According to a recent report by Fortune, Movement Labs, a pioneering Web3 company specializing in the development of an Ethereum layer-2 (L2) network, is gearing up for a venture funding round aiming to secure approximately $100 million.
The venture round would reportedly value Movement at approximately $3 billion.
The agreement confirms that Movement becomes the most recent blockchain development company to achieve “unicorn” standing, with a valuation exceeding $1 billion. As per Crunchbase, Celestia and Story Protocol are among the recently designated unicorns as well.
In the last quarter of 2024, I observed that Web3 projects collectively garnered approximately $1.6 billion in funding. This figure is notably lower compared to the peak quarters of early-2022, which saw over $11 billion being raised, but it’s worth noting that it surpasses the levels seen during the bear market in 2023, according to the data.
In 2024, Movement raised a $38 million Series A led by Polychain Capital, according to Fortune.
Related: Movement Foundation launches Movement Mainnet and MOVE token
A network on the MOVE
In December, the mainnet launch of Movement’s L2 project was finished, and it dispersed its own token, MOVE. This initial “beta” rollout is primarily aimed at welcoming infrastructure partners like nodes and indexers prior to broadening the user base.
As an analyst, I’d rephrase it like this: In a recent interview with CryptoMoon, I, Rushi Manche (co-founder of Movement), shared that our organization is setting itself apart by introducing a novel method for swiftly executing transactions directly on L2s.
As a crypto investor, I’ve been eagerly following the development of Ethereum L2 transactions, and one promising alternative that’s caught my attention is ‘fast finality postconfirmations’. Unlike traditional methods such as zero-knowledge (ZK) and fraud proofs, this new approach could potentially slash confirmation times to less than a second! According to Movement’s recent blog post in September, this speed upgrade could revolutionize the way we settle Ethereum L2 transactions.
In the words of Manche, “Optimistic rollups like Arbitrum, Optimism, and Base may require up to a week for confirmation, while zero-knowledge rollups can be costly.
Through post-verifications, apps that operate on the Movement’s L2 layer have the choice to direct transactions to a secure network of validators backed by the native MOVE token, according to Manche. In simpler terms, this means that these apps can optionally use the MOVE token secured network for transaction processing.
According to Manche, it’s possible to deploy a custom rollup with chosen validators, ensuring second-layer security, yet still transmit call data to Ethereum. This setup enables maintaining high transaction speed, and when needed, resolving transactions on Ethereum.
Among various Web3 developers, such as Aptos and Sui, are constructing blockchain platforms using Move, a programming language based on Rust.
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2025-01-08 20:45