During the first 90 days, MOR is not transferable. This means stakers will accumulate a MOR balance, but cannot withdraw it until 90 days. At the 90 day point, a liquidity pool for MOR/stETH will be created (on Arbitrum), a market price will be established, and the token will be transferable like normal. This was done to prevent absurd market price on day 1 when supply is negligible.