On November 26, the Movement Network Foundation officially announced the tokenomics of its token $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 the allocation for initial claims.
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.
https://www.movementnetwork.xyz/article/movement-foundation-move-token
$MOVE token allocation
40% Ecosystem + Community
10% Initial claim
10% Foundation
17.5% Early contributors
22.5% Early investors
$MOVE total supply: 10 billion, $MOVE initial circulation: ~22%.
$MOVE token will have its TGE on the Ethereum mainnet as an ERC-20 token. After the Movement public mainnet launch (coming soon), $MOVE holders can migrate cross-chain to Movement.
$MOVE will be gradually unlocked over 60 months. The team 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 staking
After the launch of the Movement public mainnet and support for staking, validators will be able to stake $MOVE. Active validators will earn staking rewards in $MOVE by providing economic security for Movement.
2. Gas fees
Gas fees on the Movement network are priced in $MOVE and paid, part of which will be used for transaction settlement on Ethereum. In the future, L2s built on MoveStack are 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 Movement Network
$MOVE will become the native asset of the Movement Network, and DApps on Movement Network can use it for:
Asset liquidity
Collateral
Payment
More scenarios
Why release $MOVE before the mainnet launch?
This is to properly initiate the post-confirmation mechanism.
The post-confirmation mechanism allows Movement to achieve transaction finality in as fast as 1 second (or even shorter). Movement's post-confirmation mechanism 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 critical role in realizing Movement's vision.
More exciting content to come.
