The MOVE Token Generation Event is taking place today. The Movement Labs mainnet went live today, Dec. 5, ahead of the airdrop. “MoveDrop.”
The Movement Chain’s main idea is to offer the MoveVM environment but to settle on Ethereum with an emphasis on the security and scalability sides of the usual blockchain dilemma.
Movement Labs’ approach is similar to Eclipse’s use the Solana Virtual Machine, or SVM. This allows Ethereum developers to interact seamlessly with Solana without abandoning the SVM’s advantages. According to Rushi Mante, Movement Labs’ co-founder, Move Labs allows Move developers to move beyond Sui or Aptos while still leveraging the benefits of SVM.
“We are the first and only Move-based Ethereum scaling solution,” Manche is from Aptos and told Blockworks. “So, if you think of it, all the benefits of Move combined with Ethereum’s liquidity.”
TGE awards up to 10% MOVE tokens to the community to encourage participation and contributions. MOVE’s fully diluted value (FDV), which was $9 billion at its peak, is now $8 billion on the first trading day. This puts MOVE in the same range as Celestia, (TIA), and Mantle Networks (MNT), on an FDV-basis.
The token of Movement plays an important role in network operations. “attestants” You must stake your MOVE tokens in order to guarantee the finality of transactions.
Movement Labs has undergone significant architectural changes during its development. The project started out as an optimistic rollup standard on Ethereum. The typical time for optimistic rollups to settle fully on Ethereum is seven days.
Movement is not dependent on Ethereum’s finality. “post-confirmation” mechanism. It is a system similar to a “pre-confirmation” that provides an improved user experience, at the price of a few security guarantees. While Movement does not inherit Ethereum’s security, the economic collateral from stakers is subject to slashing — closer to the Polygon PoS sidechain than to a zk-rollup.
“We need to have an economic stake built up ahead of time, such that if someone’s malicious or transactions go wrong, we have something to slash,” Manche said in justification of the launch of tokens before production versions of Movement mainnet.
The architecture of Movement is a benefit to developers. Move is considered safer than Solidity because of its high-throughput implementation environment and improved smart contract security. Examples of the applications that have already been built on the network are the Meridian DEX lending market, Echelon and Bracket which provides innovative prediction market tools.
The competitive strategy of Movement is centered on developer and community engagement.
“The moat is in each community, which is something that you can’t fork,” Manche noted that their approach avoided unsustainable practices such as incentivized liquid programs.
Manche states that Movement aligns more closely with other Move based chains rather than Ethereum.
“Obviously, we’re an odd duck in the EVM and Ethereum community, given the fact that we’re doing alternative VMs, we have an alternative rollup framework and the architecture of the token design as well,” Manche said.
He added that the Ethereum Design Space has room for a full range of experiments to be able to compete against high-throughput chains, such as Solana.
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