Movement Network announces tokenomics, TGE token MOVE before mainnet launch

Movement Network announces tokenomics, allocating 10% MOVE for airdrop to users. These tokens will be fully unlocked at the time of TGE.

****Movement Network announces tokenomics, TGE token MOVE prior to mainnet launch

On November 26, Movement Network, a blockchain built with the Move language, officially announced the details of MOVE tokenomics and the TGE plan on Ethereum before the mainnet launch.

Specifically, the maximum total supply of MOVE tokens is 10 billion with an initial circulating supply of 22%. MOVE will be issued on Ethereum as an ERC-20 token. After the mainnet is officially launched, MOVE tokens will be directly used on the Movement network.

- Ecosystem and Community: 40%

40% of the total MOVE tokens are allocated to ecosystem initiatives, including the following objectives:

• Staking Rewards: Distribution of staking rewards to validators on the Movement Network in the future.
• Developing the ecosystem: Sponsoring development groups on the Movement Network. These sponsorships will be granted based on the progress of achieving the set goals.
• Encourage users and provide liquidity: This token is used to encourage users to use the network and provide liquidity to support the DeFi ecosystem on Movement.

- TGE: Airdrop 10% token for users

10% MOVE tokens will be airdropped to the community participating in programs such as MoveDrop and various other activities.

This allocation will be fully unlocked at the TGE and distributed to users on the Ethereum network.

- Foundation: 10%

10% of the total MOVE tokens will be retained to support the operations of the Movement Network Foundation in managing the Movement network.

- Early contributors: 17.5%

17.5% of MOVE tokens will be allocated to early contributors of Movement Network, mainly members from Movement Labs.

These people mainly come from fields such as Engineering, Product, Marketing, Community Development, Business, Strategy, and others.

- Investors: 22.5%

22,5% of MOVE tokens will be allocated to strategic investors (Early Backers) of Movement Network, those who have provided financial support, advised strategic steps in the project's development process.

Token MOVE not only plays a role as part of the financial platform in the ecosystem, but also a key element in ensuring the security and decentralization of the Movement Network:

1. Gas Fee: MOVE will be used to pay for gas fees for transactions on the Movement network.
2. Staking: MOVE will also be used to stake on validator nodes, ensuring the security of the network.
3. Governance and Decentralization: The community will have the right to participate in the governance process and make important decisions regarding network parameters, adjustments, and project development.

According to the published announcement, the TGE token MOVE before Mainnet is to allow the project to start and fine-tune the 'postconfirmations' consensus mechanism, helping the network achieve ultra-fast processing speed.

However, this mechanism needs to be tested in a real-world environment to ensure economic security, something that MOVE tokens and liquidity staking contracts can verify even before the Mainnet is launched.

However, many people express skepticism about this move by Movement. The account @0xBalloonLover believes that the real reason behind this decision is not to 'adjust the consensus mechanism' as claimed by the project, but to 'dump tokens' before the layer-2 fever subsides.

Shortly afterwards, the founder of Movement, Rushi Manche, explained that the Mainnet would be deployed immediately after MOVE achieves its market capitalization goal and would not have to wait as long as in the original roadmap.

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