X Space Review丨While the ecological development is in progress, what are the Alphas in the Movement ecosystem?

Recently, Rhythm invited Movement APAC BD Lead Joe Chen, Thunderhead co-founder Damon Spiegel, Gasyard co-founder Avinash, PicWe co-founder Beihai and Movewiffrens partner relations director Roy to visit Space to explore the Alpha opportunities of the Movement ecosystem. The following is the transcript of this Space.

BlockBeats: First, please introduce yourself briefly

Joe Chen:Hello everyone, I am Joe, currently responsible for the market development and community creation of Movement in the Asia-Pacific region. I am very happy to participate in this Space and introduce the winner of the Battle of Olympus to you.

Damon Spiegel:Hello everyone, I am one of the co-founders of Thunderhead. We believe that LST (Liquid Staking Protocol) should be available on every chain, so we built a Liquid Staking Protocol on Movement, which is a more noteworthy and exciting part of the Movement ecosystem. The construction of the Liquid Staking Protocol will be carried out together with the Movement TGE, and all participants, whether retail or institutional, will have the opportunity to obtain tokens to participate in liquidity staking and obtain rewards from the protocol.

Avinash:I am one of the founders of Gasyard. Gasyard is a very complex financial protocol. We aim to improve the user experience and solve the dilemma of developers. There are more and more chains in the market now, and each chain has its own unique advantages, which makes it difficult for users to make choices. For users, they just want to simply complete an operation, and all the technical details behind it are not what users care about very much. And giving users a smooth experience is also the direction we strive for. So we launched our first product - Gasyard Bridge, which allows you to transfer assets across chains in less than ten seconds.

Beihai:Hello everyone, I am Beihai. I entered the cryptocurrency industry in 2014, and have been building related technologies and infrastructure since then, for more than ten years. We have been focusing on the construction of underlying liquidity infrastructure since 2018. We found that blockchain has developed a lot in the previous two bull markets, initially with the development of BTC and then with the development of DeFi. But the biggest problem in the entire circle at present is liquidity. All public chains and applications are constantly locking up more liquidity resources. We need to find a way to release this liquidity. In the future, users will not need to learn any cross-chain knowledge or interaction knowledge. Users only need to own a certain asset of a certain ecosystem to realize full-chain consumption. We have invested a long time to achieve this goal, and PicWe has been focusing on this work. Discuss in detail later.

Roy：Hi everyone, I am Roy. Our project is Movewiffrens, a social media platform on the Movement ecosystem. Our target users are those who are interested in Movement and eager to learn more about the Move language. Currently, Movewiffrens has more than 110,000 total active users and 40,000 monthly active users. Indonesia, Vietnam and India are our largest markets.

BlockBeats：Recently, many new public chain ecosystems such as Monad and Berachain have held developer incentive competitions, which have attracted considerable attention. For listeners who are not familiar with the Movement ecosystem, can you briefly talk about why Movement held this Battle of Olympus event and what kind of ecological culture it showcases? Compared with other ecosystems, how are the selection criteria for the winners of this event different?

Joe Chen（Movement）：Movement has a program called Movedrop, which encourages everyone, whether user developers or content creators, to play their strengths and contribute to the entire ecosystem. This Battle of Olympus is more targeted at developers. We hope that this event can be the first global hackathon, encouraging entrepreneurs around the world to take this opportunity to experience the Movement ecosystem and develop blockchain applications for the next era through the move language. At the same time, it will stimulate entrepreneurs to boldly brainstorm and try any applications that have not yet appeared in the industry.

Movement demonstrates a diverse and inclusive culture. According to our data, there were about 2,000 projects submitted for this hackathon, and more than 30% of the projects participated in the form of teams. This means that the event attracted more than 3,000 to 4,000 developers from 20 to 30 countries and regions around the world. Many developers used the Move language for development for the first time. This is a very big breakthrough for the Move ecosystem. Compared with other ecosystems, the selection criteria for the winners of our event are different. There are three things we care about most. First is the team's execution ability. In the past two or three months, we have maintained communication with all the teams participating in the hackathon to observe their execution and collaboration capabilities. The second is the value point of product innovation, whether from the perspective of technological innovation or user experience. Finally, it is the native relevance to the Movement ecosystem and technology, observing which applications can only be achieved by using Movement's technology.

What makes us different from other ecosystem hackathons is that Movement did not participate in the judging process. The judging was entirely done by third-party VCs and industry veterans, such as Polychain partners. We just provided the judging criteria and the judges assisted in the scoring.

BlockBeats:As an LST protocol, Thunderhead can be regarded as the liquidity cornerstone of the Movement ecosystem, but unlike many LST protocols, Thunderhead places great emphasis on the development of a multi-chain ecosystem. Can you briefly introduce Thunderhead to the audience? And why is the strategy of multi-chain development important?

Damon Spiegel (Thunderhead):When you look at the entire industry of liquidity staking protocols (LST), you will find that only one or two LST tokens have a market penetration rate of more than 30%. Lido has a high penetration rate on Ethereum and also a high penetration rate in the Solana ecosystem. In addition, if you look at other ecosystems, you will find that many LST staking tokens have only 1%, 2% or 3% of the market share, and the staking volume is very small. For a protocol, if more than 30% of the native tokens are staked, it does add security, liquidity and decentralization to the protocol. So our philosophy is to implement a small Lido in each ecosystem, and there needs to be a liquid staking protocol in each ecosystem. We launched a protocol called Chainflip about a year ago, and the token staking rate reached 36%.

We think that increasing the staking rate can add additional security and liquidity to the protocol. We will also invite some professional node operators to support the verification process of the ecosystem, and we will introduce leading companies like Stake.US as validators. LST itself is also a governance token. All users who participate in staking have the right to vote to decide which validators we introduce. If we make any changes to the parameters or make adjustments to the validators or node operators, our users also have the right to vote to make decisions, but the reward part of the protocol is excluded.

Movement is indeed a big project. We have also tried to build a liquidity staking service platform on Chainflip. At the same time, we will support more protocols on Thunderhead, including Elixir, Arch Network, Mitosis, Covalent, and several projects in the 2025 product roadmap. In the Movement ecosystem, we also cooperate with DeFi projects, and these DeFi projects will also provide us with additional liquidity. Through these liquidity staking protocols, users can not only earn protocol rewards, but also strengthen the security of the protocol. This is our philosophy and vision, to build an LST liquidity staking protocol on each ecosystem. We are particularly excited that Thunderhead will be launched on the Movement ecosystem soon. The entire team is excellent and the entire ecosystem is also excellent. I would like to thank every listener here, thank you for listening and learning some information about Thunderhead.

BlockBeats: Gasyard is a bridge that brings liquidity into the Movement ecosystem. It focuses on gas optimization to minimize the cost of user onboarding. Can you briefly introduce to the audience how Gasyard optimizes gas costs? And what is the future development direction of Gasyard at the moment when chain abstraction and intention narrative are gradually emerging?

Avinash (Gasyard): Gasyard focuses on optimizing the overall user experience. At present, there are two working methods for traditional bridges, one is burning and casting, and the other is locking and releasing. In both methods, there will be multiple interactions in order to confirm each transaction. Users burn tokens on one chain, then wait for a period of time to confirm the transaction, and then add tokens to another chain, which involves multiple transactions and increases time and cost. But GasYard simplifies this process. If you want to send assets from chain A and want to receive them on chain B, GasYard can complete it more quickly. We use relays to process each transaction, ensuring that each transaction is carried out in real time, which greatly shortens the bridge time and reduces costs.

Chain abstraction and intention narrative, which the host just mentioned, are the next big trend, and everyone is exploring and looking for directions. Chain abstraction is not just about bringing users to the chain, but also allowing them to use any application, which is only part of it. More importantly, it serves developers. Building multi-chain infrastructure is complex, such as interoperability and cross-chain communication. We hope to reduce the complexity through chain abstraction, so that new developers can get started more easily. This is what chain abstraction means to GasYard. Gasyard plans to introduce new products in this area, such as payment and loan services. Through Gasyard, chain abstraction will continue to develop, and users and developers will be able to work seamlessly across chains.

BlockBeats: PicWe is also a liquidity protocol in the Movement ecosystem, maximizing asset returns for users. Can you briefly introduce PicWe and its B2B2C model to the audience? And what will be the main sources of income for PicWe users in the future?

Beihai (PicWe):Today's topic is the Alpha of the Movement ecosystem. As a project native to the Movement ecosystem, PicWe is committed to building infrastructure in the ecosystem, or more inclined to DeFi-type infrastructure. Today we mainly discuss how to find opportunities to make money in the Movement ecosystem. First of all, in the Movement ecosystem, we build PicWe with the end game as our goal. Looking back at the development of the cryptocurrency ecosystem, there was only Bitcoin in the first round. At that time, as long as you developed around BTC, you would have the opportunity to obtain some Alpha opportunities. In the second round of development, 28 public chains were built, and each public chain had the potential to become the second largest chain. After the rise of Ethereum, many Ethereum killers emerged, which brought many opportunities to everyone. If you participated in the Polygon ecosystem at that time, you would feel the huge benefits of the 170-fold increase in tokens in one month.

What is the end game? Currently, we see more than 500 chains being built, of which about 350 are active. Although the liquidity of the coin circle has increased from $80 million to $200 million, as the number of chains increases, liquidity is constantly dispersed. There is no new big narrative or opportunity for everyone to make money in this round of development because the funds are dispersed. PicWe foresaw that liquidity would be dispersed in the future during the last round of development, and the way for everyone to make money must be liquidity aggregation, so we carried out preliminary construction and development in 2018.

The core of PicWe is how to aggregate liquidity. A key to liquidity aggregation is the cross-chain bridge. Although it is feasible to use cross-chain bridges to transfer liquidity between chains, only fixed assets, such as mainstream assets, can be transferred, and medium and long-tail assets cannot be transferred through bridging. No matter what the bridge model is, it is similar to Walmart's supermarket warehousing, which can only provide suppliers or warehouses with their own specific goods.

What if you want to buy non-mainstream goods or other goods? We can see that platforms like Amazon and Taobao use the P2P model, and only this method can complete the transfer of any token. PicWe first solved this problem. Our approach is different from other projects. We are a complete bridge model, allowing users to use MOVE tokens to purchase any token on the Movement ecosystem.

We can foresee that there will be a scenario where many people hold MOVE after the Movement goes online. If a meme appears on the Base chain, you originally need to exchange MOVE for USDT, then transfer the assets to the Base chain through the cross-chain bridge, and then purchase the corresponding meme token. But with PicWe, users can directly use MOVE to purchase any token. For example, if you see a certain token, you can directly place an order with MOVE without bridging, because these assets are interoperable. This is the first step in our development.

The first step can only keep users in the ecosystem, but it still cannot solve the liquidity problem. The second step is the ultimate goal, that is, how everyone can earn the benefits of Web3 growth in liquidity. In fact, the core of Web3 is DeFi, and the core of DeFi is growth. Can we hold a token, such as MOVE or USDT on Movement, but enjoy the benefits of the entire chain? PicWe's P2P model can achieve this. Through liquidity market makers, users only need to hold one token to achieve P2P liquidity operations in a short time.

Under the existing DeFi model, how can LP get income? You can form a MOVE-USDT trading pair, but you can only get the income of MOVE-USDT, and you cannot get the income of MOVE-USDC or MOVE-SOLANA. In the PicWe ecosystem, users only need to provide a token such as MOVE to obtain all the liquidity on this chain and realize the liquidity income of the whole chain. For the development of the final game in the future, the first point is the whole chain payment. Another point is that all users only need to hold one token to continuously provide liquidity for any chain of the entire Web3, and users can get great benefits because your money is doing liquidity of different token trading pairs at all times.

In addition, we chose to develop on Movement because Movement TPS is relatively high, stable, and inclusive. Let me share a little story. PicWe was developed on Movement in the early days and used Movement's MEVM technology, which is Solidity's compatibility. I found that the entire deployment can be completed in 20 minutes. Movement is inclusive of Solidity and other technologies, which we believe is the future of public blockchains. Finally, many projects in the Movement ecosystem have not yet issued tokens, but it has the potential to grow from small to large.

BlockBeats: Past applications that were developed as social platforms seem to have failed. In your opinion, what is special about Movewiffrens? Can you briefly introduce Movewiffrens to the audience? And what unique advantages do you think the Movement ecosystem can bring to social protocols?

Roy (Movewiffrens):Other social file platforms are not completely failed. They have found their own user base. However, their lack of a clear target audience often leads to poor user experience and content quality. In contrast, our platform has a clear target audience, that is, those who actually participate in the Movement ecosystem and use the MOVE language.

We position ourselves as a social hub where various projects in the ecosystem gather, where users can learn and discuss the Movement ecosystem, and even research how to benefit from it. Clear positioning of the audience and goals ensures that Movewiffrens can stay focused in development. The development of the Movement ecosystem is closely related to the development of Movewiffrens, and as long as Movement continues to move forward, we will also remain active.

Our unique advantage is the people who have contributed to the growth of the Movement ecosystem. Of course, our growth has also benefited from the support we have received from Movement Labs. On the product side, we are developing a casual gaming platform where users can interact, play games and receive corresponding rewards. Once this feature is launched, I believe this will become another unique advantage of Movewiffrens.

Audience Question Session:

User 1: Will the Movement ecosystem provide financial support for the winning projects in the hackathon? The projects are relatively new, are there any user incentive plans in the future?

Joe Chen: All hackathon winners will receive support worth up to $100,000. Next, we will host Dev Connect and Thailand Blockchain Week in Bangkok, and all hackathon winning teams will also receive invitations to participate in offline events with us. There will be more news to share with you in the coming months, but no further details can be disclosed at this time.

Roy：After receiving the rewards, some users of Movewiffrens incentivize developers to continuously develop new features. As mentioned earlier, we are also focusing on developing a user interaction platform.

User 2: As a new Layer1, what are the latecomer advantages of Movement compared to Aptos? What strategy is currently being adopted for ecological growth?

Joe Chen：From the perspective of Movement, in addition to the mainnet we built ourselves, there is also a Layer2 based on Ethereum. In the ecosystem, in addition to DeFi, social and gaming tracks, we are also building infrastructure. Currently, there are 3-4 infrastructures that are ready to use the Movement framework to build their own Layer2. About a month ago, there was a financing news that mentioned two public chains: Lync and Nexio, which each completed a million-dollar seed round of financing. Both of these public chains used the Movement framework to create their customized public chains.

Our key strategy in the future is to promote a more diverse ecosystem. We believe that the next generation of Move must be a diversified ecosystem. We expect that in the future there will not only be Sui, Aptos and Movement, which are public chains based on the MOVE language. In addition, we also focus on the development of decentralized sequencers. As part of the underlying architecture, decentralized sequencers must connect all Layer2s built on the Movement Framework. This is also the focus of our future development.

Beihai：I would like to share some insights from the perspective of Builder. We have been developing the Solidity project for 10 years. We chose to launch our product on Movement, which took us five years to develop. The main reason is that Movement is inclusive. The Movement ecosystem is inclusive of both MOVE and Solidity projects, and the ecosystem will flourish in the future. Movement is not just a simple transfer of existing things. It is a collision of two ecosystems here, creating many innovations that were not possible in the past. Secondly, the Movement ecosystem TPS is relatively high. With the influx of many projects, whether the Movement chain can hold up and maintain sufficient speed is the key. Movement uses multiple sequencers, which enables TPS to reach a very high level. Movement's inclusiveness is also reflected in the concept of harmony and difference. I hope that all ecosystems can participate and jointly generate new momentum.

Damon Spiegel：I think the performance of the public chain is an important factor. Building on the Move language is also a unique advantage of this ecosystem. Another point is the community. I have not come across a new ecosystem that can attract nearly a million fans in a short period of time. Movement has a very strong developer community. Before TGE, there was a group of developers building products on the testnet. I think once the project launches the token, the next three to six months will have an impact on the entire industry. By 2025, this may become the new darling of the crypto field. I can't predict the future, but I am very optimistic about Movement

User 3: Will Movement have airdrop plans in the future?

Joe Chen:As long as users participate according to the Movedrop plan, there will be some airdrop shares in the future.