Movement Labs Scores $38 Million to Bring Facebook’s Move Virtual to Ethereum

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;span><&sol;strong> &&num;8212&semi; <u>Movement Labs<&sol;u>&comma; a <span class&equals;"xn-location">San Francisco<&sol;span>-based blockchain development team&comma; has secured <span class&equals;"xn-money">&dollar;38 million<&sol;span> in a Series A financing round led by Polychain Capital&period; The funding will support the company&&num;8217&semi;s mission to bring Facebook&&num;8217&semi;s Move Virtual Machine to Ethereum&comma; addressing smart contract vulnerabilities and enhancing transaction throughput&period;<&sol;p>&NewLine;<p>The investment round saw participation from venture capital firms including Hack VC&comma; Placeholder&comma; Archetype&comma; Maven 11&comma; Robot Ventures&comma; Figment Capital&comma; Nomad Capital&comma; Bankless Ventures&comma; OKX Ventures&comma; dao5&comma; and Aptos Labs&comma; demonstrating strong industry confidence in the Movement ecosystem&period;<&sol;p>&NewLine;<p>Founded in 2022&comma; Movement Labs aims to tackle the prevalent smart contract vulnerabilities within the Ethereum ecosystem while introducing a novel execution environment designed for 30&comma;000&plus; transactions per second &lpar;TPS&rpar;&period; By leveraging a fully EVM-compatible bytecode interpreter and Ethereum for settlement&comma; the Movement Zero-Knowledge Layer 2 blockchain will bring parallelization and smart contract security to users who wish to remain within the Ethereum ecosystem&period;<&sol;p>&NewLine;<p>Between 2022 and 2023&comma; hackers exploited smart contracts for over <span class&equals;"xn-money">&dollar;5&period;4 billion<&sol;span>&comma; affecting major protocols like Curve and KyberSwap through common reentrancy attacks&period; Movement&&num;8217&semi;s Move-EVM allows Move and Solidity developers to deploy code that is fully verified at runtime&comma; preventing attack vectors like reentrancy from executing&period; The team calls this the &&num;8220&semi;Integrated Approach&&num;8221&semi;&comma; where multiple modular elements such as shared sequencing&comma; embedded formal verification provers&comma; alternative data availability&comma; and Ethereum settlement can combine to power one blockchain&comma; enhancing security and performance&period;<&sol;p>&NewLine;<p>&&num;8220&semi;The two biggest issues in blockchain infrastructure at the moment are poor user experience and smart contract exploits&comma;&&num;8221&semi; said Movement Co-Founder&comma; Rushi Manche&period; &&num;8220&semi;My Co-Founder&comma; <span class&equals;"xn-person">Cooper Scanlon<&sol;span> 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&period; Move addresses the shortcomings of Solidity and we are bringing it to market in a crypto-native way&period;&&num;8221&semi;<&sol;p>&NewLine;<div class&equals;"pull-right inline-gallery-container col-md-8 col-sm-7 col-xs-12">&NewLine;<div class&equals;"gallery inline-gallery">&NewLine;<div class&equals;"row">&NewLine;<div class&equals;"col-sm-12"><&sol;div>&NewLine;<&sol;div>&NewLine;<&sol;div>&NewLine;<&sol;div>&NewLine;<p>In addition to the flagship Movement L2&comma; Movement Labs will introduce Move Stack&comma; an execution layer framework that is compatible with many of the rollup frameworks from companies like Optimism&comma; Polygon&comma; and Arbitrum&period; The team&&num;8217&semi;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&period;<&sol;p>&NewLine;<p>&&num;8220&semi;While the core focus of most other rollup teams is scalability&comma; Movement&&num;8217&semi;s key insight is that scalability alone is not why we are yet to see mass adoption&period; The MoveVM offers a developer experience that is intuitive and bug-resistant as well as highly scalable&period; By marrying these benefits with the network effects and base-layer security guarantees of the Ethereum ecosystem&comma; we believe Movement can build a flourishing ecosystem that is home to a new generation of mainstream applications&comma;&&num;8221&semi; said Polychain&&num;8217&semi;s <span class&equals;"xn-person">Bobby Beniers<&sol;span> in a statement&period;<&sol;p>&NewLine;<p>The team had previously announced a <span class&equals;"xn-money">&dollar;3&period;4 million<&sol;span> pre-seed round in <span class&equals;"xn-chron">September 2023<&sol;span>&period; Users will be able to interact with its network this Summer&period;<&sol;p>&NewLine;