Ethereum L2 Move Labs Raises $38M for Move-EVM Adoption
Movement Labs, a vision to build a blockchain network based on Facebook's Move programming language, has raised $38 million in Series A funding.
The San Francisco-based blockchain development group received the funding led by Polychain Capital and backed by Aptos Labs, Bankless Ventures, OKX Ventures and eight other venture capital firms.
With Move-based Ethereum Virtual Machines (EVMs), Move Labs aims to enhance smart contract security and transaction flow in the Ethereum ecosystem.
Re-entry attacks, mathematical errors from incorrect calculations in contracts, and incorrect input validation are some of the most common vulnerabilities affecting smart contracts, Rushi Manche, co-founder of Movement Labs, told Cointelegraph.
According to Move Labs, Move-EVM protocols can help prevent common regeneration attacks, which have previously affected major protocols such as Curve and KyberSwap. In the year Between 2022 and 2023, the group estimates that it will cost more than $5.4 billion:
“Movement eliminates looping vulnerabilities by ensuring that resources are uniquely accessible by preventing repeated exploits. It also ensures that transactions complete before another can begin, blocking about 90% of the attack viruses found in Solidity.
The team launched M2, Move VM-based layer-2 for Ethereum in November 2023, introducing an execution environment designed for over 30,000 transactions per second (TPS).
At Move-EVMs, movement founder Rushi Manche wants developers to set the stage for building the “next Facebook” on-chain. He added:
“Move solves the weaknesses of Solidity (the smart contract programming language) and we are bringing it to market in a crypto-native way.”
The company plans to introduce a compatible execution layer framework called Move Stack, which will allow integration of aggregation frameworks from companies such as Optimism, Polygon and Arbitrum.
In addition, MoveVM supports local payment markets that help reduce gas congestion and further reduce resource costs. “The goal of our move is to deliver the speed and capacity needed for the mass adoption of Web3 applications,” Manche added.
The latest injection of funds will go towards global recruitment efforts and significant investment in Move's developer tools and education.
Related: OKX Launches Ethereum Layer-2 Network for Low Fees and Interoperability
Ahead of its $38 million Series A funding round, Movement Labs raised $3.4 million in a pre-seed round to support its upcoming public testnet, Parthenon.
Degen Chain, the new Ethereum layer-3 network, recently recorded the highest number of TPS in the Ethereum ecosystem.
On April 19, Dagen's TPS count increased 62% on the last day to 35.7 TPS – beating the base blockchain it was built on by 29.7 TPS, according to L2BEAT.
Multiplying Dagen's 35.7 TPS per day by 86,400 seconds means the memecoin chain processed 3.08 million transactions in that time frame.
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