Token Description & Project Background

Moonriver is an EVM compatible chain built atop Polkadot’s substrate as a Kusama parachain. Kusama’s Relay Chain ultimately provides security for the network. 

As a permanently incentivized canary network of Polkadot-based Moonbeam, Moonriver works collaboratively with its sister network to allow developers to create and deploy smart contracts and dApp front-end offices intended for Ethereum, essentially migrating Ethereum technology to the Polkadot network, but with minimal cost.

Built upon a multi-faceted, tiered system, Moonriver relies upon DeFi integrations, unified accounts, Web3 RPC, and EVM technology to bridge its own ecosystem with the likes of Chainbridge, Ren, Interlay, Snowfork, and Exelar. With unification prioritized, Moonriver has similarly established bridges with various DeFi protocols to inject further momentum into its cause, as well as those introduced by various projects built on the blockchain.

MOVR supports the gas metering of smart contract execution; incentivizing collators, facilitating on-chain governance tasks; and funding transaction costs.

Moonriver was developed in 2021 by PureStake, a Boston MA company headed by Derek Yoo and Stefan Mehlhorn who previously built out tooling for Algorand.

Risks of MOVR

Like an investment in other crypto assets, there are some general risks to investing in MOVR. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in MOVR is subject to the following specific risks:

• Any potential success associated with MOVR depends on Moonriver’s rate of adoption, as well as the continued security and growth of the Polkadot ecosystem.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with MOVR. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The MOVR community and Moonriver founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of MOVR have no recourse to the MOVR community, Moonriver team, or Uphold if MOVR declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing MOVR on the Uphold Platform, Uphold performed due diligence on MOVR and determined that MOVR is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of MOVR, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of MOVR.
• Any marketing materials put forward by the MOVR social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with MOVR, including any code defects, security breaches and other threats concerning MOVR and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with MOVR, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of MOVR. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.