Movement launches Public Mainnet Beta with a $250M starting TVL
The Movement Network Foundation has launched Movement Public Mainnet Beta, featuring permissionless smart contract deployment and a canonical Movement bridge.
According to a press release sent to crypto.news, the Movement Public Mainnet is the first Move-based chain that settles to Ethereum (ETH). It offers users permissionless smart contract deployment and full user onboarding, allowing developers to freely build on and use Movement.
The mainnet went live on March 10 at 8:00 AM PST (15:00 UTC), giving users access to key features, including the canonical bridge powered by LayerZero. With the bridge, users can transfer the network’s native gas token MOVE (MOVE) as well as other major tokens on the crypto market such as USDT (USDT), USDC (USDC), wBTC (WBTC), wETH, and more to the Movement chain.
In addition, attestation of block states will be committed to Ethereum as part of Movement’s Fast Finality Settlement. The mainnet plans to launch more features as the ecosystem continues to evolve alongside its community of users.
Co-Founder of Movement Labs, Rushi Manche stated that users can now engage with the Movement ecosystem in ways they previously could not. Developers will no longer require approval to build on the ecosystem thanks to Ethereum’s permissionless smart contract feature.
“This marks the beginning of a new chapter for Move-based technology, combining robust security and better performance with Ethereum’s network affects,” said Manche in a statement.
Moreover, users would not have to worry about the mainnet’s liquidity. The Cornucopia program provides Movement Network with day-one liquidity across BTC (BTC), ETH, MOVE, and stablecoin assets, solving one of the main challenges faced by new networks face: the “cold start” problem.
With strategic partnerships involving industry leaders such as Concrete, Veda Labs, Echelon, and Canopy, Movement Labs’ Cornucopia program equips the mainnet to support DeFi applications upon launch.
“Securing over $233 million in TVL through our Cornucopia program is a clear validation of the market’s confidence in Movement,” said Cooper Scanlon, Co-Founder of Movement Labs.
