Movement Launches Mainnet Beta and Secures $250 Million in TVL
Movement has launched its mainnet (beta), adding to the Ethereum L2 ecosystem. Key highlights include:
- Founders are young and have secured substantial funding.
- Strategy involves building political relationships, with co-founder Rushi Manche publicly engaging with notable figures.
- Utilizes the Move Virtual Machine from Meta’s Diem project, marking it as a unique L2 chain settling on Ethereum.
- Airdropped its MOVE token ahead of the mainnet launch, achieving a market cap of $1.5 billion at launch, currently valued at $1.2 billion.
- Filed for a MOVE ETF with the SEC, positioning its token as a product.
After one day post-launch, Movement recorded 1.5k unique addresses and 233k transactions, with a total value locked (TVL) of approximately $250 million.