Movement to pivot to standalone Layer 1 blockchain after past controversy
Quick Take Move Industries will transition the Movement project from a sidechain to a standalone Layer 1 blockchain. In May, Movement co-founder Rushi Manche was dismissed following a scandal involving 66 million MOVE tokens.
Move Industries, the company behind the Movement project, revealed plans on Tuesday to transition into a Layer 1 network from a sidechain, aiming to deliver performance improvements and enable native token staking.
In a thread of X posts on Tuesday, Move Industries said it has hit its ceiling as a sidechain, and a Move-based L1 can help reach 10,000 transactions per second at sub-second latency. That represents a leap from the current 500-600 TPS limitation, the company said in a Tuesday statement .
The L1 transition will also unlock Move 2.0, the company said. "Move 2 updates Move, the best smart contract language. It allows for enum types, index notation, compound statement, and more," the company added.
The planned L1 network is set to feature native staking, supported by a validator network that helps secure Movement. Under this new design, locked MOVE tokens would be excluded from staking eligibility.
The company plans to launch a developer testnet in the near future, with a mainnet migration targeted for the end of 2025, according to the statement.
The project noted that the migration is expected to be seamless for users, requiring no action on their part. All existing funds, smart contracts, and network activity are set to carry over unchanged.
Onchain activity on Movement has accelerated in recent months. Movement's total value locked climbed to $200.6 million as of Wednesday, up from $156.2 million at the start of September, according to Defilama data . Movement DEX volume jumped to $343.6 million in August, more than tripling from $110.4 million in July.
MOVE, the native token of Movement, climbed 1.9% in the past 24 hours to trade at around $0.13 as of 3:30 a.m. ET Wednesday, according to The Block's price page . It has a market capitalization of $349 million.
In May, Movement Labs dismissed co-founder Rushi Manche after revelations of a controversial market-making scandal involving 66 million MOVE tokens, about 5% of the supply. The company then restructured under new leadership as Move Industries, led by early employees Torab You and Will Gaines, pledging greater transparency and stronger community engagement.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cobie: Long-term trading
Crypto Twitter doesn't want to hear "get rich in ten years" stories. But that might actually be the only truly viable way.

The central bank sets a major tone on stablecoins for the first time—where will the market go from here?
This statement will not directly affect the Hong Kong stablecoin market, but it will have an indirect impact, as mainland institutions will enter the Hong Kong stablecoin market more cautiously and low-key.

Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire
A few days before his death, Munger asked his family to leave the hospital room so he could make one last call to Buffett. The two legendary partners then bid their final farewell.

Stacks Nakamoto Upgrade
STX has never missed out on market speculation surrounding the BTC ecosystem, but previous hype was more like "castles in the air" without a solid foundation. After the Nakamoto upgrade, Stacks will provide the market with higher expectations through improved performance and sBTC.

