Movement Launches Public Testing of Mainnet, Rex Shares and Osprey Funds Apply for MOVE ETF Listing

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 that tracks the price of the Movement blockchain’s native token, MOVE. On the same day this news was released, Movement announced 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 REX-Osprey^TM MOVE subsidiary.

Movement is an experimental blockchain built using MoveOS, a programming language previously developed by Meta for its stablecoin project Diem. It utilizes the Move Virtual Machine (MoveVM) as its execution layer and adopts a proof mechanism that settles on the Ethereum chain. Its developers claim that this architecture provides higher security and faster transaction finality through a process known as “postconfirmations.” Other blockchains that use the MOVE language include Aptos and Sui.

Launch of Public Testnet

Movement Network Foundation announced on Monday that its Movement public testnet is now live, supporting permissionless application deployment and user onboarding for the first time. Developers can now freely deploy smart contracts on the Movement chain.

Meanwhile, Movement stated that its official cross-chain bridge, supported by the multi-chain interoperability protocol LayerZero, is also online. Users can bridge MOVE tokens between Movement and Ethereum, with other supported assets including 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. Afterward, assets bridged from Movement to Ethereum will have a waiting period of up to three days, while bridging from Ethereum to Movement will incur no waiting time.