Early On-Chain Data for Movement Network: Are There Real Users?
Movement Network has about 39,000 holding addresses, roughly 21,000 monthly active addresses, and nearly 570,000 cumulative accounts created. The wide gap between holding addresses and monthly active users suggests that a large number of accounts were registered but did not remain active. Considering that user onboarding began only with the mainnet launch, the current on-chain picture reflects a mix of early builders, test users, and spectators. The scale of genuinely active users is in the tens of thousands, and it is still too early to conclude that a stable, real community of users has formed.
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1. Basic Data First: Holding Addresses and Activity
What to do: Obtain Movement's holding addresses and transaction activity from on-chain explorers and token data platforms.
How to do it:
Open a block explorer that supports Movement (e.g., Movement Explorer) or a token data page (like Phantom, etc.).
Check the following core metrics:
Number of holding addresses: roughly 39,374, which has stayed stable around the 39,000 level recently
24-hour transactions: only 8 transactions, with 7 traders
24-hour trading volume: about $102, down more than 92% from earlier periods
When is it done: Confirm that there are about 39,000 holding addresses, but daily trading volume is extremely low – showing that most addresses are simply "holding" and not interacting on-chain.
The 39,000 holding addresses is a cumulative number and does not represent current active users. The daily trading volume of only about $100 and only 7 traders indicate that the actual scale of on-chain economic activity is tiny right now.
2. Looking at Account Growth and Contract Deployment: Ecosystem Building Phase
What to do: Examine the total number of accounts and developer activity on Movement to judge whether the ecosystem is growing.
How to do it:
Based on Movement Explorer data:
Cumulative accounts created: close to 570,000
Smart contracts deployed: 28,837
Contributing developers: 4,710
Monthly active addresses (MAU): about 21,400, with a recent increase of 17%
Transaction count: increased from 50,900 to 84,900, reaching a cumulative 2.8 million transactions in a single month
When is it done: Confirm that total accounts are about 570,000, but MAU is only 21,000 – many accounts are created and then fail to show sustained activity.
Prerequisite: Double-check that the numbers are mainnet data (Mainnet Beta launched in March 2025), not testnet data.
570,000 cumulative accounts vs. 21,000 MAU: a ratio of about 4%. This means the vast majority of accounts are "register and abandon" or "interact once and stop." The 21,000 MAU includes developers, test users, and real users, but the proportion cannot be accurately separated.
3. Checking Project Background: Who Is Participating
What to do: Infer user sources by looking at project funding, partners, and product deployments.
How to do it:
Funding background: Movement Labs is supported by the Movement Network Foundation and has received investment from well-known institutions. After the mainnet launch in December 2024, it attracted over $233 million in TVL.
Partner products that have launched:
KAST: Already has 18,000+ users across 160+ countries onboarded through Movement products
Sorted Wallet: Designed for feature phones, with 500,000+ downloads, covering Kenya, Nigeria, Tanzania, Pakistan
Circle / USDCx: Native stablecoin issuance on Movement
Token distribution: Total supply of 10 billion tokens, 10% for the community, 22.5% for investors, 10% for the foundation.
When is it done: Confirm that Movement has institutional backing and real partner products are live, but product users (e.g., KAST's 18,000 users) and on-chain active addresses (21,000 MAU) highly overlap – meaning current on-chain users are mostly channeled from these partner products rather than organic on-chain growth.
Common mistakes:
Confusing "product users" with "on-chain active users": KAST has 18,000 users, but that doesn't mean they interact on-chain every day. The 21,000 MAU includes such users, yet only 7 daily traders show that most are simply holding or participating occasionally.
TVL does not equal user count: There was $250 million in TVL at mainnet launch, but TVL may come from whales and institutions, not a large user base.
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4. Comparing Data to Assess Real User Scale
What to do: Bring all the data together and form a reasonable judgment.
How to do it:
| Data Dimension | Figure | Meaning |
|---|---|---|
| Holding Addresses | 39,000 | Total wallets holding MOVE |
| Monthly Active Addresses | 21,000 | At least one on-chain interaction in the past 30 days |
| Daily Traders | 7 | People actually transacting in the last 24 hours |
| Product Users (KAST) | 18,000 | Users registered through the partner product |
| Developers | 4,710 | Developers who have deployed a contract |
Analytical logic:
MAU of 21,000 > 7 daily traders, meaning most MAU are not "frequent traders"; they may be staking, holding, or interacting infrequently.
Product users (18,000) ≈ MAU (21,000) – heavily overlapping, indicating that current users are primarily drawn in by partner products, not organic ecosystem growth.
4,710 developers deployed 28,000+ contracts – an average of about 6 contracts per developer, showing decent developer activity.
When is it done: Form the judgment – Movement's current genuinely active users are likely in the range of thousands to 20,000, most coming from partner products, with independent on-chain users still in the very early stage.
Risk reminders:
Impact of the L2-to-L1 transition: Movement started as an Ethereum L2 and later upgraded to a standalone L1. This transition can cause user migration and liquidity fluctuations, and the current data may contain "noise" from this period.
Short-term hype from ETF and airdrops: MOVE distributed 1 billion tokens through a large airdrop, with a market cap of $1.6 billion on the first day. Most airdrop users are "claim-and-leave" and do not create real ongoing activity.
How to confirm you've reached a conclusion?
After gathering data through the four steps above, you can answer three questions clearly: 1) How many holding addresses does Movement currently have on-chain? About 39,000. 2) How many monthly active users? About 21,000. 3) What is the daily transaction volume? Extremely low (around $100) – which means the scale of truly active users is in the tens of thousands, far lower than the cumulative account count (570,000). The activity level of on-chain economic activity is still in the early construction stage. The next step is to continue tracking MAU growth trends (the recent 17% increase is a positive signal) and the rollout of DeFi applications (such as LayerBank) to judge whether the ecosystem can shift from "holding and watching" to "real usage."
