Movement Labs, which has raised US$41.4 million in financing and has a large lineup of investment institutions behind it, announced the launch of a testnet on July 31, with more than 300 tasks in the testnet phase. One of the projects on Movement is called Up Network, which announced the launch of UP Mobile.

In vernacular terms, he is another seller of mobile phones. The main feature of this mobile phone is that it is limited to 10,000 units to share 0.1% of Movement’s future airdrop tokens and 1% of UP tokens, as well as future token airdrops of 45 projects in the Movement ecosystem. But just after UP Mobile went on sale, Movement co-founder Rushi Manche reportedly tweeted that all promises from UP Network were false (the post has been deleted).

Extremely sexy narrative, modular implementation of Move language and Ethereum compatibility

Movement Labs has currently launched two public chains, technically focusing on achieving compatibility between the Move language and the Ethereum Solidity language. M1 is Layer 1 that focuses on decentralized sorters, emphasizing the stability, fairness and anti-censorship features of the network. It currently uses a PoS mechanism. M2 is a zkEVM Layer 2, which aims to integrate the interoperability of Move language public chains such as Sui and Aptos, which have been widely discussed recently, and the Ethereum ecosystem.

Technically, Movement Labs has launched the development tool Movement SDK, which can be regarded as a bridge, allowing modularization and interoperability between blockchain environments. It connects the Ethereum and Move ecosystems to provide a flexible and efficient platform.

It mainly consists of three parts:

  • MoveVM: A virtual machine using the Move language. The server serves as a security engine and is used to run smart contracts to meet the security and efficiency principles of Move.

  • Fractal: A bridge to Solidity that allows developers to deploy existing Solidity contracts on MoveVM.

  • Custom adapter for sequencer network and DA services: enables seamless integration with sequencer network and data availability layer.

Since its seed round in September 2023, Movement Labs has received 3.4 million in financing led by dao5 and others. The Series A financing has received investment from Hack VC, Polychain, OKX Ventures and Move language public chain Aptos. Updated on May 1, 2024 Favored by Binance Labs, the disclosed financing amount reached US$41.4 million, which shows that the narrative of this project is paid for by institutions.

Is the airdrop promise fake? Movement denies

UP Network, one of the protagonists of the incident, is a Web 3 abstraction layer built on Movement that connects mobile devices and blockchain. There is currently no news of receiving any institutional financing.

It was previously announced that the mobile phone will go on sale at 8pm on August 12, Taiwan time. Since the rewards announced by the project team include Movement token airdrops and other projects in the ecosystem, it is regarded as a golden shovel for the Movement ecosystem. However, there was no rush to buy after the sale started. In fact, the number sold may be less than 1,000.

In the early morning of the next day, a Chinese currency KOL criticized the phone hardware on Twitter for about 2,000 yuan, but it was sold for 5,000 yuan. At the same time, it was calculated based on the financing valuation that the airdrop tokens would be difficult to recover. In the end, it was even more heartbreaking to express that Lu Mao was not like this.

For comparison, the price of the Solana Saga mobile phone has been reduced from US$1,000 to US$599, and the TON ecosystem mobile phone launched by Oyster Labs is about US$99.

Movement founder Rushi Manche replied under the KOL post that all promises from UP Network are untrue. Movement has not promised to provide such airdrops to any ecological projects. He emphasized that all financial communications should be handled by the movement foundation and Its team members dealt with it and requested that the false information be removed. (Deleted)

Rushi Manche did not respond after deleting the article, and only the community recorded part of the content; Movement founder Rushi Manche and UP Network made no further announcements before the deadline.

This article UP Network relies on lies to sell mobile phones? The co-founder of Movement reveals that he has not committed to any airdrop (post deleted) first appeared on Chain News ABMedia.