The Movement Network, the first blockchain to use the Move language and Ethereum as a settlement layer, recently announced that Movement will launch its native token MOVE and revealed its tokenomics. (Background: A quick overview of the ten winning projects from the Movement hackathon, can they replicate the rise of Sui and Aptos?) (Supplementary background: Founder of Movement Labs: Combining modularity, how to make the Move language great again) The Movement Network, a blockchain that uses the Move language and Ethereum as a settlement layer, announced on November 25 that Movement will launch its native token MOVE: The mainnet of Movement Network is about to go live, and the Movement Network Foundation has now announced the launch of the MOVE token, which will be used to achieve the long-term goals of the Movement Network. $MOVE Tokenomics According to the official announcement, the tokenomics of $MOVE are: 1. Maximum supply: 10 billion tokens 2. Circulating supply ratio: approximately 22% 3. Token standard: On Ethereum: ERC-20; On Movement Network: native token 4. Token distribution: Community and ecosystem: 40%, with token allocations including staking rewards, ecosystem programs, and liquidity provision; Initial allocation: 10%, this portion will be distributed to the community through MoveDrop and other means; Foundation: 10%, to support the operation of the foundation; Early contributors: 17.5%, primarily from Movement Labs, who are engaged in product, marketing, development, etc.; Early supporters: 22.5%, primarily investors. Movement founder @rushimanche also emphasized on X that, unlike other Layer 2 networks, the tokenomics of Movement will not be designed to benefit internal members: . Internal personnel will not be able to stake after the launch; . There will be no predatory incentive schemes that concentrate value to whales; . 10% of the initial circulating supply will be used for initial allocations; . Power is given to the community, deposits will be opened after the mainnet launch, and anyone can contribute to network security. coop and i started movement as two move community members in college. today, the Movement Network Foundation reveals MOVE as the first step to mainnet launch with the community in mind. historically, L2s have screwed YOU over. they've farmed you for TVL, had years of farming,… https://t.co/EIT5cjYww6 — rushi (@rushimanche) November 25, 2024 $MOVE Token Uses The main uses of the $MOVE token include: Staking: Holders can stake $MOVE to help maintain network security while also earning $MOVE rewards; Gas fees: The Movement Network mainnet uses the MOVE token as gas fees, and it is also used to pay for transaction rent on Ethereum; Community governance: Holders can participate in community voting governance; As a native asset on the Movement Network, applications built on the Movement Network can use the MOVE token for collateral, payments, and asset liquidity operations. Movement Network Roadmap Update Finally, the Movement Network also revealed its latest roadmap in the announcement, specifically: Mainnet genesis: Start running nodes Ethereum deposit contract: Build economic security on Ethereum; Cross-chain: Bridge $MOVE to Movement Network validators going live Open staking function Introduce penalty mechanisms: Combat malicious behavior Additionally, after the mainnet launch, subsequent roadmap planning will also include: MoveStack Shared Sequencing MEVM Multi-Staking Related Reports Simple airdrop! Binance Labs invests, early potential projects: Movement and Initia Full analysis: Sui vs. Aptos, who is the first public chain of MOVE? Footprint October public chain industry research report: Bitcoin leads the market, competition among Layer 2 intensifies.."The next Sui? Movement announces $MOVE tokenomics: 50% to the community, mainnet, and roadmap all organized" This article was first published on BlockTempo (the most influential blockchain news media).

#ETH