Written by: Alex Liu, Foresight News
In the early hours of November 26th, Beijing time, the Movement Foundation announced the launch of the Movement Network utility token MOVE. Movement is a Layer 2 public chain built on ETH, aimed at bringing the Move language into the Ethereum ecosystem. With Sui's price hitting new highs and Aptos taking frequent actions, the Move public chain is gradually gaining momentum; the TGE for Movement seems well-timed.
When will the tokens be issued?
The Movement Foundation has not announced a specific TGE date, but we can glean clues from exchange-related information — Bybit Convert will launch MOVE on December 4th, and the TGE will likely happen before this date, probably at the end of this month or in the first two days of December.
Token Economics?
The total supply of MOVE tokens is 10 billion, with an initial circulation of about 22%. 60% of the total will be allocated to the community, including the ecosystem and community (40%), foundation (10%), and initial airdrop (10%).
Early contributors will receive 17.5%, and early investors will receive 22.5%. MOVE tokens will gradually unlock over 60 months and will undergo TGE on the Ethereum mainnet. The team and investors cannot participate in staking initially. The Movement Foundation stated that once the MOVE token goes live on the mainnet (coming soon), holders of MOVE will be able to cross-chain to the Movement Network.
The 10% initial airdrop ratio compares favorably with recently launched projects, and the 60-month (5 years) lock-up period spans a complete cryptocurrency '4-year cycle', a longer token unlock period can compel the team to adopt long-termism and 'BUIDL', rather than relaxing after issuing the tokens.
The team and investors cannot participate in staking initially, providing corresponding measures against criticisms from TIA regarding 'investors recouping staking rewards by selling' which is seen as quite pragmatic.
Token Utility?
MOVE tokens will participate in staking, Gas fees, decentralized governance, and other use cases as the native asset of the Movement network.
Staking for Economic Security
Once the Movement public mainnet is launched and staking functionality is enabled, validators on Movement will be able to stake MOVE. As a reward for providing economic security to Movement, active validators will receive MOVE staking rewards.
Gas Fees
Gas fees on the Movement network will be priced and paid in MOVE, with part of the fees used to cover transaction settlement costs on Ethereum.
In the future, networks built using the Move Stack are also expected to use MOVE to pay Gas fees.
Governance and Decentralization
MOVE holders will be able to propose governance proposals and vote on them to change certain network parameters.
Network Native Asset
MOVE will become the native asset of the Movement mainnet. Applications built on Movement can use MOVE for:
Provide Liquidity
Collateral
Payment
More
Who will receive the airdrop?
The proportion of the initial airdrop is 10%, and the main airdrop targets are expected to include testnet participants, cooperative ecological projects, etc.
Notably, the active addresses on the Movement testnet have exceeded 15.8 million, with a total transaction count of 680 million (averaging over 40 transactions per address). The airdrop earnings for testnet addresses should not be overly anticipated.
The share of the cooperative ecological projects portion is subjectively speculated to be given as:
Active DeFi users in the Aptos ecosystem. Movement primarily supports Aptos Move, and most Aptos ecological projects are preparing to deploy to Movement.
POL stakers. Movement will integrate Polygon's AggLayer solution to address liquidity fragmentation issues.
TGE first, then mainnet?
Why will the MOVE token be launched before the Movement public mainnet?
To correctly initiate 'post confirmations'. Post confirmation is a mechanism that allows Movement to achieve finality within one second (or less).
The implementation of the Movement 'post confirmation' mechanism requires pre-established economic security. By using MOVE tokens through liquidity deposit contracts before the public mainnet, Movement can achieve one second of finality at launch through the 'post confirmation' mechanism.
Roadmap
Phase 1: Network Genesis, MOVE Token TGE, Launch Liquidity Deposit Contracts
Phase 2: Movement Mainnet Launch, Achieve Fast Finality, MOVE Token Staking
Phase 3: MOVE Stack, MEVM, Shared Sequencer
Phase 4: Multi-Asset Staking
