MuOn-decay MEdium-baseline NeuTrino beam facility (MOMENT) is a recently proposed neutrino oscillation experiment that is currently under consideration in China. Based on a novel accelerator concept, MOMENT is capable of delivering 15 MW neutrino beam produced with the decay of positively and negatively charged muons. In this study, the physics performance of MOMENT is briefly reviewed in its baseline setup, involving a 150 km baseline length and large gadolinium-doped Water Cherenkov detector. The prospects are discussed in the case of precision measurements on the Dirac CP phase $\delta_{CP}$, which MOMENT is shown to be able to measure by 18$^\circ$ resolution or better at 1$\,\sigma$ CL. It is examined how MOMENT performs as an independent experiment and also as a complementary facility to the future superbeam experiments.