Welcome to the Movement (powered by Move Industries) Overview. In this edition, we explore Move’s acquisition of Canopy, its investment into stablecoin payments and yield-bearing assets.
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Movement Metrics
Daily transactions: 36.1K (+47.9%)
Network transactions per second: 31 tx/s (+3.3%)
Daily active accounts: 6.1K (-11.6%
Total Value Locked: $169.8M (+7.3%)
Movement stablecoin market cap: $40.5M (-3.1%)
The metrics are accurate at the time of publication. The percentage change is over a month-on-month period.
Movement Monthly Spotlight
Movement on Tuesday said it has acquired Canopy, a vault platform that has been part of the Movement ecosystem since early in the network’s development. The deal will give the network access to Canopy’s vault infrastructure, which will operate alongside MovePosition, Movement’s native lending protocol.
Canopy lets users deposit assets and run trading strategies onchain, and allows applications built on top of it to customize product features, fees, and eligibility rules.
Movement says the acquisition is the latest step in its push to align itself with the ecosystem protocols built on top of it. Most networks rely on third-party protocols for core pieces of their financial stack, which tends to make the overall user experience feel fragmented.
The deal also lets Movement develop the vault layer and MovePosition’s credit protocol together rather than as separate stacks, and ensure they adopt the same approach and user experience.
Canopy also adds a yield and credit layer to Movement’s stack. Earlier this year, Movement launched USDCx, a stablecoin backed 1:1 by USDC and issued natively on the M1 network through Circle’s xReserve. Movement last week also invested in Stableyard, a stablecoin payments company building tools that lets merchants accept stablecoins as a form of payment.
Collectively, all three developments contribute to Movement’s financial stack, with each piece contributing a different part: USDCx provides a dollar-denominated asset, Stableyard provides access to merchants, and Canopy and MovePosition streamline the network’s exposure to the yield and credit markets.
What’s Move-ing the Ecosystem
Movement’s investment into Stableyard is so payment companies, fintechs, and neobanks can accept stablecoins using Movement’s network
Motion Wallet launched a self-custodial, Movement-native wallet
Movement selected MovePosition as its canonical lending and borrowing market, citing its cross-pool liquidity and adaptive risk models
Movement partnered with Avant Protocol to launch a yield-bearing stablecoin, savUSD, on the Movement network, in order to aggregate reward pools from multiple frameworks
Tapping into the Community
Want to dive deeper into the Move ecosystem?
Move Match launched its fantasy European football app, which awards tournament prizes in MOVE tokens
Movement is building a physical community hub in Nigeria dedicated to builders in the country
Torab Arya, CEO of Movement, spoke about cross-border payments, yield, and why it values alignment between ecosystem protocols and the broader network
Keep Moving
Want to explore Move Industries further?
Find the latest Movement job postings here
See Movement’s official developer documentation to learn how to run nodes on the network
Check out the Parthenon Odyssey to apply for Movement’s content creator program
Catch you next month.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.