Cornucopia is a year-long campaign aimed at providing liquidity for apps in the new and growing Movement Network DeFi ecosystem. By depositing to Movement Network vaults, liquidity providers can earn yield on their assets in the form of returns in the MOVE token, and also through picking up various different kinds of points rewards, depending on the protocols involved in the process.
Movement Network is a new blockchain development, and Cornucopia is a Movement Network DeFi initiative aimed at channeling liquidity into the ecosystem, and offering future rewards for depositors in the form of yield and points. That means there is plenty of potential for future growth, and users now have the opportunity to participate early, with incentives on offer.
So, let’s take a look at exactly what Movement Network is, and at how to take part in the Cornucopia plan, but before that, you should always be aware of the risks involved, which include: smart contract vulnerabilities, loss of market liquidity, stablecoin depegs, frontend attacks, and the possibility of systemic risks across DeFi and crypto. Please note that this guide is neither financial advice nor an endorsement of the protocols involved.
What Is Movement Network?
Rather than a Layer-2, Movement Network is more accurately classified as a sidechain. It uses the Move programming language–which was developed at Meta, has a strong focus on security, and is utilized by Aptos and Sui (and for a comparison of thoese two chains, please check this deep dive from last year), but Movement Network is EVM-compatible and ultimately settles on and is secured by Ethereum.
Movement launched its mainnet beta, along with the MOVE token–which is used on the network for gas and staking–towards the end of last year, and it has been gaining traction since then.
The Movement Network ecosystem is broad and expanding–taking in app chains, DeFi, SocialFi, gaming and NFTs, plus more–while notably, the Trump-connected World Liberty Fi project has been scooping up MOVE and currently holds tokens to the value of around $2.2 million.
What Is Cornucopia?
In order to get the Movement Network ecosystem operating smoothly, Cornucopia was launched last month. This is a year-long liquidity-boosting program aimed at helping to kickstart Movement’s DeFi ecosystem, and it offers yield rewards for depositors contributing to the network.
Cornucopia is currently in its first phase, with more to follow later in the year, and users can now make deposits through BTC, ETH, WETH and some ETH Liquid Staking Tokens, various stablecoins, and there are plans to utilize the MOVE token.
Deposits can be made to a range of vaults, and those assets will then be used to channel liquidity to Movement-based apps.
Deposit to Movement Vaults
A straightforward way to deposit and provide future liquidity to Movement as part of the Cornucopia initiative, is through Concrete, which is a “DeFi liquidity metalayer”, meaning it can move liquidity around various Layer1 and Layer2 ecosystems and their apps, operating multiple vaults, and providing yield returns to depositors.
One such Concrete product is its Movement section, and if you visit that you’ll see that it operates Movement vaults taking in deposits in BTC, ETH, and stablecoins, and offering rewards in MOVE APR, along with…
