Movement Network Launches Genesis Airdrop for MOVE Token

Movement Network, a layer-two network developed using Facebook’s Move programming language, has launched the MOVE token. A portion of the issuance will be distributed via an airdrop.

$MOVE is now live!

This is a big step forward for the Movement Network⚡ pic.twitter.com/dpS8adpO7L

— Movement Network Foundation (@movementfdn) December 9, 2024

The maximum supply is set at 10 billion MOVE, with 22.5% entering circulation at launch. 

10% of the issuance is allocated for initial community distribution. MoveDrop participants can claim assets now or wait for the public launch of Movement Network to receive 25% more tokens.

A total of 60% of the supply is designated for various community segments: 10% for initial distribution, 10% for the Movement Foundation, and 40% for the ecosystem.

22.5% will go to early investors and advisors, while another 17.5% is allocated to developers from Movement Labs. 

The tokens are issued on the Ethereum blockchain under the ERC-20 standard. Following the mainnet launch of Movement Network, MOVE will also exist there.

The asset will serve as a utility token within the ecosystem, used for transaction fees, decentralized governance, and staking. 

The project’s MoveVM computational environment is coded in the high-level Move language, developed by Meta for the canceled stablecoin Diem, formerly known as Libra.

The Move language is designed for smart contracts and transaction processing, enabling secure parallel computations—a beneficial aspect for enhancing blockchain protocol throughput. This same stack is utilized by the Aptos and Sui platforms.

Earlier, the HYPE token of the Hyperliquid platform tripled in value within five days of its launch.