⚡ Movement Introduces MOVE Tokenomics and Announces TGE
posted 26 Nov 2024
Movement announced the launch of its native token, MOVE, which will serve as the foundation of its growing ecosystem.
Movement announced the launch of its native token, MOVE, which will serve as the foundation of its growing ecosystem.
Movement has officially introduced MOVE, the native token designed to underpin its ecosystem. The announcement was made via the project’s X account on November 25, 2024.
The total supply of MOVE is capped at 10 billion tokens. According to the official statement, 40% will be allocated to ecosystem and community development, with 10% reserved for the initial claim, 10% dedicated to a treasury fund, 17.5% distributed among early contributors, and 22.5% allocated to “bakers” (investors providing financial support).
The tokens will be gradually released over a 60-month period, with an initial circulating supply of 22%. MOVE will launch on the Ethereum Mainnet as an ERC-20 token, and later be integrated into the Movement Network upon its mainnet launch as a Layer 2 (L2) solution.
The MOVE token will serve two primary functions: transaction fees and staking.
After the mainnet launch, MOVE holders will be able to transfer their tokens across networks using cross-chain bridges and delegate tokens to validators for staking.
Movement is the first blockchain built on the Move programming language, a language also used by Aptos and Sui.
The developers highlight that Move ensures economic security of the network, rapid transaction finality, and opportunities for yield-bearing staking within the ecosystem.
In April, Movement Labs secured $38 million in a Series A funding round led by Polychain Capital, with additional funding from Binance Labs.
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