Welcome to the Movement (powered by Move Industries) Overview. In this edition, we explore USDCx’s expansion to the M1 network, a new liquid staking protocol, and product updates.
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Movement Metrics
Daily transactions: 24.4K (+44.4%)
Network transactions per second: 30 TPS (-11.8%)
Daily active users: 6.9K (+60.5%)
Total Value Locked: $158.2M (+4.6%)
Movement stablecoin market cap: $41.8M (-2.1%)
The metrics are accurate at the time of publication.
Movement Network integrates USDCx to improve support for stablecoins
The partnership enables USDCx, a stablecoin backed 1:1 by USDC through Circle xReserve, to be issued natively on Movement’s M1 network when users bridge their USDC over. Transfers between USDCx and USDC will be verified by xReserve.
Stablecoins that rely on third-party bridges to move assets from one chain to another face a layer of security risks. For example, if a bridge were to be exploited, the stablecoin could face security issues where extra amounts that aren’t properly backed, be minted.
Movement is seeking to circumvent such risks with this integration, as USDCx is issued directly on the M1 network and carries the same reserve backing as USDC itself, with no added counterparty exposure from bridge operators.
USDCx will provide Movement another liquidity layer for DeFi protocols like lending markets, exchanges, and yield products.
The integration will also help Movement-based neobanks and fintech companies, such as KAST, build payment and savings products on top of USDCx. This extends Movement’s reach beyond DeFi into consumer-facing financial applications, as USDC is the second-largest stablecoin by market cap, and USDCx is integrated across more than 30 other blockchains.
USDCx is also interoperable with USDC through Circle's Cross-Chain Transfer Protocol (CCTP) and Circle Gateway, which enables it to connect Movement's liquidity to the broader USDC ecosystem. This will serve to free up capital from siloes within Movement, and consequently bolster the network’s DeFi and payments ecosystems.
What’s Move-ing the Ecosystem
Movement launched a native liquid staking protocol for its MOVE token
Movement’s daily active accountshit a new high for this year on March 14 at 56.2K, coinciding with the launch of DoubleUp’s $20K wager contest
Meridian launched Assetto, a stablecoin yield layer that aims to connect non-USD stablecoin liquidity to regulated, tokenized sovereign bond products
MoversMap launched a platform that rewards user generated content created around Movement ecosystem apps
PopX released a physical vinyl plush of Movement’s mascot, Moveus
The Kagari, in collaboration with MovePosition and Nightly, launched a Japan-based, dedicated Movement ecosystem news platform
GUI INU is expanding its memecoin to the Movement network
Keep Moving
Want to explore Move Industries further?
Find the latest Move Industries job postings here
See Movement’s official developer documentation to learn how to run nodes on the network
Check out the Parthenon Odyssey to apply for Movement’s content creator program
Catch you next month.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.