MOVE is the native currency connecting our services. Move gives you access to multiple services and features, and is also required to participate in the governance module. On top of that, move owners can accumulate rewards to get gasless transactions on-chain!
Move was distributed fairly amongst protocol users back at the end of 2020. There was no public or private offering. Move wasn’t sold or offered, instead, every early user had a chance to get move for free simply by using Mover.
Move has many features. Every product on the platform is connected to and directly uses the token. Let’s take a closer look:
- Savings Plus is a permissionless savings product (as the name suggests 😅) that allows the protocol to earn rewards. A portion of those goes to the DAO, and another portion is stored in the Smart Treasury.
- Smart Treasury is a tool that allows move holders to accumulate free and gasless on-chain transactions (where the gas is paid from the rewards collected from Savings Plus). Smart Treasury also distributes additional move tokens to those that time lock their move tokens.
- The governance module allows move holders to participate in the critical protocol decisions and updates. For example, deciding on the technical integration of a new network, making updates to the protocol code base, etc.
- One of the new products - a permissionless UBT proxy staking that connects validators and stakers, requires stakers to lock move to receive delegated power.
- Finally, an upcoming Metacard’s fees are paid in move tokens. If you want to change a design or reserve a custom ID - you need to have move.
The breakdown was straightforward:
- 85% of the entire supply was distributed to the early supporters
- 5% goes to the DAO
- 10% goes to the founding team
There is a total maximum of 9,966,991 move tokens. Why such a weird number? Move was distributed to early protocol users, all organically and natively. Currently, 8,493,381 move tokens are in circulation. So what about the remaining 1,473,610 moves?
- 441,619 moves are stored in the DAO multisig. It means that since the initial distribution, DAO hasn’t used the tokens.
- 1,031,991 moves are stored in the founding team multisig here, here, and here. It also means that the team never used the rewards.
How to earn move?
The only way to earn move now is to time lock your move tokens in the Smart Treasury. By doing so, you will receive additional move tokens from the DAO and Savings Plus.
Here is a simple guide on how to time-lock your tokens in the Smart Treasury. Or you can head over to the web app and access Smart Treasury yourself.