On November 26, the Movement Network Foundation officially announced the token economics of its token $MOVE.
$MOVE is the utility token of Movement, which will be used to achieve the goals of the Movement Network Foundation.
60% of the total $MOVE supply will be allocated to the community, including the ecosystem and community, the foundation, and the initial claim distribution.
Features of Movement
Movement is the first Ethereum-based Move blockchain, providing higher security, high TPS, and near-instant finality.
Unlike most Ethereum L2s, $MOVE is the native token of Movement, used for paying gas and staking.
https://www.movementnetwork.xyz/article/movement-foundation-move-token
$MOVE Token Allocation
40% Ecosystem + Community
10% Initial Claim
10% Foundation
17.5% Early Contributors
22.5% Early Investors
Total $MOVE supply: 1 billion, Initial circulating $MOVE: ~ 22%.
$MOVE tokens will undergo a TGE on the Ethereum mainnet, as an ERC-20 token. After the Movement public mainnet launch (coming soon), $MOVE holders can cross-chain migrate to Movement.
$MOVE will be unlocked gradually over 60 months. The team and investors cannot participate in staking in the initial period.
$MOVE Token Use Cases
The Movement Network Foundation is committed to providing multiple utilities for $MOVE, including:
1. Economic Security Staking
After the Movement public mainnet is launched and supports staking, validators will be able to stake $MOVE. By providing economic security to Movement, active validators will receive $MOVE staking rewards.
2. Gas Fees
The gas fees of the Movement network are priced and paid in $MOVE, with a portion of the fees used to settle transactions on Ethereum. In the future, L2s built on MoveStack may also use $MOVE to pay gas fees.
3. Governance and Decentralization
In the future, the community will play a key role in the governance of the Movement Network. $MOVE holders can submit governance proposals and vote on network parameter adjustments.
4. Native Asset of Movement Network
$MOVE will become the native asset of the Movement Network, and DApps on the Movement Network can use it for:
Asset liquidity
Collateral
Payments
More scenarios
Why Release $MOVE Before Mainnet Launch?
This is to properly bootstrap the Postconfirmations mechanism.
The Postconfirmations mechanism makes it possible for Movement to achieve transaction finality in as little as 1 second (or even less). Movement's Postconfirmations mechanism requires pre-established economic security. By establishing the economic security of $MOVE (through a liquidity deposit contract) before the mainnet launch, we can optimize the Postconfirmations mechanism in a real-world environment.
https://blog.movementlabs.xyz/article/postconfirmations-L2s-rollups-blockchain-movement
By combining the security of Move with the efficiency of MoveVM and the network effects of Ethereum, Movement brings a significant leap forward for Ethereum. $MOVE will play a crucial role in realizing the vision of Movement.
Stay tuned for more exciting content.
