In summary
- MOVE debuted with an airdrop of 1B tokens to early users, reaching a market capitalization of $1.63B.
- The MOVE token is listed on Binance and Coinbase, with a current price of $0.726 after a high of $0.838.
- Movement, a layer 2 network on Ethereum, uses modular rollups and the Move language to optimize scalability and security.
The Movement Network Foundation launched MOVE—the Ethereum Movement layer-2 network utility token—on Monday, offering more than $830 million in MOVE tokens to the project’s first users.
Dubbed “MoveDrop,” the airdrop provided 1 billion MOVE, or 10% of the total token supply to eligible communities and participants who had completed transactions and missions on the Movement testnet.
An additional 1.25 billion tokens or 12.5% were also unlocked for the Movement Network Foundation and additional community initiatives, bringing the total circulating supply to 2.25 billion MOVE tokens or 22.5% of the total supply.
Major Cryptocurrency exchanges such as Coinbase and Binance already support MOVE trading. The token’s price rose as high as $0.838 early Monday, and currently sits at a price of $0.726, placing it at #82 on CoinGecko’s market cap ranking at $1.63 billion.
“The launch of the mainnet and MoveDrop beta is about empowering developers and users to shape the future of Ethereum scaling,” Movement Labs co-founder Cooper Scanlon said in a statement. “Whether you’re building on the Movement network, testing new protocols, creating content, or participating in governance, there is a place for everyone in our ecosystem.”
The largest remaining allocation (40%) of the MOVE token supply is reserved for ecosystem and community rewards on Movement, with 17.5% reserved for early contributors and 22.5% for early Movement investors.
Initial MoveDrop claims take place on the Ethereum mainnet, with MOVE represented as an ERC-20 token. Eventually, a 1.25x multiplier may be available for those who wait and claim at the public launch of the Movement mainnet. The network launched its mainnet beta on December 5.
Movement is an Ethereum layer 2 network built with the novel Move programming language. It uses modular and configurable rollups to create secure, application-specific blockchains.
Edited by Andrew Hayward
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