Movement Labs Secures $38M in Series A Funding to Enhance Ethereum Network with Move-EVMs
Summary:
San Francisco-based tech company, Movement Labs, has raised $38m in a Series A funding round to further its project of building a series of blockchains utilizing Facebook's Move programming language. The team aims to use Move-based Ethereum virtual machines (EVMs) to enhance smart contract security and transaction speed within the Ethereum network. Some of the enhancements promised include protection from recurrent attacks and flawed input validation. The latest influx of funds will be invested in global recruitment and in the development and training of Move.
The San Francisco technology company, Movement Labs, which is working to create a series of blockchains utilizing Facebook's Move programming language, has successfully raised $38 million in a Series A funding round. The funding was procured with the help of venture capital firm Polychain Capital, Aptos Labs, Bankless Ventures and OKX Ventures, among others. The company's goal is to use the Move-based Ethereum virtual machines (EVMs) to increase transaction speed and bolster the security of smart contracts within the Ethereum network.
Movement Labs Co-founder, Rushi Manche, in a conversation with Cointelegraph, revealed that recurrent attacks, arithmetical errors originating from incorrect math functions within a contract, and flawed input validation are common weaknesses in smart contract systems. The company believes that its Move-EVM technology could shield protocols from recurrent attacks, which have previously disrupted major protocols like Curve and KyberSwap. These smart contract breaches are estimated to have resulted in over $5.4 billion in losses during the period of 2022 to 2023.
According to Manche, the Move technology safeguards against recurrent vulnerabilities by ensuring unique resource access and impeding recursive exploits. It also ensures transactions are entirely processed before subsequent transactions can begin, thus obstructing nearly 90% of attack methods that can compromise Solidity. To deliver an execution environment with a capacity to process over 30,000 transactions per second (TPS), the M2, a Move virtual machine-based layer for Ethereum, was launched by the company in November 2023.
Moving forward, the goal for Movement Labs, according to Manche, is to enable developers to create the "next Facebook" on-chain by using Move-EVMs to address the limitations of Solidity. The company is also planning to implement a cross-compatible execution layer framework, called Move Stack, that allows rollup frameworks from companies such as Optimism, Polygon, and Arbitrum to interact with each other. Furthermore, MoveVM supports localized fee markets that can moderate gas surges and further minimize resource consumption.
The latest boost in funding will be used to recruit internationally and to invest in Move developer tools and learning resources. Prior to this, Movement Labs secured $3.4 million in seed funding to assist in the upcoming launch of its public testnet, Parthenon.
Recently, Degen Chain, a new layer-3 network built on Ethereum, set a new record for the highest TPS count within the Ethereum ecosystem. On April 19, Degen's TPS count spiked by 62%, reaching 35.7 TPS — exceeding Base, the blockchain on which it is built, that recorded a TPS of 29.7, according to L2BEAT statistics. Over 24 hours, this means it processed just over 3.08 million transactions.
Published At
4/25/2024 6:00:00 PM
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