Ethereum L2 Movement Labs raises $38M for Move-EVM adoption

As someone who closely follows the blockchain and cryptocurrency industry, I’m thrilled to share my perspective on Movement Labs’ recent $38 million Series A funding round. This San Francisco-based team is making waves in the blockchain development world by focusing on Facebook’s Move programming language for building a network of secure and efficient blockchains.

As an observer, I’ve noticed Movement Labs’ ambitious plan to establish a network of blockchains utilizing Facebook’s Move programming language recently secured a significant investment of $38 million during their Series A funding round.

In a funding round headed by Polychain Capital and joined by Aptos Labs, Bankless Ventures, OKX Ventures, and eight additional venture capital firms based in San Francisco, the blockchain development team successfully raised the required funds.

Using Move-equipped Ethereum Virtual Machines (EVMs) from Movement Labs, we can improve both smart contract security and the number of transactions processed in the Ethereum network.

Speaking to CryptoMoon, Rushi Manche, the co-founder of Movement Labs, said that reentrancy attacks, arithmetic errors stemming from incorrect math within a contract and faulty input verification are some of the most common vulnerabilities impacting smart contracts.

I’ve come across Movement Labs’ claim that their Move-EVM solution can shield protocols from typical reentrancy attacks, which have previously targeted prominent projects such as Curve and KyberSwap. The team at Movement Labs calculates that smart contract vulnerabilities led to financial losses exceeding $5.4 billion between 2022 and 2023. Manche expressed:

“Move eliminates reentrancy vulnerabilities by ensuring resources are uniquely accessed, preventing recursive exploits. It also ensures that transactions are completed before another can start, blocking approximately as much as 90% of attack vectors found in Solidity.”

I had the privilege of witnessing the team’s groundbreaking introduction of M2, a VM-based layer-2 solution specifically built for Ethereum, back in November 2023. This innovative development offers an execution environment capable of handling over 30,000 transactions per second (TPS), setting new standards for network efficiency and scalability.

Using Move-EVM, Rushi Manche, the founder of Movement, aims to create an environment where developers can construct “the next generation social media platform” directly on the blockchain.

“Move addresses the shortcomings of Solidity (smart contract programming language) and we are bringing it to market in a crypto-native way.”

The business intends to unveil a universal execution layer named Move Stack, enabling seamless collaboration between rollup frameworks such as Optimism, Polygon, and Arbitrum.

Furthermore, MoveVM introduces local fee markets, enabling a more effective management of gas prices and resource usage. Manche stated, “Movement’s goal is to ensure both swiftness and affordability, essential components for widespread adoption of Web3 apps.”

The fresh infusion of funds will be allocated primarily towards expanding our workforce globally and making significant investments in Move’s development tools and employee training.

Before securing $38 million in their Series A funding, Movement Labs previously obtained $3.4 million during their pre-seed financing. This earlier investment helped facilitate the impending release of their public testnet named Parthenon.

I’ve noticed an intriguing development in the Ethereum world lately. Degen Chain, a novel Ethereum layer-3 network, has set a new record for the highest transactions per second (TPS) count within the entire Ethereum ecosystem.

I observed an impressive jump in Degen’s TPS count on April 19th, with a 62% increase from the previous day. This brought Degen’s TPS up to 35.7, surpassing the base blockchain’s TPS of 29.7, as reported by L2BEAT.

I observed as Degen’s memecoin chain handled an impressive 35.7 transactions per second (TPS). To put this into perspective, I calculated that within a standard 24-hour day consisting of 86,400 seconds, this equated to approximately 3.08 million completed transactions.

2024-04-25 18:14

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