The Movement Network Foundation launched MOVE—the utility token of the Ethereum layer-2 network Movement—on Monday, offering up more than $830 million worth of MOVE tokens to early users to claim, based on peak value.

Dubbed the “MoveDrop,” the airdrop provided 1 billion MOVE, or 10% of the total token supply to eligible communities and participants that had completed transactions and quests on the Movement testnet. 

An additional 1.25 billion tokens or 12.5% was also unlocked for the Movement Network Foundation and additional community initiatives, bringing the total circulating supply to 2.25 billion MOVE tokens or 22.5% of the total supply.

Major crypto exchanges like Coinbase and Binance already support MOVE trading. The token price rose as high as $0.838 earlier Monday, and currently sits at a price of $0.726, ranking it #82 in CoinGecko’s market cap rankings at $1.63 billion.

“Mainnet beta launch and MoveDrop are about empowering developers and users to shape the future of Ethereum scaling,” said Movement Labs co-founder Cooper Scanlon, in a statement. “Whether you're building on the Movement network, testing new protocols, creating content, or participating in governance, there's a place for everyone in our ecosystem.”

The largest remaining allocation (40%) of MOVE token supply is set aside for ecosystem and community rewards on Movement, with 17.5% set aside for early contributors and 22.5% for early backers of Movement.

Initial MoveDrop claims take place on Ethereum mainnet, with MOVE represented as an ERC-20 token. Eventually, a 1.25x multiplier may be accessible to those who wait and claim on the public mainnet launch of Movement. The network launched its mainnet beta on December 5. 

Movement is an Ethereum layer-2 network built with the novel Move programming language. It uses modular and configurable rollups to create secure, app-specific blockchains.

Edited by Andrew Hayward