MOVE token listed by Binance and South Korea’s Upbit – What is it?

MOVE token is set to be listed today on two major crypto exchanges: Binance and Upbit. Developed by the Movement Network Foundation, the Movement (MOVE) project is reportedly the first Move-EVM Layer 2 solution on the Ethereum network. 

Binance, one of the world’s largest crypto exchanges, officially announced the listing of MOVE on December 9, 2024. The listing follows an airdrop campaign on the Binance Airdrops Portal, where users were encouraged to participate by staking BNB in the exchange’s Simple Earn Flexible or Locked products between December 2 and December 5, 2024. 

As part of the campaign, Binance distributed a total of 200 million MOVE tokens, which represents 2% of the project’s maximum token supply.

Hours before Binance’s announcement, South Korea’s Upbit exchange also revealed its plan to list the token. Starting at 20:00 UTC on December 9, Upbit users will be able to deposit and withdraw MOVE tokens via the Ethereum network. 

Upbit has set the official start time for trading at 21:00 UTC, though the exact timing may be subject to change.

Binance MOVE listing announcement draws crypto community interest

Prior to Binance and Upbit’s updates, speculation had grown within the crypto community of the token’s listing on major exchanges. 

Chinese data analyst WolfyXBT posted on X that several exchanges, including OKX and Bitget, had already listed MOVE. He also revealed that Binance had invested in the token, and it was only a matter of time before the crypto trading platform announced its listing. 

When the Movement network first announced the launch of MOVE on X, the news was positively met by crypto enthusiasts. The post drew the interest of Dubai-based Venture Capitalist Victus Capital. who expressed their interest in forming a strategic partnership with the project.

Victus Capital team told MOVE, “Your project has caught our attention.” The team added, “We’re interested in discussing a potential strategic partnership. With investment sizes typically ranging from 250k USD to 10M USD, we’re committed to supporting projects positioned for substantial growth. Beyond financial backing, we bring strategic support, market entry guidance, and access to our extensive network to ensure your project’s sustained success.”

The MOVE token lies on the Movement network, a product of developers Movement Labs, who described it as an ecosystem of Modular Move-based blockchains. According to Movement Labs’ co-founder Rishi Manche, Movement has a “vision for true utility on Ethereum.”

In a recent press briefing, Cooper Scanlon, who co-founded Movement Labs with Manche, further explained why MOVE should excite the crypto community, saying, “Movement’s strength lies in our vibrant community of over 800 builders and 840+ contributors who have been with us on this journey.”

Scanlon also revealed the network has an upcoming NFT community-driven competition, in which participants can submit artwork to commemorate the launch of Movement’s Mainnet Beta. 

“This genesis NFT will be a testament to the creative power of our ecosystem,” he remarked. The top three designs will reportedly win $1000 in prizes.

Movement token: Everything you need to know

Per the Movement project’s whitepaper, MOVE has a structured maximum supply of 10 billion tokens, with an initial circulating supply of 22.5%. Notably, the token will be represented as an ERC-20 on Ethereum Mainnet, with plans to expand to the Movement Network after launch.

The token distribution seems to take a community-first approach, with 60% of MOVE allocated to ecosystem and community initiatives. Furthermore, early contributors and backers are set to receive 17.5% and 22.5%, respectively, while 10% is reserved for foundation operations and another 10% for initial community claims through the MoveDrop program.

In terms of the token’s utility, MOVE employs a novel staking mechanism, where validators will stake tokens to confirm the network state and receive rewards. Gas fees on the Movement Network Public Mainnet L2 will be denominated in MOVE, with a portion allocated to transaction settlements on Ethereum Mainnet.

Governance on the token ecosystem will see holders propose and vote on network parameters, driving the platform’s decentralization. Native applications on Movement Network can leverage MOVE for asset liquidity, collateral, and payments.

On Binance, MOVE will be available for trading in multiple pairs, including MOVE/BTC, MOVE/USDT, MOVE/BNB, MOVE/FDUSD, and MOVE/TRY. Users will have access to these trading options beginning at 13:00 UTC on December 9. 

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