April 25, 2024
Movement Labs Raises $38M for Move-EVM Adoption in Ethereum
Altcoins News

Movement Labs Raises $38M for Move-EVM Adoption in Ethereum

Movement Labs, a blockchain development team based in San Francisco, has secured a significant boost of $38 million in a Series A funding round. The aim behind this funding is to propel the adoption of Move-EVM, a network of blockchains based on Facebook’s Move programming language.

Enhancing Ethereum’s Smart Contract Security and Throughput

Movement Labs intends to enhance smart contract security and transaction throughput within the Ethereum ecosystem through Move-based Ethereum virtual machines (EVMs). Rushi Manche, co-founder of Movement Labs, highlighted common vulnerabilities impacting smart contracts, including reentrancy attacks and arithmetic errors.

Move-EVM: A Solution to Smart Contract Vulnerabilities

According to Movement Labs, Move-EVM can combat reentrancy attacks, which have previously affected major protocols like Curve and KyberSwap, leading to significant losses in the crypto market. Move-EVM ensures resources are uniquely accessed, preventing recursive exploits and completing transactions before initiating new ones.

Introducing M2: A High-Performance Layer-2 for Ethereum

In November 2023, the team introduced M2, a layer-2 solution for Ethereum built on Move VM. M2 introduces an execution environment capable of handling over 30,000 transactions per second (TPS), setting the stage for developers to build innovative applications within the Ethereum ecosystem.

The Vision for Move-EVM and Move Stack

Rushi Manche envisions Move-EVM as a platform for developers to build the next generation of decentralized applications, addressing the shortcomings of Solidity. The company also plans to introduce Move Stack, a cross-compatible execution layer framework, facilitating interaction with rollup frameworks from companies like Optimism, Polygon, and Arbitrum.

Global Expansion and Development Focus

The $38 million Series A funding will support global hiring efforts and investment in Move developer tooling and education. Movement Labs aims to deliver the speed and affordability necessary for mass adoption of Web3 applications.

Degen Chain Sets Ethereum TPS Record

In related news, Degen Chain, a new Ethereum layer-3 network, achieved a record-high transaction per second (TPS) count within the Ethereum ecosystem. On April 19, Degen’s TPS reached 35.7, surpassing the blockchain it was built on, Base, according to L2BEAT.

Source: L2BEAT

Conclusion

With the successful funding round and the promising developments in Ethereum’s layer-2 and layer-3 networks, the crypto community anticipates significant advancements in smart contract security, transaction throughput, and decentralized application development.

Image by freepik

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