The Movement Foundation, which supports the development and governance of the Move blockchain Movement Network, announced its economic model for the native token MOVE on Monday, with a total supply of 10 billion tokens and an initial circulating supply of about 22%. 60% of the total supply will be allocated to the Movement community, which covers ecosystem and community (40%), foundation (10%), and initial token claims (10%).
Early contributors (including members of Movement Labs) and early supporters will receive 17.5% (1.75 billion) and 22.5% (2.25 billion) of the total supply of MOVE tokens, respectively. Token releases will follow a gradual vesting plan lasting 60 months, and team members or investors will not be able to stake their tokens initially.
The ticker is $MOVE. The Movement is coming. https://t.co/AAl5alj08z
— Movement (@movementlabsxyz) November 25, 2024
Developers state that Movement is the first blockchain developed using the Move programming language, and employs a proof mechanism settled on the Ethereum network. They claim this architecture offers higher security and faster transaction finality through a process known as 'postconfirmations'.
Movement's Layer 2 will expand the use of the Move programming language, with other blockchains using MOVE being Aptos and Sui. Despite leveraging Ethereum for security, Movement founder Rushi Manche emphasized on social platform X that this network should not be referred to as Layer 2, but is more accurately described as a fast finality Rollup or sidechain.
Token Functions
The Movement Foundation stated that the Token Generation Event (TGE) for MOVE is approaching, and it will be issued for the first time on Ethereum in ERC-20 token form.
After the upcoming mainnet launch, holders will be able to bridge and stake MOVE on network validators, contributing to the economic security of the network and earning staking rewards. Rushi Manche stated on social platform X that MOVE deposits will be enabled when the mainnet launches to support security for postconfirmations.
The two main functions of the MOVE token in the ecosystem are gas fee payments and staking, and holders can also participate in the governance of the Movement network.
In April this year, Movement Labs announced the completion of a $38 million Series A funding round led by Polychain Capital, with other participating institutions including Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs. Movement Labs has also received investment from Binance Labs.
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