The Movement Foundation has announced plans to launch its native token, MOVE, on its Layer 2 Ethereum-based blockchain called Movement Network. This network aims to bring the Move language into the Ethereum ecosystem, adding another layer of scalability and performance to the blockchain space. As Sui‘s coin continues to hit new highs and Aptos stays active, Movement is making its move at just the right time.
So, when can we expect the MOVE token to go live? While the Foundation hasn’t provided an exact TGE (Token Generation Event) date, we can make an educated guess. Bybit Convert has announced that it will list MOVE on December 4, which suggests that the TGE will happen sometime before that, likely around the end of November or the first few days of December.
MOVE Tokenomics: What You Need to Know
The total supply of MOVE tokens will be capped at 10 billion, with about 22% of that total available at launch. Here’s how the token distribution breaks down:
- 60% of the total supply will go to the community, which includes the ecosystem and community allocations (40%), the Foundation (10%), and an initial airdrop (10%).
- 17.5% is allocated to early contributors.
- 22.5% is for early investors.
The token will be gradually unlocked over the next 60 months (5 years), which is a fairly long token vesting period. This extended unlock is designed to keep the project’s team focused on long-term development rather than short-term gains. In addition, neither the team nor the early investors will be able to stake their tokens initially, addressing concerns about sell-offs that often arise with staking rewards.
Utility of MOVE Token
The MOVE token will serve as the native asset for the Movement Network, used for various purposes such as:
- Staking: Validators in the Movement Network will stake MOVE tokens to secure the network and earn staking rewards.
- Gas Fees: Gas fees for transactions on the network will be paid in MOVE tokens, with a portion of these fees going toward settling transactions on the Ethereum network.
- Governance: MOVE holders will have voting rights and the ability to propose changes to network parameters, contributing to the decentralized governance of the platform.
- Network-native Asset: MOVE will also be used for activities such as providing liquidity, collateral, and payments within the Movement Network ecosystem.
Who Will Receive Airdrops?
The 10% initial airdrop will likely target testnet participants, ecosystem partners, and active users in the Aptos community (as Movement Network supports Aptos’s Move language). It’s also expected that Polygon stakers will be included due to Movement’s integration with Polygon’s AggLayer solution.
It’s important to note that the testnet of Movement has already seen significant activity, with over 15.8 million active addresses and 680 million transactions. However, don’t expect massive airdrop rewards—testnet users will likely see only modest returns.
Why Launch MOVE Before Mainnet?
The decision to launch the MOVE token before the mainnet goes live is strategic. The “postconfirmation” mechanism, which will allow the Movement Network to achieve finality in under a second, requires economic security to function effectively. By establishing this security in advance through staked MOVE tokens, the network will be able to guarantee rapid transaction finality once the mainnet is live.
Roadmap Overview
- Phase 1: Genesis network, MOVE token TGE, launch of liquidity deposit contract
- Phase 2: Mainnet launch, enable staking, achieve rapid finality
- Phase 3: MOVE Stack, MEVM (Ethereum Virtual Machine), Shared Sequencer
- Phase 4: Multi-asset staking
In conclusion, Movement Network is entering the crypto stage at a time when scalability, speed, and security are top priorities for blockchain developers and users alike. The launch of the MOVE token marks an important milestone, and with a strong community focus and strategic tokenomics, it could become a key player in the Layer 2 blockchain ecosystem.