SAN FRANCISCO, April 25, 2024 /PRNewswire/ -- Movement
Labs, a San Francisco-based
blockchain development team, has secured $38
million in a Series A financing round led by Polychain
Capital. The funding will support the company's mission to bring
Facebook's Move Virtual Machine to Ethereum, addressing smart
contract vulnerabilities and enhancing transaction throughput.
The investment round saw 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, demonstrating strong industry
confidence in the Movement ecosystem.
Founded in 2022, Movement Labs aims to tackle the prevalent
smart contract vulnerabilities within the Ethereum ecosystem while
introducing a novel execution environment designed for 30,000+
transactions per second (TPS). By leveraging a fully EVM-compatible
bytecode interpreter and Ethereum for settlement, the Movement
Zero-Knowledge Layer 2 blockchain will bring parallelization and
smart contract security to users who wish to remain within the
Ethereum ecosystem.
Between 2022 and 2023, hackers exploited smart contracts for
over $5.4 billion, affecting major
protocols like Curve and KyberSwap through common reentrancy
attacks. Movement's Move-EVM allows Move and Solidity developers to
deploy code that is fully verified at runtime, preventing attack
vectors like reentrancy from executing. The team calls this the
"Integrated Approach", where multiple modular elements such as
shared sequencing, embedded formal verification provers,
alternative data availability, and Ethereum settlement can combine
to power one blockchain, enhancing security and performance.
"The two biggest issues in blockchain infrastructure at the
moment are poor user experience and smart contract exploits," said
Movement Co-Founder, Rushi Manche. "My Co-Founder,
Cooper Scanlon and I started
building Movement to increase the velocity of innovation in crypto
where the next Facebook can be built on-chain by developers who do
not have the resources for large development teams and expensive
auditors. Move addresses the shortcomings of Solidity and we are
bringing it to market in a crypto-native way."
In addition to the flagship Movement L2, Movement Labs will
introduce Move Stack, an execution layer framework that is
compatible with many of the rollup frameworks from companies like
Optimism, Polygon, and Arbitrum. The team's vision is to
collaborate with other Ethereum players to scale smart contract
execution for users on all networks and unify them with a shared
sequencer implementation.
"While the core focus of most other rollup teams is
scalability, Movement's key insight is that scalability alone is
not why we are yet to see mass adoption. The MoveVM offers a
developer experience that is intuitive and bug-resistant as well as
highly scalable. By marrying these benefits with the network
effects and base-layer security guarantees of the Ethereum
ecosystem, we believe Movement can build a flourishing ecosystem
that is home to a new generation of mainstream applications," said
Polychain's Bobby Beniers in a
statement.
The team had previously announced a $3.4
million pre-seed round in September
2023. Users will be able to interact with its network this
Summer.
For more information about Movement Labs and a guide to
participate in the devnet, please visit: movementlabs.xyz, follow
on X @movementlabsxyz and on Discord.
About Movement Labs:
Co-founders, Rushi Manche and Cooper
Scanlon, early builders in the Move ecosystem, founded
Movement Labs in 2022 as the first integrated blockchain network,
powering the fastest and most secure Layer 2 on Ethereum. Designed
to pair smart contract security and parallelization with EVM
liquidity and user bases, Movement is bringing the MoveVM to
Ethereum through its flagship L2 and connected rollups with the
Move Stack.
Media Contact:
media@movementlabs.xyz
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