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I will show you how to stake Single Sided of Moonriver and Earn 59% APR. Moonriver is a parachain on the Kusama network. Kusama is a "canary network" which encourages experimental development prior to implementation on the Moonbeam sister chain on Polkadot. Like Moonbeam, Moonriver is an EVM-compatible smart contract platform built using the Substrate framework. The network has a native token called Moonriver (MOVR), which will allow holders to participate in consensus through staking, paying for transactions, and vote on governance proposals. All time high for MOVR is $92.78 as of shooting this video it is 88% down to $10.67. I am hoping to hold Moonriver MOVR tokens until the next bull cycle while staking it.
Unfortunately there is no faucet for Moonriver that works. I tried https://movr.supply/. It kept saying I am not eligible for it. I cannot do the swaping on any Moonriver supported exchange without gas to pay for it. I had to use a centralized exchange like Coinex to buy Moonriver.
Purchasing Moonriver MOVR tokens from Centralized Exchange
Next, I will show you how to use a centralized exchange like Coinex to buy Moonriver. They charge a withdrawal fee of 0.01 Moonriver (MOVR token). As of shooting this video MOVR token is $10. So fee is like $0.10 to withdraw. You just paste the METAMASK wallet address. It is the top most address. It is not specific to Moonriver token. You can click copy on Metamask. Go to Coinex and paste it into the withdrawal address. As of shooting this video I am withdrawing 0.17 MOVR tokens. I will only get 0.16 MOVR tokens after Coinex taken withdrawal fee of 0.10 MOVR. CoinEX is by far the cheapest in terms of centralized exchanges to buy and sell crypto in trading fees and withdrawal fees. I use this exchange for buying other Chain tokens such as Solana, Fantom, Polygon, Avalaunch, etc.
Bridging AVAX tokens into Moonriver with Connext Bridge
I connected my Metamask wallet to Bridge.connext.network. I selected from Chain as Avalaunche and From Chain as Moonriver. Make sure your chain in Metamask wallet is selected as Avalaunche. I selected my USDC I had in my wallet. Approve the bridge with AVAX as gas fees. It cost like 0.005 AVAX in gas fees. USDC is one of those tokens supported by the Connext Bridge for the Avalauch to Moonriver bridge. As with any bridge there is only limited number of tokens supported for the bridge. If you have tokens from other types you have to use a DEx to swap into supported tokens provided there is plenty of liquidity with large slippages. I approved the transfer of USDC from Avalauch chain and after few minutes USDC appeared on Moonriver side of Metamask wallet. Remember to select the chain as Moonriver to see tokens appearing there.
Your transfer will automatically end up at your destination address once it is picked up and propagated by Connext's network. You can track its progress above or on Connextscan.
Once the transaction status is Prepared, you can claim your transaction here on Connext or claim it manually on Connextscan. Used bwarelabs-route.eth into Moonriver. xPollinate is now Connext Bridge.
Swap USDC to Moonriver with Solarbeam.io Dex
Next, I will show you how to Swap USDC I just bridged from Avalaunch into MOVR token in Moonriver. Go to site https://app.solarbeam.io/exchange/swap. Connect your Metamask Wallet into Solarbeam site. Select USDC as from and MOVR as the to token. Pay gas fee from MOVR tokens you bought from Centralized Exchange. In my case it was CoinEX. Moonriver chains advantage is its ver gas fees are like 0.00004 MOVR per transcation that is less than $0.0001 in gas fees. It takes less than 30 seconds for the swap to complete in Solarbeam. Always remember to check your swap rate against what Coinmarketcap is providing to make sure you are not getting hammered on slippage. Now I am ready on the last step to do single side staking of Moonriver tokens and earn those juicey 60% APR.
Moonriver Single sided Staking on Acryptos for 64% APR
Finally, I connected my Metamask wallet to Acryptos.com at https://app-v2.acryptos.com/#/MOVR/vaults/all. Click on Vaults from the left that auto compounds. I picked the WMOVR vault from Moonwell. Moonwell is the actual provider of this vault. Acrypto is a auto compounder of Moonwell WMOVR contract. As of shooting this video I am getting 59.3% APR where daily APR is 0.13%. I am betting on MOVR token will hold is value and within a year from this deposit my tokens will appreciate in value while I can increase by 60% my holding of 42 MOVR tokens in years time. This is gamble I am willing to take. It may not be approperiate for all of you.
Finall, here are the risk and rewards from this Single sided staking of Moonriver. Because it is a single sided staking I will not experience impermance loss. However, MOVR token could drop in price then all bets are off. I could end of losing all my money. Acryptos as yield compounder or Moonwell could be exploits by a smartcontract bug or flash loan attack. There could be Malicious developer activity such as rull pulling, exit scams, etc. ACryptoS has been audited by some of the most respected blockchain/smart contract auditing companies. ACryptoS borrows and supplies the same asset so there is no liquidation risk from price. APRs/returns shown on the UI include the performance and the workers fees, but do not include the other fees (withdrawal, harvest), which will result in a negative return if you enter and exit a position quickly. There is 0.1% withdrawal fee. On the rewards side, I am willing to take above risk so I can increase my Moonriver tokens holding by 60% in an year when Bull cycles starts with next Bitcoin having.
If you enjoy this Moonriver MOVR single sided staking at 60% APR video, please subscribe and hit the like button show some love. Happy crypto.
