Movement Network native token MOVE goes live
Movement developers announced the token generation event for the native token as well as the project's mainnet beta. The first stage of Movement's infrastructure is launched by the mainnet beta, during which time infrastructure providers set up necessary parts like indexers, RPC nodes, and follower nodes.
$MOVE is now live!
— Movement Network Foundation (@movementfdn) December 9, 2024
This is a big step forward for the Movement Network⚡ pic.twitter.com/dpS8adpO7L
Movement Mainnet's primary purpose
Rushi Manche, co-founder of Movement Labs, the Movement Mainnet will help secure the decentralized finance (DeFi) industry, focus on the convergence of AI and the Movement ecosystem, and develop a platform that is mobile-first.
The co-founder of Movement Labs also pointed out that companies such as Axle were introducing AI agents to Movement. In the current market cycle, artificially intelligent agents in cryptocurrency have emerged as a powerful narrative.
Movement is the first blockchain created with the Move programming language that has proofs that settle on the Ethereum network, according to Movement Labs, the development company behind the project. The company stated that through a process known as "post-confirmations," this architecture offers enhanced security and quick transaction finality. Move language, which is well-known for its security features, supports the development of secure applications by reducing common smart contract vulnerabilities.
Manche stated, "By bringing the MOVE language to EVM, we're not just creating another L2—we're building a bridge that transforms every Move developer into an Ethereum developer, drastically expanding the ecosystem's potential." Manche notes that although Ethereum is used for security, the network is not a Layer 2 chain and is more appropriately characterized as a sidechain or a fast finality rollup.
During this mainnet beta phase, post-confirmation technology is introduced for swift transaction finality, with a strong focus on network synchronization and security validations.
Move token distribution
The Movement Network Foundation, which provides funding for the project's development and administration, has specified how the 10 billion tokens will be divided among different categories, with ecosystem and community projects receiving 40% (4 billion tokens).
10% (1 billion tokens) of the total token supply will remain with the foundation. 17.5% (1.75 billion tokens) will go to early contributors, and 22.5% (2.25 billion tokens) will go to backers. Through an upcoming airdrop known as the MoveDrop, the foundation will give 10% of the supply to community members.
Movement Labs recent funding rounds
Movement Labs raised $38 million in a Series A round led by Polychain Capital in April. The Move programming language-based project also attracted participation from venture capital firms Hack VC, OKX Ventures, Placeholder, Robot Ventures, Archetype, Maven 11, Bankless Ventures, Figment Capital, Nomad Capital, dao5, and Aptos Labs. Movement Labs previously reported in September 2023 that it had raised $3.4 million from investors such as dao5, Varys Capital, Blizzard Fund, and Borderless Capital in a pre-seed funding round. The round also included angel investors Calvin Liu of Eigenlayer, Smokey The Bera of Berachain, and Anurag Arjun of Avail.
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