The Movement Network Foundation has successfully rolled out the mainnet beta of their network. The team also launched MOVE, Movement's native token.
Background
- Movement is the first blockchain developed using the Move programming language
- The Move language is known for its safety features and helps slash down smart contract vulnerabilities and makes the network secure for devs
- According to Movement Labs, the development firm behind the project, proofs get settled on the Ethereum network
- In retrospect, this architecture provides heightened security and simultaneously boosts transaction finality, thanks to “post-confirmations”
- The launch of the mainnet beta represents the first phase of Movement's production infrastructure
- Infra providers can deploy nodes, indexers and other components during this phase
Why should you pay attention?
- Even though Movement uses Ethereum for security, the network ain't a L2 chain, per se
- It’s more like a fast finality rollup or a sidechain
- The ongoing mainnet beta phase is centered around security validations and network synchronization
- Around 10% of MOVE’s supply has been distributed to community members via Movement’s airdrop dubbed ‘MoveDrop’
- On the heels of the launch, MOVE went on to create an ATH around $1.4, but at press time, it was seen exchanging hands at $0.8
Who said what?
- Rushi Manche, the co-founder of Movement Labs, said,
“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, dramatically expanding the ecosystem’s potential”
- Cooper Scanlon, the other co-founder of Movement Labs added,
"Mainnet Beta launch and MoveDrop are about empowering developers and users to shape the future of Ethereum scaling. Whether you're building on the Movement Network, testing new protocols, creating content, or participating in governance, there's a place for everyone in our ecosystem”
Zooming out
- The team has further chalked out the distribution of tokens to users across the spectrum
- Early contributors and backers will receive 17.5% (1.75 billion tokens) and 22.5% (2.25 billion tokens)
- Around 40% (4 billion tokens) have been allocated towards ecosystem and community initiatives
- Meanwhile, the foundation will retain 10% (1 billion tokens) of the total token supply
