 'Select a collator.'
• Select a collator and click stake
• Ensure there is a minimum bond for each collator
How to choose a collator for Moonriver staking?
Users must select a collator with a lower total bond amount to optimise their delegation. By choosing a collator with a lower total bond, their delegation amount represents a greater percentage of the total amount staked, resulting in a slightly higher reward. The collator list on the staking app is sorted from top to bottom, with the lowest total amount staked at the top and the highest at the bottom. They should be cautious, however, when delegating to the lowest amounts of total stake because they are most likely to be bumped to the waiting pool.
Important things to note:
• The total amount staked to the collator is small. Investors want to maximise their share of the rewards, so selecting a collator with a low total stake is advantageous.
• In the active set, it should not be too low. Collators on the verge of leaving the active set face greater risk: if another exceeds their total stake amount and leaves the set, all delegators will cease earning rewards.
• Rapid block production. Users want a high-performing collator with a higher chance of producing more blocks because rewards are according to the number of blocks produced each round.
• Reputable. Users should use their assigned identities if they have one. By searching for them on Discord or elsewhere on the internet. Do they offer network infrastructure on other networks? Is there a track record of providing high-quality and validator services?
How much can users earn from Moonriver staking?
Users can earn X% on their $MOVR by experimenting with lending metrics and predicting earnings under various network conditions.
Are there risks to Moonriver staking?
On the Moonbeam network, there is no risk of slashing. Since Moonbeam does not slash, users will never lose their original delegation amount. If an investor's chosen collator stops producing blocks, there is no reward for the time they are not producing blocks. Furthermore, there is a two-day unbinding period before users can access and transfer their delegated funds.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.