The Movement Network Foundation launched MOVE—the utility token of the Ethereum layer-2 network Movement—on Monday, offering up more than $830 million worth of MOVE tokens to early users to claim, based on peak value.
Dubbed the “MoveDrop,” the airdrop provided 1 billion MOVE, or 10% of the total token supply to eligible communities and participants that had completed transactions and quests on the Movement testnet.
An additional 1.25 billion tokens or 12.5% was 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.
Movement Network Foundation hopes that $MOVE will help it achieve its objectives. $MOVE creates the foundational utility that the Movement Network will rely on.https://t.co/kKVEGphaKP
Major crypto exchanges like Coinbase and Binance already support MOVE trading. The token price rose as high as $0.838 earlier Monday, and currently sits at a price of $0.726, ranking it #82 in CoinGecko’s market cap rankings at $1.63 billion.
“Mainnet beta launch and MoveDrop are about empowering developers and users to shape the future of Ethereum scaling,” said Movement Labs co-founder Cooper Scanlon, in a statement. “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.”
The largest remaining allocation (40%) of MOVE token supply is set aside for ecosystem and community rewards on Movement, with 17.5% set aside for early contributors and 22.5% for early backers of Movement.
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Initial MoveDrop claims take place on Ethereum mainnet, with MOVE represented as an ERC-20 token. Eventually, a 1.25x multiplier may be accessible to those who wait and claim on the public mainnet launch of Movement. The network launched its mainnet beta on December 5.
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Movement is an Ethereum layer-2 network built with the novel Move programming language. It uses modular and configurable rollups to create secure, app-specific blockchains.
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