Crust’s CSM Token is live on Moonriver as xcCSM & MOVR Live on Crust Shadow
Boston, MA — April 20, 2022 — Moonbeam, the top destination for multi-chain applications on Polkadot, has announced the availability of Crust Shadow’s native token, CSM, on Moonriver. Once deposited on Moonriver as xcCSM (an XC-20 representation of CSM), the token can be used across Moonriver’s active DeFi ecosystem. This collaboration is another integration made possible by XCM, the cross-consensus messaging format that makes native cross-chain interactions possible across the Kusama and Polkadot ecosystems, including native token movements without the need of a bridge.
Crust Shadow is the Crust Network’s parachain on Kusama, providing a decentralized storage network for the ecosystem. This integration with Crust Shadow includes a bidirectional HRMP channel that enables CSM to come to Moonriver, which will eventually bring access to Crust’s dStorage concept and its 1.6 million terabytes of storage. xcCSM is accessible from the Moonriver DApp and can be used like any other XC-20 token on the network, and MOVR is also accessible on the Crust Shadow parachain. xcCSM tokens can be used to participate in Maxwell’s storage market-related activities. Holders can use the token to obtain discounts related to Maxwell’s or Crust Shadow’s storage market rates, and further used to exchange CRU in the revenue pool.
The introduction of the XC-20 standard enables users to “deposit” tokens from elsewhere in the Kusama ecosystem, like Crust, to be used in Moonriver-based applications. Developers can create EVM-style fungible assets on Moonriver that are capable of moving from one Kusama parachain to another, or import Substrate-style assets from other parachains to be used within Moonriver-based DApps. Moonriver also has the largest ecosystem on Kusama, so the ability to list/use xcCSM with these applications widens its availability and usage.
This cross-chain interconnectedness is critical to the health of the Kusama ecosystem and can increase the activity and utility of individual parachains. The Crust Shadow integration will eventually open access for Moonriver-based DApps to easily access Substrate-native decentralized storage. This integration is the first step toward future storage functionality for smart contracts on top of Moonriver because open XCM channels allow messaging to flow between parachains.
About Crust
Crust Network provides a decentralized storage network for the Web3 ecosystem. It is designed to build a decentralized cloud ecosystem that values data privacy and ownership. Crust supports multiple storage layer protocols such as IPFS, and exposes storage interfaces to application layers. Crust Network enables dApp hosting, NFT metadata storage and encrypted file storage across a wide range of blockchains. Crust Mainnet currently has 4300+ nodes and 1500+ PB of storage capacity. Experience our applications Crust Files and our upcoming Crust NFT!
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform and a top destination for multi-chain applications on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Like Moonriver, its sister parachain on Kusama, Moonbeam is expected to accumulate developer and user activity from the 80+ projects building DApps and protocols on the network. As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot Relay Chain and integrations with other chains that are connected to Polkadot. Learn more: https://moonbeam.network/.
