Mover August Development Update

Mover
2 min readSep 11, 2023

Hello, Mover community! As August comes to an end, we are excited to share the events that transpired during this period. Additionally, we are ready to provide you with comprehensive details about our significant accomplishments.

Mover’s top achievements for August:

  • $MOVER staking live on Mainnet

Our dedication lies in advancing and broadening the utility of the $MOVER token, enhancing its value. At present, we’ve successfully concluded a substantial development phase concerning the staking feature for the $MOVER token on our platform. This innovative addition will empower token holders not only to actively engage in the platform’s ecosystem but also to secure an additional income stream.

The staking functionality will fortify our community’s participation and support, fostering the sustainable growth and evolution of our ecosystem. We firmly believe that this initiative will introduce a new level of flexibility and advantages to $MOVER token holders, and we eagerly anticipate providing them with this opportunity in the near future.

The staking model is designed based on ve-tokenomics, and it was first utilized in Curve Finance. By staking $MOVER tokens, users will have the opportunity to earn $veMOVER tokens. $veMOVER token holders can look forward to numerous benefits, and the first one is already in effect: owning $veMOVER enables a reduction of bridging fees by up to 100%!

VE-tokenomics was implemented because of the significant advantages it offers. The principles of VE-tokenomics may include the following aspects:

  1. Governance Voting: Holders of veMOVER tokens have greater voting weight when participating in votes on various protocol changes and proposals.
  2. Increased Participation: VE tokens can incentivize community involvement and activity by providing more opportunities for participation in governance.
  3. Enhanced Security: Mechanisms associated with VE tokens can enhance protocol security, as holders with larger stakes have more incentives to protect and support the protocol.

The number of veMOVER tokens earned is directly proportional to the duration for which Mover tokens are staked. Therefore, the longer the stake period, the more voting and other opportunities a user will have.

Information about other opportunities and utilities related to ve-tokenomics will be shared in our upcoming articles. Stay tuned for updates!

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Mover

Mover, the first cross-chain bridge and messaging protocol that will connect Aptos to other blockchains.