Movement Labs promises to improve Ethereum smart contract security and transaction speed using Facebook’s Move-based Ethereum virtual machines.
The Series A funding round contributed $38 million to Movement Labs’ objective of constructing a blockchain network utilizing Facebook’s Move programming language.
The San Francisco-based blockchain development team obtained the necessary capital in a funding round led by Polychain Capital and supported by Aptos Labs, Bankless Ventures, OKX Ventures, and eight other venture capital firms.
Movement Labs endeavors to augment transaction efficiency and the security of smart contracts by utilizing Move-based Ethereum virtual machines (EVMs) within the Ethereum ecosystem.
Co-founder of Movement Labs Rushi Manche told Cointelegraph that the most prevalent vulnerabilities affecting smart contracts are reentrancy attacks, arithmetic errors resulting from incorrect math within a contract, and flawed input verification.
Movement Labs asserts that Move-EVM can assist protocols in defending against prevalent reentrancy attacks, which have previously compromised prominent protocols such as KyberSwap and Curve. Between 2022 and 2023, the team estimates that brilliant contract exploits alone caused losses of over $5.4 billion. Manche declared:
“Move eliminates reentrancy vulnerabilities by ensuring resources are uniquely accessed, preventing recursive exploits. It also ensures that transactions are completed before another can start, blocking approximately as much as 90% of attack vectors found in Solidity.”
The team introduced the M2 layer-2 for Ethereum in November 2023. It is built upon the Move VM framework and features an execution environment capable of processing over 30,000 transactions per second (TPS).
Rushi Manche, co-founder of Movement, intends for Move-EVMs to pave the way for developers to construct “the next Facebook” on-chain. His further statement was:
“Move addresses the shortcomings of Solidity (smart contract programming language) and we are bringing it to market in a crypto-native way.”
Additionally, the organization intends to unveil Move Stack, a cross-compatible execution layer framework that will facilitate communication between rollup frameworks developed by Optimism, Polygon, and Arbitrum.
In addition, localized fee markets are supported by MoveVM, which can aid in mitigating gas surges and further reduce resource consumption. Manche stated, “Our objective with Movement is to provide the affordability and speed required for widespread adoption of Web3 applications.”
The most recent capital infusion will be reallocated to worldwide recruitment endeavors and substantial investments in Move developer education and tools.
Movement Labs amassed $3.4 million in the pre-seed round before the $38 million Series A funding to finance the forthcoming introduction of its public testnet, Parthenon.
A new layer-3 network on Ethereum, Degen Chain, recently surpassed all other networks in the Ethereum ecosystem in terms of TPS.
According to L2BEAT, on April 19, Degen’s TPS count increased by 62% over the previous day to 35.7 TPS, surpassing the 29.7 TPS of Base, the blockchain it was built upon.
When Degen’s 35.7 TPS is multiplied by 86,400 seconds daily, 3.08 million transactions were processed on the memecoin chain.