Move Network Unveils Token and Airdrop

Movement Network, an Ethereum-based composability platform, launched its MOVE token today. The MOVE token generation event (TGE) will occur after the network launches its Mainnet beta.

The MOVE token recorded a decent first-day performance, initially listing at $0.02 but ending the day at $0.77, according to data from Coingecko. Its market cap and trading volume are $1.76 billion, while its fully diluted valuation (FDV) is $7.84 billion.

Binance announced that it plans to list the token and add it to its Airdrops Portal, sending its price surging. MOVE is currently live on Binance and has a few open trading pairs. Binance allocated 2% of Move's total token supply of 10 billion to its airdrop portal, with plans to add another 5% to the launch pool after six months.

The MOVE Token

“Today, Movement Network Foundation is proud to announce the Token Generation Event (“TGE”) of $MOVE. This represents a significant milestone for the Movement Network, creating Network utility and opening new pathways for the long-term growth of the Network in a manner governed by the community,” read the Move Network official announcement.

Movement Network is a layer-two blockchain built using Meta's Move language. Move is a blockchain programming language gaining recognition for its enhanced security and efficiency properties. It has been adopted by several blockchains, including SUI, Aptos, and Starcoin.

Movement has integrated with Ethereum and is now EVM-compatible; currently working towards connecting EVM worlds and Move worlds.

Its Mainnet Beta is live and allows infrastructure providers to perform various activities, such as running follower nodes, RPC nodes, and indexers, to ensure network and operational security on the platform.

As part of the broader Move Token Generation Event (TGE), the Move Network distributed its 10 billion tokens as follows: 10% for the foundation, another 10% for community members, and 40% designated for early contributors and backers.