The Movement Network Foundation, the organization that works on advancing MoveVM technology, has successfully launched its Movement Public Mainnet Beta.
Per the press release shared with Cryptonews, Movement is the Network’s first chain and the only Move-based chain that settles to Ethereum. The launch enables permissionless smart contract deployment and user onboarding for the first time. Furthermore, everyone can freely use Movement and build on it.
Movement Network is a scalable network of Move-based chains secured by Ethereum, the team explains. It utilizes the Move programming language to create safer execution environments.
Its key features include full user onboarding and engagement, as well as permissionless smart contract deployment.
“With Public Mainnet Beta, developers can now deploy smart contracts without approval, and users can freely engage with the Movement ecosystem,” said Movement Labs co-founder Rushi Manche. “This marks the beginning of a new chapter for Move-based technology, combining robust security and better performance with Ethereum’s network effects.”
Another key feature is the canonical Movement bridge powered by LayerZero. This bridge allows users to transfer the MOVE gas token, USDT, USDC, wBTC, wETH, and other coins to the Movement chain.
Lastly, the chain includes attestations of block states. This will be committed to Ethereum as part of the Movement’s Fast Finality Settlement, the team said.
Additionally, the Movement Network Foundation says it will continue to launch additional features as the ecosystem grows.
$250 Million TVL on Day One
The press release highlighted that the chain has launched with $250 million total value locked (TVL) from its Cornucopia program.
Cornucopia solves the “cold start” issue, it argues. It gives Movement Network “substantial day-one liquidity” across BTC, ETH, MOVE, and stablecoins. Concrete, Veda Labs, Echelon and Canopy developed the solution to enable Movement to support DeFi applications from day one, the announcement says.
Additionally, the Movement ecosystem just recently announced this year-long program, aiming to “jumpstart Movement DeFi liquidity,” the blog post said on 3 February.
Moreover, Cornucopia has a number of vaults grouped in four categories: BTC, ETH, stablecoin, and MOVE vaults. Users can deposit compatible assets. After an 8-week lockup period, assets unlock and go back to users through Movement apps on the newly launched Movement Public Mainnet Beta.
Securing $250 million in TVL through the Cornucopia program is “a clear validation of the market’s confidence in Movement,” said Cooper Scanlon, Co-Founder of Movement Labs.
“This level of day-one liquidity is exceptionally rare for a new network and gives us, our builders, and our community a significant advantage. It allows us to skip the months-long bootstrapping phase and immediately provide the foundation needed for meaningful DeFi adoption and utility,” Scanlon said.
First US Movement ETF
Along with the chain launch, the Movement Network Foundation also announced that REX-Osprey has filed for a new exchange-traded fund (ETF) focused on the MOVE coin.
According to the press release, the ETF would be the first of its kind. It would provide exposure to Movement through traditional financial rails. This includes traditional brokerage accounts and retirement vehicles.
At the time of writing, the MOVE coin trades at $0.4997. It is down 3.2% in 24 hours, up 4% in 7 days, and down 5% in 30 days.
It hit its all-time high of $1.45 in December 2024, decreasing 65.7% since.
“This filing represents a historic moment not just for Movement, but for the entire Move landscape,” said Manche. “Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation.”
Scanlon added that traditional investors have shown “keen interest” in having regulated exposure to emerging blockchain technologies – but without directly managing tokens. “This ETF represents the convergence of innovative financial products with cutting-edge blockchain architecture,” he concluded.
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