Movement Labs, with a vision to construct a blockchain network utilizing Facebook's Move programming language, has successfully secured $38 million in Series A funding. The financing round, led by Polychain Capital, saw participation from Aptos Labs, Bankless Ventures, OKX Ventures, and eight other venture capital firms, demonstrating strong investor confidence in the San Francisco-based blockchain development team.
The primary objective of Movement Labs is to bolster smart contract security and transaction throughput within the Ethereum ecosystem through the utilization of the Move-based Ethereum Virtual Machine (EVM). Co-founder Rushi Manche highlighted common vulnerabilities affecting smart contracts, including reentrancy attacks, arithmetic errors, and incorrect input validation. Move-EVM, according to Movement Labs, can mitigate such vulnerabilities by ensuring unique resource access, thereby thwarting recursive attacks and blocking a significant portion of attack vectors found in Solidity.
M2, Movement Labs' Ethereum layer 2 solution based on Move VM, was launched in November 2023. It introduced an execution environment capable of handling over 30,000 transactions per second (TPS). Manche envisions leveraging Move-EVM to pave the way for developers to create the "next Facebook" on the blockchain, addressing the limitations of Solidity in a crypto-native manner. Moreover, Movement intends to launch Move Stack, a cross-compatible execution layer framework enabling interaction with rollup frameworks like Optimism, Polygon, and Arbitrum.
MoveVM incorporates localized fee markets to mitigate gas spikes and reduce resource expenditures, aligning with Movement's goal of delivering the speed and economics necessary for the widespread adoption of Web3 applications. The recent funding infusion will primarily support global recruiting efforts and substantial investments in Move developer tools and education. Prior to the Series A round, Movement Labs raised $3.4 million in pre-seed funding to facilitate the development of its upcoming public testnet, Parthenon.
Degen Chain, a novel Ethereum three-layer network, has recently achieved the highest TPS count in the Ethereum ecosystem. On April 19, Degen's TPS surged by 62% from the previous day, reaching 35.7 TPS, surpassing the blockchain Base it constructed, which attained 29.7 TPS, as per data from L2BEAT.
