According to a report by The Block, exchange-traded product provider Rex Shares and its cryptocurrency division Osprey Funds have submitted the first exchange-traded fund (ETF) application in the United States to track the price of the native token MOVE of the Movement blockchain. On the same day this news was announced, Movement declared that its public testnet is now live.
According to the prospectus submitted on Monday, the fund will invest 80% of its net assets in MOVE tokens or related derivatives, and will operate through a subsidiary named REX-OspreyTM MOVE.
Movement is an experimental blockchain built using MoveOS (a programming language previously developed by Meta for its stablecoin project Diem), using the Move Virtual Machine (MoveVM) as its execution layer, and adopting a proof mechanism settled on the Ethereum blockchain. Its developers state that this architecture provides greater security and faster transaction finality through a process known as “postconfirmations.” Other blockchains that utilize the MOVE language include Aptos and Sui.
Launch of Public Testnet
The Movement Network Foundation announced on Monday that its Movement public testnet is now live, supporting the deployment of permissionless applications and user onboarding for the first time, allowing developers to freely deploy smart contracts on the Movement chain.
At the same time, Movement stated that its official cross-chain bridge, supported by the multi-chain interoperability protocol LayerZero, is also live, enabling users to bridge MOVE tokens between Movement and Ethereum. Other supported assets include USDT, USDC, WETH, and WBTC. It is important to note that for a period of time after the mainnet launch, users will be “temporarily” unable to bridge MOVE back to Ethereum. Subsequently, bridging assets from Movement to Ethereum will have a maximum waiting period of 3 days, while bridging from Ethereum to Movement will require no waiting.