San Francisco, April 25, 2024 /PRNewswire/ — movement lab, San Francisco-Secured by the based blockchain development team $38 million In a Series A funding round led by Polychain Capital. The funding will support the company's mission to bring Facebook's Move Virtual Machine to Ethereum, address vulnerabilities in smart contracts, and increase transaction throughput.
This investment round includes participation from prominent venture capital firms including Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs, which are committed to the Movement ecosystem. It shows strong confidence in the industry. .
Founded in 2022, Movement Labs introduces a new execution environment designed for 30,000+ transactions per second (TPS) while addressing widespread smart contract vulnerabilities within the Ethereum ecosystem. That's what I'm aiming for. By leveraging a fully EVM-compatible bytecode interpreter and Ethereum for payments, the Movement Zero-Knowledge Layer 2 blockchain brings parallelism and smart contract security to users who want to remain within the Ethereum ecosystem.
From 2022 to 2023, hackers exploited smart contracts for an extended period of time. $5.4 billion, affecting major protocols such as Curve and KyberSwap through common reentrancy attacks. Movement's Move-EVM enables Move and Solidity developers to deploy fully validated code at runtime and prevent attack vectors such as reentrancy from being executed. The team calls this an “integrated approach,” and he says it combines multiple modular elements such as shared sequences, embedded formal verification provers, alternative data availability, and Ethereum payments to strengthen a single blockchain and improve security and Enhance performance.
“The two biggest problems with blockchain infrastructure right now are poor user experience and smart contract abuse,” said Luci Mansch, co-founder of Movement. “My co-founder, cooper scanlon And I started building Movement to accelerate the pace of innovation in cryptocurrencies, allowing developers without the resources for large development teams or expensive auditors to build the next Facebook on-chain. did. Move addresses the shortcomings of Solidity and brings it to market in a crypto-native way. ”
In addition to the flagship Movement L2, Movement Labs introduces Move Stack, an execution layer framework that is compatible with many rollup frameworks from companies such as Optimism, Polygon, and Arbitrum. The team's vision is to collaborate with other Ethereum players to extend smart contract execution for users on all networks and unify them with a shared sequencer implementation.
“While most other rollup teams focus on scalability, a key insight for Movement is that scalability alone is not the reason it has yet to reach mass adoption. MoveVM is intuitive, bug-resistant, , provides a highly scalable developer experience. Combining these benefits with the network effects and base-layer security guarantees of the Ethereum ecosystem, Movement has created a thriving ecosystem that will be home to a new generation of mainstream applications. “We believe we can build this,” Polychain said. bobby benears In a statement.
The team previously announced that $3.4 million pre-seed round in September 2023. Users will be able to interact with the network this summer.
For more information about Movement Labs and a guide to joining DevNet, please see below. movementlab.xyzfollow X @movementlabsxyz And even more discord.
About Movement Lab:
co-founder, Luci Manche and cooper scanlonEarly builders of the Move ecosystem founded Movement Labs in 2022 as the first integrated blockchain network, powering the fastest and most secure Layer 2 on top of Ethereum. Designed to combine the security and parallelism of smart contracts with the liquidity and user base of EVM, Movement brings MoveVM to Ethereum through rollups connected to its flagship L2 and Move Stack.
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SOURCE Movement Lab
