The Movement Network Foundation announced the $MOVE token economics, with 60% of the total supply allocated to the community

ChainCatcher news, the Movement Network Foundation of the Move language infrastructure has announced the tokenomics of its token $MOVE, with a total supply of 10 billion tokens and an initial circulation of approximately 22%. 60% of the total supply will be allocated to the community, including the ecosystem and community, the foundation, and initial claims.

The specific allocation is as follows:

• Ecosystem and Community: 40%
• Initial Claims: 10%
• Foundation: 10%
• Early Contributors: 17.5%
• Early Investors: 22.5%

The $MOVE token will be gradually unlocked over 60 months, and the team and investors will not be able to participate in staking initially.

The Movement Network Foundation stated that the $MOVE token will undergo TGE on the Ethereum mainnet. After the mainnet launch (coming soon), $MOVE holders can migrate cross-chain to the Movement Network. The gas fees of the Movement Network will be settled in $MOVE, and the use cases of the $MOVE token include: economic security staking, gas fees, governance and decentralization, and the native asset of the Movement Network.