The RMRK Association is delighted to announce that the RMRK token can now be migrated from Statemine to Moonriver, the Ethereum-compatible parachain on Kusama. This migration is made possible thanks to a one-way bridge that was opened between Moonriver and Statemine following the passing of Referendum 164. Moonriver is now the third parachain on Kusama where the RMRK token can be migrated to. Bifrost and Karura are the other two, with others to be finalized soon.
Why migrate the tokens from Statemine?
When we launched $RMRK on Statemine, we did it to have a canonical location on which to track the token balances without depending on any particular parachain. Our needs have now outgrown it, and Statemine’s limitations have forced us to look elsewhere.
How to migrate $RMRK to Moonriver
RMRK tokens can be bridged to Moonriver as XC-20s (cross-chain capable ERC-20s) through the DApp. Simply click to deposit xcRMRK and follow the prompts to move the asset to Moonriver. Once deposited, you can use xcRMRK with your MetaMask wallet and Ethereum-style H160 address, as you do with all Moonriver-based assets. Follow the instructions in this tutorial for a step-by-step walkthrough.
Frequently Asked Questions
1. What happens to $RMRK if Moonriver loses a parachain slot?
The chain would be downgraded to a parathread. The tokens would be frozen until the chain resumes. Should this ever become a real risk, we'll know well in advance.
2. Can Statemine be upgraded to the point of being useful for RMRK again?
We don't think so. It would need vesting, self-sustainability of RMRK (so existential deposit isn't needed any more), and some logic for triggering token transfers automatically etc. in order to support it as a metaverse currency or currency to pay with on Singular and Kanaria. Statemine was designed with minimalism in mind - it should only do one thing (balance keeping) and do it well - and so we do not feel like this is a good environment for a high-utility token.
3. Why did you choose Moonriver as the target?
Moonriver has a highly motivated, very active, and highly incentivized team behind it. It is guaranteed to be maintained long into the future.
4. What other chains will RMRK come to and when?
We are already available on Bifrost. We will be available on Karura soon.
5. Will I be able to move RMRK between these chains?
In theory. One way would be for Statemine's "incoming tokens" bug to be fixed, so that channels between Statemine and other chains can be made bidirectional. Then the tokens can be sent back to it, and from it to another bridged chain. Another way would be if channels were to be opened between these chains, so direct transfers can be made possible. A third way would be through a CEX like Kucoin which would allow you to pick a withdrawal destination (functionality being built right now).