Back

Movement Foundation Announces Plans to Transfer $MOVE Tokens to Native Network

The Movement Foundation will transfer a portion of $MOVE strategic reserves from Ethereum to its native Movement Network to bolster ecosystem projects and incentives.

ETH

Summary

On November 19, the Movement Foundation disclosed plans to transfer part of its $MOVE tokens from Ethereum's mainnet strategic reserves to the Movement Network. This reallocation will support ecosystem projects and provide incentives, while ERC-20 tokens will still be sent to exchanges for balancing supply and enabling withdrawals.

Terms & Concepts
  • Ethereum mainnet: The primary public Ethereum blockchain network where transactions are executed and recorded.
  • Token buyback: A process where an organization repurchases its issued tokens from the market to manage supply or value.
  • $MOVE: A cryptocurrency token associated with the Movement Network, used for ecosystem activities and incentives.