Movement Labs Raises $38 Million to Build Move-Based Network of Blockchains
Movement Labs, a San Francisco-based blockchain development team, has received a significant boost of $38 million in funding through a Series A round led by Polychain Capital. The funding round also saw support from Aptos Labs, Bankless Ventures, OKX Ventures, and eight other venture capital firms.
The team at Movement Labs is working on building a network of blockchains based on Facebook’s Move programming language. Their goal is to enhance smart contract security and transaction throughput within the Ethereum ecosystem using Move-based Ethereum virtual machines (EVMs).
According to Rushi Manche, the co-founder of Movement Labs, common vulnerabilities impacting smart contracts include reentrancy attacks, arithmetic errors, and faulty input verification. Move-EVM can help protocols fend off these vulnerabilities, with Manche stating that Move eliminates reentrancy vulnerabilities and blocks approximately 90% of attack vectors found in Solidity.
In November 2023, Movement Labs launched M2, a Move VM-based layer-2 for Ethereum, designed to handle over 30,000 transactions per second. The team aims to set the stage for developers to build the next generation of decentralized applications on-chain using Move-EVMs.
Additionally, Movement Labs plans to introduce a cross-compatible execution layer framework called Move Stack, which will allow interaction with rollup frameworks from companies like Optimism, Polygon, and Arbitrum. The company also aims to support localized fee markets to mitigate gas spikes and reduce resource expenditure for Web3 applications.
The latest funding will be used for global hiring efforts and investing in Move developer tooling and education. Prior to the Series A funding, Movement Labs had raised $3.4 million in a pre-seed round to aid the launch of its public testnet, Parthenon.
In related news, Degen Chain, a new Ethereum layer-3 network, recently recorded the highest TPS count in the Ethereum ecosystem, surpassing the blockchain it was built on. With the support of the funding and their innovative approach to blockchain development, Movement Labs is poised to make significant strides in the industry.
