TL;DR
- The Movement project has launched its native token, MOVE, which will be distributed with a total supply of 10 billion tokens and will initially launch as an ERC-20 token on the Ethereum network.
- The token distribution will be primarily allocated to the community, the foundation, and sponsors, with an airdrop also planned.
- Movement, using the Move programming language, is not a Layer 2 solution but a sidechain.
The blockchain project Movement has unveiled its native token, MOVE, an asset that will play a crucial role within its ecosystem.
The token, with a total supply of 10 billion units, will initially be launched on the Ethereum network as an ERC-20 token. The token generation event (TGE) is an important step for the project, which aims to establish itself as an innovative option in the market.
How will Movement’s Tokens be Distributed?
The distribution of MOVE tokens has been designed with a strategic focus to ensure the active participation of the community and early investors. 40% of the total supply (4 billion tokens) will be allocated to ecosystem and community initiatives, while 10% (1 billion tokens) will be retained by the foundation for development and governance.
Additionally, early contributors will receive 17.5% (1.75 billion tokens) and initial sponsors will receive 22.5% (2.25 billion tokens). There are also plans to distribute an additional 10% through an airdrop to engage the community in the initial phase of the project.
Movement is presented as the first blockchain to use the Move programming language, which is known for its security and speed in transaction confirmation through a process called “postconfirmations.”
It is not an L2, it is a Sidechain
Although it uses Ethereum for security, the developers emphasize that it is not a Layer 2 solution but can be considered a fast finality rollup or a sidechain, aiming to optimize transaction speed without fully depending on Ethereum’s infrastructure.
The MOVE token will serve two main functions within the ecosystem: facilitating gas fee payments and enabling staking to contribute to the economic security of the network. MOVE holders will be able to participate in staking on the network’s validators and earn rewards in return.
In terms of governance, MOVE holders will have a voice and vote on decisions regarding the network’s future, promoting a decentralized, community-driven governance model. This approach aims to ensure that users have an active role in the project’s evolution.
Movement has attracted the attention of many investors, raising $38 million in an April Series A funding round led by Polychain Capital, with additional support from Binance Labs.