Ethereum Layer 2 project, has raised $38 million in funding to support the adoption of Move-EVM
In the dynamic landscape of blockchain technology, Movement Labs emerges as a beacon of innovation, spearheading transformative advancements in smart contract security and transaction efficiency within the Ethereum ecosystem. Central to their groundbreaking initiatives is the utilization of Facebook’s Move-based Ethereum virtual machines (EVMs), marking a paradigm shift in blockchain development and decentralization.
Securing a momentous boost of $38 million through a Series A funding round, Movement Labs embarks on a journey to realize its visionary goal of constructing a network of blockchains rooted in Facebook’s Move programming language. This substantial investment, led by Polychain Capital and backed by Aptos Labs, Bankless Ventures, OKX Ventures, and an array of venture capital firms, underscores the profound confidence in Movement Labs’ pioneering approach.
At the heart of Movement Labs’ mission lies a commitment to fortifying smart contract security and amplifying transaction throughput within the Ethereum ecosystem through Move-based EVMs. In a candid conversation with Cointelegraph, Rushi Manche, co-founder of Movement Labs, sheds light on the prevalent vulnerabilities plaguing smart contracts, including reentrancy attacks, arithmetic errors, and flawed input verification.
According to Movement Labs, the implementation of Move-EVMs presents a formidable defense mechanism against common reentrancy attacks, which have historically impacted prominent protocols such as Curve and KyberSwap. The staggering estimate of over $5.4 billion in losses attributed to smart contract exploits between 2022 and 2023 underscores the urgency of addressing these vulnerabilities. Manche articulates the pivotal role of Move in eliminating reentrancy vulnerabilities, ensuring unique resource access, and preempting recursive exploits. Furthermore, Move’s architecture facilitates the sequential completion of transactions, thwarting a substantial portion of attack vectors prevalent in Solidity, the incumbent smart contract programming language.
The unveiling of M2, a Move VM-based layer-2 solution for Ethereum in November 2023, heralds a new era of scalability and efficiency in blockchain execution. Designed to support over 30,000 transactions per second (TPS), M2 embodies Movement Labs’ commitment to pushing the boundaries of transaction throughput while maintaining robust security measures. Rushi Manche envisions Move-EVMs as the cornerstone for developers to build the next generation of decentralized applications, paving the way for innovative solutions akin to the transformative impact of Facebook.
In addition to bolstering smart contract security and scalability, Movement Labs endeavors to foster interoperability within the blockchain ecosystem through the introduction of Move Stack—a cross-compatible execution layer framework. By facilitating seamless interaction with rollup frameworks from industry giants such as Optimism, Polygon, and Arbitrum, Move Stack catalyzes collaboration and innovation across disparate blockchain platforms.
Moreover, MoveVM’s support for localized fee markets holds the promise of mitigating gas spikes and optimizing resource allocation, thereby enhancing the affordability and accessibility of Web3 applications. Manche articulates Movement Labs’ overarching mission to deliver unparalleled speed and cost-effectiveness, driving mass adoption and democratizing access to decentralized technologies.
The infusion of $38 million in Series A funding will propel Movement Labs’ global expansion efforts, enabling strategic talent acquisition and substantial investments in Move developer tooling and education. Prior to this landmark funding round, Movement Labs had raised $3.4 million in a pre-seed round, laying the groundwork for the imminent launch of its public testnet, Parthenon—a pivotal milestone in realizing its ambitious vision.
Amidst the dynamic landscape of blockchain innovation, Degen Chain emerges as a testament to the scalability and resilience of Ethereum’s ecosystem. Recording the highest TPS count among Ethereum layer-3 networks, Degen Chain’s meteoric rise underscores the relentless pursuit of scalability and efficiency within the blockchain space. With a TPS count exceeding 35.7 on April 19, Degen Chain outpaced its foundational blockchain, Base, further solidifying Ethereum’s position as a frontrunner in blockchain scalability.
In conclusion, Movement Labs stands at the vanguard of blockchain innovation, leveraging Facebook’s Move-based Ethereum virtual machines to redefine the parameters of smart contract security, scalability, and interoperability within the Ethereum ecosystem. As the blockchain landscape continues to evolve, Movement Labs remains steadfast in its mission to revolutionize decentralized technologies and propel the industry towards a future defined by inclusivity, accessibility, and resilience.
