#Cayman Islands #Movement Network #$MOVE Token #MoveVM #Grand Cayman

Movement Network Foundation Launches Mainnet Beta and $MOVE Token Generation Event

On December 9, 2024, the Movement Network Foundation, a pivotal organization in advancing blockchain innovation and promoting MoveVM technology, proudly announced the successful launch of the Movement Mainnet Beta, along with the Token Generation Event (TGE) for the $MOVE token. This milestone signifies a crucial step for the first blockchain grounded in Move technology that integrates directly with Ethereum.

The release of the Mainnet Beta represents the initial phase of Movement’s production infrastructure. In this phase, infrastructure providers regain the capability to deploy key network components including follower nodes, RPC nodes, and indexers. The operators will focus on two primary tasks: ensuring proper network synchronization and validating security measures. The managed launch environment sets the stage for Movement's groundbreaking ‘Postconfirmations’, which promises to finalize transactions in just one second, significantly outpacing existing Ethereum scalability solutions that can take minutes or even a day.

The Movement Foundation is introducing the $MOVE token through its MoveDrop program, distributing up to 1 billion tokens (representing 10% of the maximum supply) to its community. The MoveDrop initiative rewards meaningful participation and genuine technical contributions, aiming to foster a community-driven network where token holders can actively participate in securing infrastructure and managing the network, reflecting Movement's commitment to the sustainable development of its ecosystem.

Unlike many next-generation Layer-1 blockchains operating in isolation, Movement serves as an expansive solution that builds upon Ethereum's capabilities. It integrates directly with Ethereum, leveraging its robust network effects and security while expanding the pool of safe and innovative applications. Every developer utilizing Move becomes inherently an Ethereum developer. Rushi Manche, co-founder of Movement Labs, elaborated, "What sets Movement apart is our vision of delivering real utility for Ethereum. By porting the Move language to the EVM, we are not just establishing another Layer-2; we are creating a bridge that transforms every Move developer into an Ethereum developer, vastly enhancing the potential of the ecosystem."

At the heart of Movement is the Move programming language, originally developed for Meta's Diem project, celebrated for its heightened security and expressive capabilities. Move’s resource-oriented programming model aims to create a secure and resilient framework for smart contract development, eliminating over 90% of the attack vectors flagged by auditors as critical vulnerabilities.

Cooper Scanlon, another co-founder of Movement Labs stated, "The strength of Movement is embedded in our vibrant community of over 800 builders and more than 840 contributors who have journeyed with us so far. The launch of Mainnet Beta and MoveDrop is designed to empower developers and users alike to co-create the future of Ethereum scaling. Whether building on the Movement Network, testing new protocols, creating content, or participating in governance, there is a place for everyone in our ecosystem."

To commemorate this remarkable milestone, the Movement Network Foundation has also announced its very first NFT initiative—a community-led competition to design the official artwork celebrating the Mainnet Beta launch. “Our community has played a vital role in building Movement; it is only fitting that they create the artwork to honor this historic moment,” Scanlon added. The winning design will be minted as Movement’s first NFT, with the top three entries receiving awards of $1,000 each.

For further details about Movement Labs and its Mainnet Beta, please visit movementnetwork.xyz or follow @movementlabsxyz, @movementfdn, and @Move_Collective on social media.

About Movement Labs

Movement Labs is dedicated to creating the Movement Network, an ecosystem of modular, Move-based blockchains. They are developing the first virtual Move machine Layer-2 for Ethereum, along with open-source tools to enhance adoption of Move across all blockchains. The platform allows developers to easily start high-performance Move-VM rollups and connect Move and EVM ecosystems. Through its accelerator program, Move Collective, Movement Labs has nurtured over a dozen innovative projects and teams, creating a growing ecosystem of Move-based applications. With a strong backing of $38 million in Series A funding, Movement Labs is accelerating Move-based technologies and blockchain interoperability in the Web3 space.

About Movement Network Foundation

The Movement Network Foundation is the driving force behind the Movement ecosystem, dedicated to fostering innovation and disseminating MoveVM technology. The foundation is responsible for developing Movement Network, an advanced Layer-2 solution built on MoveVM that operates alongside Ethereum. Through the MoveDrop program and various ecosystem initiatives, the Foundation supports developers, projects, and community contributors creating the next generation of decentralized applications. For more information, visit movementfdn.xyz or follow @movementfdn on social channels.