According to a report by The Block, exchange-traded product provider Rex Shares and its cryptocurrency division Osprey Funds have submitted the first application in the United States for an exchange-traded fund (ETF) that tracks the price of the Movement blockchain’s native token, MOVE. On the same day this news was released, Movement announced the launch of its public testnet.
According to the prospectus submitted on Monday, the fund will invest 80% of its net assets in MOVE tokens or related derivatives, operating through a REX-OspreyTM MOVE subsidiary.
Movement is an experimental blockchain built using MoveOS, a programming language developed internally by Meta for its stablecoin project Diem. It uses the Move Virtual Machine (MoveVM) as its execution layer and employs a proof mechanism settled on the Ethereum blockchain. Its developers claim that this architecture provides higher security and faster transaction finality through a process known as “postconfirmations.” Other blockchains utilizing 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, initially supporting permissionless application deployment and user onboarding. Developers can now 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, allowing 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 after the mainnet launch, users will be “temporarily” unable to bridge MOVE back to Ethereum. Subsequently, there will be a maximum waiting period of 3 days for assets bridged from Movement to Ethereum, while bridging from Ethereum to Movement will incur no waiting time.
