Today, we officially unveil $MOVE!

$MOVE is the utility token of Movement, used to achieve the goals of the Movement Network Foundation.

60% of the total $MOVE supply will be allocated to the community, including ecosystem and community, foundation, and initial claims distribution.

Now, let's dive deeper into $MOVE!

Video Link

First, let's review the features of Movement:

Movement is the first Move blockchain based on Ethereum, offering higher security, high TPS, and near-instant final confirmation.

Unlike most Ethereum L2s, $MOVE is the native token of Movement, used for paying gas and staking.

$MOVE Token Distribution

  • 40% Ecosystem + Community

  • 10% Initial Claims

  • 10% Foundation

  • 17.5% Early Contributors

  • 22.5% Early Investors

$MOVE Total Supply: 10 Billion, $MOVE Initial Circulation: ~22%.

$MOVE tokens will undergo TGE on the Ethereum mainnet, as ERC-20 tokens. After the public mainnet launch of Movement (coming soon), $MOVE holders can migrate across chains to Movement.

$MOVE will be gradually unlocked over 60 months. Teams and investors will not be able to participate in staking initially.

$MOVE Token Use Cases

The Movement Network Foundation is committed to providing various utilities for $MOVE, including:

1. Economic Security Pledge

Once the Movement public mainnet is launched and staking is supported, validators will be able to stake $MOVE. By providing economic security for Movement, active validators will earn staking rewards in $MOVE.

2. Gas Fees

Gas fees on the Movement network are priced in $MOVE and paid, with a portion of the fees used to settle transactions on Ethereum. In the future, L2 built on MoveStack is also expected to use $MOVE to pay gas fees.

3. Governance and Decentralization

In the future, the community will play a key role in the governance of the Movement Network. $MOVE holders can propose governance proposals and vote on network parameter adjustments.

4. Native Asset of the Movement Network

$MOVE will become the native asset of the Movement Network, and DApps on the Movement Network can use it for:

  • Asset Liquidity

  • Collateral

  • Payment

  • More Scenarios

Why release $MOVE before the mainnet launch?

This is to correctly initiate the post-confirmation mechanism.

The post-confirmation mechanism enables Movement to achieve the fastest transaction finality confirmation in 1 second (or even shorter). The post-confirmation mechanism of Movement requires pre-established economic security. By establishing the economic security of $MOVE before the mainnet launch (through liquidity deposit contracts), we can optimize the post-confirmation mechanism in a real environment.

https://blog.movementlabs.xyz/article/postconfirmations-L2s-rollups-blockchain-movement

By combining the security of Move with the efficiency of MoveVM and the network effects of Ethereum, Movement brings a significant leap to Ethereum. $MOVE will play a key role in realizing our vision, and we are excited about the future of the Movement Network!

Stay tuned for more exciting content!

#ETH