Monolithic blockchain company Movement Labs secured $38 million in Series A funding from Polychain Capital on April 25th. This investment will support Movement Labs' mission to bring Facebook's Move Virtual Machine to the Ethereum ecosystem.
According to co-founder Luci Munsch, this $38 million funding confirms that potential investors highly value Movement Labs’ ability to improve the Ethereum ecosystem. That's what it means.
Movement Labs aims to address two key challenges facing blockchain infrastructure: smart contract vulnerabilities and transaction processing limitations.
Addressing smart contract vulnerabilities and scalability issues
What is movement? pic.twitter.com/XdUNh5FtAI
— Movement (@movementlabsxyz) April 25, 2024
Prominent venture capital firms participated in this funding round, including Hack VC, OKX Ventures, Placeholder, Robot Ventures, and Nomad Capital.
Move world.
Today, we are pleased to announce a $38 million Series A. @polychain pic.twitter.com/ZNe5XiMxAn
— Movement (@movementlabsxyz) April 25, 2024
Integrating Facebook's Move programming language into Ethereum will enable teams to strengthen the security of smart contracts and enable more than 30,000 transactions per second (TPS) through a new zero-knowledge layer 2 blockchain solution .
The Move-EVM (Ethereum Virtual Machine) compatibility layer introduced by Movement is designed to prevent common attack vectors such as re-entrancy exploits that allow malicious parties to exfiltrate funds from smart contracts. I am.
Movement's approach allows developers to fully deploy these validated codes at runtime to mitigate vulnerabilities.
The Ethereum Layer 2 company also plans to expand its workforce by hiring top talent across engineering, research, product development, and other key functions.
Additionally, the company will double its zero-knowledge proof engineering capabilities and push the boundaries of scalability and privacy within the Ethereum ecosystem.
Movement Labs Roadmap and Integrated Approach
This Series A funding will accelerate Movement Labs' efforts to address the pressing issue of smart contract vulnerabilities and user experience limitations within the blockchain ecosystem.
In particular, hackers exploited smart contracts in 2022-2023. This led to him targeting major protocols such as Curve and KyberSwap through common re-entrancy attacks, resulting in huge losses.
Movement's Move-EVM solution allows both Move and Solidity developers to deploy code that is validated at runtime, effectively mitigating these common exploits.
“The two biggest problems in blockchain infrastructure are poor user experience and smart contract abuse,” admitted Luci Manche. “My co-founder Cooper Scanlon and I are building a cryptocurrency that allows developers who don’t have the resources for large development teams or expensive auditors to build the next Facebook on-chain. We started building a movement to increase the speed of innovation at Move, which addresses the shortcomings of Solidity and brings it to market in a crypto-native way.”
Movement Labs had secured $3.4 million in a pre-seed funding round in September 2022.
The company is preparing to launch its public testnet, Parthenon, in the coming weeks. The company plans to roll out its mainnet by the end of 2024.
Users can expect to interact with the Movement network this summer and mark anticipated milestones on the company's roadmap.
