They raised $38M. Aimed for a $1B vision 😦
Crypto influencers cheered.
Binance and Coinbase buzzed.
Airdrops flew. Hype soared.
But one silent move killed it all.
Here’s how $MOVE crashed before takeoff — and what it teaches us:
1.
The Hype Phase:
• $38M raised by movementlabsxyz
• Promised modular L2 for Move ecosystem
• Backed by a16z, Polychain, and other big VCs
• Airdrops promised. Community excited.
• Listing anticipation on Binance/Coinbase
2.
The Build:
• “M1” testnet launched
• Claimed to merge performance of Sui/Aptos with Ethereum compatibility
• Targeted DeFi, gaming, and consumer apps
• Devs + users = bullish
3.
The Fatal Move:
Then came the misstep.
• Tokenomics revealed
• Only 6% to the community
• ~30% to insiders (VCs, team)
• Rest locked in unclear terms
Trust shattered.
4.
Community Backlash:
• Crypto Twitter lit up
• “Decentralization theater” accusations
• Airdrop farmers dumped
• No clarity from the team
• Momentum lost before launch
5.
Lesson for Web3:
• It’s not just tech.
• Token design = trust architecture
• Over-VC’d projects lose grassroots support
• Community-first > VC-first
$MOVE had the tech.
But lost the narrative.
In Web3, your biggest asset is trust — not capital.
Don’t just build the next thing.
Build it with the people.