Movement Network launches its airdrop: Everything you need to know about the distribution of MOVE tokens

A new airdrop for the crypto community

After a period marked by the absence of truly satisfactory airdrops for the crypto community, the decentralized exchange Hyperliquid seems to have reversed the trend by generously rewarding its most loyal users.

Today, it’s Movement Network’s turn to launch. However, Cooper Scanlon and Rushi Manche, the two co-founders of Movement Labs, fear the potential repercussions of this crucial step in the project. Despite these concerns, Rushi Manche announced on X that it was time to “ move on to a new chapter in Movement history “.

I'm sure I'll be attacked or applauded depending on how this goes.

While Hyperliquid's airdrop was widely welcomed by the community, it would be unwise to draw generalizations from it. The example of the Scroll airdrop illustrates the associated risks: widespread community discontent had caused a desertion of capital.

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This shows that a successful airdrop is essential to building community loyalty and ensuring user retention.

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The tokenomics of Movement Network

In a few words, Movement Network is a layer 2 of the Ethereum blockchain powered by Move Virtual Machine (MoveVM). It offers high throughput and cheaper transactions than on the main Ethereum blockchain.

Built from the Move programming language, Movement Network has the advantage of offering interoperability with the Aptos and Sui blockchains, which are themselves built from the Move language.

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The maximum supply of MOVE tokens is set at 10 billion MOVE tokens. For this airdrop, Movement Labs announced that it would reward its first users with 10% of its maximum supply, or 1 billion MOVE tokens.

Here is the initial distribution of MOVE tokens as announced by the team behind the project:

Initial distribution of MOVE tokens

Of the 10 billion MOVE tokens, only 2.2 billion will initially be available. Among the 10 billion, the allocations will be allocated as below:

• 40% (4 billion tokens) of the maximum quantity of MOVE tokens will be reserved to promote the growth of the ecosystem and the community;
• 10% (1 billion) will be kept by the foundation whose role is to support the development and governance of the project;
• Investors will receive 22.5% (2.25 billion tokens);
• 17.5% (1.75 billion tokens) will be reserved for the first contributors;
• 10% (1 billion) for the airdrop to the community.

Although the Movement Network airdrop distributed 10% of the total supply of MOVE tokens, remember that Hyperliquid for its part distributed 31% of its maximum supply.

In fact, the latter had not benefited from investment from venture capital funds unlike Movement which raised more than $41 million.

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How to recover the MOVE token airdrop?

Several criteria are taken into account to determine the eligibility of an address for the MOVE token airdrop by Movement Labs.

Here is a non-exhaustive list of eligibility criteria:

• Have carried out at least 2 transactions on the Porto or Suzuka testnets;
• Have completed quests on “ Road to Parthenon » ;
• Not be identified as a sybil address;
• Have participated in the hackathon organized by Movement;
• Some X users who participated in community events will be drawn;
• Discord roles will be rewarded based on how difficult they are to obtain;
• Developers on Move will also be rewarded.

👉 Discover all the eligibility criteria for the Movement Network airdrop

Although it is possible to claim your MOVE token airdrop today on the Ethereum blockchain or on the OKX centralized exchange, some users may choose to wait until the Movement Network mainnet. The latter will be rewarded for their additional wait by a multiplier of 1.25 on their allocation.

The MOVE token is currently trading at around $0.75, bringing its market capitalization to $1.8 billion.

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Source: MoveDrop announcement

Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.

Theo Zananiri

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