Binance took a very short time from announcing the HODLer program for $MOVE to officially opening trading, which has never happened in the past. This suggests that this listing was somewhat rushed, giving the impression that some arrangements were finalized just before the airdrop distribution.
Within 24 hours after the listing, the peak fully circulating market value reached around 12 billion, making it the most notable new coin listed on Binance this year.
In fact, there are still some very vague points about MOVE in the market, and I hope this article can clarify them for you.
- What is Movement for?
This is something many people haven't clarified. Some friends see it as an L2, while others see it as an L1 on some project websites, which can be confusing. Let me clarify the definitions for everyone:
Movement is an L1 that uses the Move language, and it has also launched an L2 product hoping to bring the MOVE language into the Ethereum ecosystem;
At this stage, its main product is an L2, where the ecosystem built using the Move language can run in Ethereum's execution environment, but it is not limited to entering Ethereum; otherwise, it wouldn't achieve such a high market value.
It has an independent L1 architecture like the 'Move duo' SUI and APT, but $MOVE strategically has an additional L2.
However, at this stage, their focus is on this L2, and there are not many details on the description of L1. Currently, the description regarding this aspect is: the nodes on L1 will eventually become the default shared sorters for the L2 construction framework.
Because L1 itself is operated by a group of validating nodes, it can be understood as a MOVE language chain compatible with the EVM environment.
- Therefore, this leads to the next question: Why is there a section about the L2 construction framework?
Exactly, like some more mature L2 solutions, Move also provides a one-click issuance solution for L2 Rollup: Move Stack, which can be said to be comparable to OP's OP Stack.
That is to say, in the future, other development teams can use this framework to further develop Rollup solutions based on the MOVE language environment, which revolutionizes the infrastructure field and scalability of application building in the Ethereum ecosystem.
- So let's return to the L1 question. What does it mean for L1 nodes to become the default sorters for L2?
In simple terms, it means letting L1 nodes help sort transactions on L2. This approach is not a market innovation; there are existing Ethereum Rollup solutions that use the Ethereum mainnet's validating nodes as their Rollup sorters.
This can further promote the decentralization of the Rollup sorter nodes while also driving the underlying economic flywheel of the MOVE ecosystem.
Based on the previous description, I believe everyone has a basic understanding of MOVE's technical architecture. Next, there are some details that you might have overlooked.
- Token economy & the overlooked Launchpool
On-chain data analysis shows that as of December 10, there have been 39,900 airdrop claim transactions on-chain for MOVE. Among the claimed airdrop data:
There are 6 addresses with airdrop amounts exceeding 100,000 tokens;
There are 429 addresses with airdrop amounts exceeding 10,000 tokens;
The proportion of addresses receiving between 500 and 1000 tokens is approximately 38.24%;
Secondly, the number of tokens received between 100 and 500 is 22.45;
The number of addresses receiving between 1000 and 2000 tokens is approximately 19.32%.
Overall, addresses receiving between 100 and 2000 tokens account for 80%, and further, the vast majority of addresses have airdrop guarantees of over 100 tokens, which is basically a near $100 airdrop guarantee.
Moreover, everyone basically claims airdrops with multiple accounts. Based on the total amount of this airdrop, the scale of Movement's airdrop exceeds $1.45 billion, which is why everyone was applauding before the listing.
Additionally, due to regional issues, the MOVE token has a significant price difference. For example, in South Korean exchanges, there was more than a double price difference during several hours yesterday...
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%), the foundation (10%), and initial airdrops (10%).
One point that everyone seems to overlook is that Binance's HODLer airdrop only accounts for 2% of this round, but there will be another wave in six months. MOVE's LaunchPool activity will be launched, which most people have definitely overlooked. This news can actually help build targeted market strategies.
The last project to conduct a LaunchPool after being listed was $TON.
