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.

HashKey recently announced that it allocated 300 million tokens to team incentives with a 36-month unlocking period after the launch of its native token HSK. How does this impact investors?

On Dec. 5, HashKey posted an official statement that explains the allocation of HSK tokens for team members. The notice stated that HashKey allocated 30% of its 1 billion token supply for the internal team which follows an unlocking period that consists of a minimum 3-month lock-up period and a 35-month linear release.

“We’d like to clarify key aspects of HSK’s tokenomics and team incentives structure: HSK has a total supply of 1 billion tokens, with 300 million allocated for team incentives,” HashKey wrote in the firm’s official statement.

HashKey said that the 30% token allocation for team members was done to support the growth of HashKey’s ecosystem. The firm claimed that the tokens will be used for licensed exchanges, investment services, tokenization and infrastructure solutions.

Tokens can also be used for exchange fee payments, trading discounts and accessing community incentives. Therefore, current team members and former employees who hold HSK have to adhere to the firm’s token management policies, which regulate issuing, holding and selling tokens in accordance with the lock-up schedule.

Moreover, the Hong Kong-based crypto exchange clarified that employee resignation does not allow former team members to get an early or full token unlock. This is done to prevent former employees from cheating the system and selling tokens before the unlock period.

As previously reported by crypto.news, HashKey first opened deposits for HSK on Nov. 7 at 07:00 UTC, while spot trading for the HSK/USDT pair started on Nov. 26 at 10:00 UTC. The opening of HSK withdrawals occurred on the next day, Nov. 27 at 10:00 UTC.

In the initial announcement, the exchange explained that it had prepared a supply of 1 billion tokens, with 65% of the tokens being allocated to marketing and business development while 30% of the supply went to the HashKey team.

What does the 30% HSK allocation for team members mean for investors?

On one hand, allocation of tokens before a new launch is common practice in the crypto sphere. It is meant to incentivize team members and align their interests with the success of the project. That way, they will be more motivated to work harder to develop the project.

In HashKey’s case, the 36-month linear release period suggests the team is committed to the project’s long-term development. The unlocking period also reduces the risk of a pump-and-dump happening, because team members are unable to sell tokens quickly to gain profit within the period.

On the other hand, setting aside a chunk of the token supply for team members means that there are fewer tokens available in circulation. Usually when the portion reserved for insiders is too high, there will be higher pressure for insiders to sell tokens.

When the lockup period ends and tokens start unlocking, the team could still potentially sell their tokens to realize profits, which would in turn increase supply and potentially lower prices. Therefore, investors would need to keep an eye on the unlocking timeline and the project’s development milestones.

According to data from CoinGecko, HashKey’s platform token is down 9.4% in the past day. HSK is currently trading hands at $1.31 at the time of writing. In the past week, the token has gone up by nearly 20% and has a fully diluted valuation of $1.3 billion. Though, there is no information about how many tokens are circulating on the market right now.