The Movement blockchain project has unveiled its native MOVE token, which is expected to play a key role in its ecosystem.
The Movement Foundation, which supports the project’s development and governance, has detailed the distribution of 10 billion tokens across various categories, assigning 40% (4 billion tokens) to ecosystem and community initiatives.
The foundation will keep 10% (1 billion tokens) of the total token supply. Early contributors and early backers are earmarked to receive 17.5% (1.75 billion tokens) and 22.5% (2.25 billion tokens), respectively.
The token release will follow a gradual vesting schedule of over 60 months, with neither team members nor investors able to stake their tokens at the outset.
The developers highlight Movement as the first blockchain developed using the Move programming language, featuring proofs that settle on the Ethereum network. This structure, they claim, provides increased security and rapid transaction finality through a process called "postconfirmations."
Despite utilizing Ethereum for security, Movement founder Rushi Manche emphasizes that the network is neither a Layer 2 chain nor a fast finality rollup but rather a sidechain.
A token generation event is scheduled on Ethereum, initially launching MOVE as an ERC-20 token.
After the upcoming mainnet, holders will be able to bridge and stake MOVE on the network validators to contribute to the network’s economic security and, in return, receive staking rewards. “MOVE deposits [are] enabled at launch to bootstrap security for postconfirmations. You can directly contribute to the eventual security of the mainnet launch via your ownership,” Manche stated in an X post.
The token will fulfill two main roles within the ecosystem: paying gas fees and enabling staking.
In terms of governance, the foundation stated that MOVE holders will shape the future of the network. They will be able to propose and vote on governance initiatives to adjust network parameters, promoting a decentralized and community-driven governance structure.
In April, Movement Labs announced it had raised a $38 million Series A round led by Polychain Capital, with additional funding secured from Binance Labs.
Movement’s Layer 2 would expand the usage of the Move programming language beyond the well-known Aptos and Sui Layer 1 blockchains.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
