Movement Developers Announce Mainnet Beta and Token Generation Event

Movement developers have announced the project’s mainnet beta and the token generation event for its native token.

The mainnet beta initiates the first phase of Movement’s infrastructure, where infrastructure providers deploy essential components like follower nodes, RPC nodes, and indexers.

Movement Labs, the development firm behind the project, highlights Movement as the first blockchain developed using the Move programming language with proofs that settle on the Ethereum network. This architecture is designed to provide increased security and rapid transaction finality through a process known as "post-confirmations."

The Move programming language, recognized for its safety features, aims to minimize common smart contract vulnerabilities, thus supporting secure application development.

“By bringing the MOVE language to EVM, we’re not just creating another L2 — we’re building a bridge that transforms every Move developer into an Ethereum developer, dramatically expanding the ecosystem’s potential,” stated Rushi Manche, Co-founder of Movement Labs.

Despite leveraging Ethereum for security, Manche emphasizes that the network is not a Layer 2 chain and is better described as a fast finality rollup or a sidechain.

This mainnet beta phase focuses on network synchronization and security validations, introducing post-confirmation technology for quick transaction finality.

The Movement Network Foundation, which supports the project’s development and governance, has detailed the distribution of 10 billion tokens across various categories. Of these, 40% (4 billion tokens) is allocated for ecosystem and community initiatives, while the foundation retains 10% (1 billion tokens) of the total supply. Early contributors and backers will receive 17.5% (1.75 billion tokens) and 22.5% (2.25 billion tokens), respectively. Additionally, the foundation plans to distribute 10% of the token supply through an upcoming airdrop called the MoveDrop.

In April, Movement Labs successfully raised $38 million in its Series A funding round, led by Polychain Capital, with additional backing from Binance Labs.