Rotterdam is the second most populated municipality in the Netherlands after the capital, Amsterdam. The name Rotterdam derives from a dam in the Rotte river. The port is the largest in Europe and was the world's busiest port from 1962 to 2004, when it was overtaken by Shanghai. The city is currently going through somewhat of a renaissance, with some urban renewal projects featuring ambitious architecture, an increasingly sparkling nightlife, and a host of festivals celebrating the city's multicultural population and identity.