World Liberty Financial Acquires MOVE Tokens

World Liberty Financial, a Trump-backed DeFi platform, bought about $2 million worth of MOVE tokens on Tuesday.

Movement Labs and Government Efficiency

Movement Labs is reportedly in discussions with the newly created Department of Government Efficiency, as per DB newswire sources. MOVE is now World Liberty’s tenth-largest holding.

Rushi Manche, the founder of Movement Labs, clarified on X that they are not in close contact with DOGE, stating, “nothing from the Movement Labs offices or growth team have crossed DOGE’s desks.” He added that all cryptocurrencies are in early stages and policy discussions are ongoing. Manche expressed gratitude to @worldlibertyfi for their support, emphasizing a hopeful future for MOVE in America.

MOVE, originally launched as an ERC-20 token with a cap of 10 billion, is up nearly 15% on the day.

Token Transactions

Starting Tuesday morning ET, World Liberty began exchanging stablecoins for MOVE, using similar structures as prior token purchases. They traded around $470,000 worth of USDT or USDC, possibly hinting at Trump’s status as the 47th president.

Previously, World Liberty made significant purchases totaling $112.8 million on Trump’s first day in office. They currently hold around $389 million in various cryptocurrencies, including Chainlink’s LINK, Ethena’s ENA, and Aave’s AAVE, and have invested nearly $10 million in Tron’s TRX token, their sixth-largest position.

Despite initial struggles to sell WLFI tokens, the project successfully completed its goal to sell 20% of its 100 billion token supply and is now offering an additional 5 billion tokens due to high demand.

Blockchain and Cost Efficiency

Bloomberg recently reported that a DOGE initiative led by Elon Musk is exploring blockchain technology for tracking government spending. While no specific networks were named, the agency is in talks with several public blockchains.

Musk believes blockchains could efficiently track federal spending, secure data, manage payments, and oversee infrastructure. Trump has pledged to enhance the U.S. crypto industry, seeking to establish it as the crypto capital of the world. One of Trump’s first acts was to create a digital asset working group aimed at forming a strategic crypto reserve with U.S.-issued tokens.

Tuesday’s purchases align with Movement Labs debuting its developer mainnet and launching a multi-asset liquidity program called Cornucopia to attract DeFi developers to its blockchain. Like Sui and Aptos, Move is a fork of Meta’s Diem project.

Future Developments

Co-founder Cooper Scanlon stated, “The deployment of Movement Developer Mainnet and Cornucopia marks the beginning of a new era for blockchain development.” The project aims to provide both technical infrastructure and immediate liquidity for developers and users.

Movement Labs is also developing Move Stack, executing layers compatible with rollups like Optimism, Polygon, and Arbitrum. Their ambition is to create a highly scalable blockchain akin to Facebook and Instagram.

Of the total token supply, 10% (1 billion tokens) is allocated for the Movement Foundation, with early contributors and backers receiving 17.5% and 22.5%, respectively, vested over 60 months. An upcoming airdrop will distribute another 10% to community members.

The San Francisco-based firm raised $38 million in a Series A funding round led by Polychain Capital in April, following a $3.4 million pre-seed funding round.