Movement Labs, a San Francisco-based blockchain development team, recently completed a successful $38 million Series A funding round led by Polychain Capital. This funding initiative will support Movement Labs’ ambitious project of importing Facebook’s Move Virtual Machine to the Ethereum ecosystem, tackling the vulnerabilities inherent in smart contracts and transaction performance improvement. The investment round saw the participation of renowned VC firms such as Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs, demonstrating the industry’s confidence in Movement’s ecosystem. Founded in 2022, Movement Labs is confronting prevailing smart contract vulnerabilities while rolling out a new execution environment that can handle over 30,000 transactions per second (TPS). They aim to provide a zero-knowledge Layer 2 blockchain that offers parallelization and improved smart contract security for those in the Ethereum network. The 2022-2023 period highlighted the critical need for such innovations as hackers exploited smart contracts to the tune of $5.4 billion, hitting major protocols through reentrancy attacks – a vulnerability that Movement’s Move-EVM aims to eliminate by allowing developers to deploy fully verified runtime code, negating such attack vectors. Founders Rushi Manche and Cooper Scanlon’s vision encapsulates a blockchain infrastructure enhancement, accelerating innovation in the cryptocurrency space allowing for the next ‘Facebook’ to be built on-chain by developers without access to large development teams and costly auditors. Move purportedly addresses the deficiencies of Solidity, through a crypto-native market approach. Furthermore, in addition to the Movement L2 flagship, Movement Labs will release Move Stack, a layer execution framework compatible with existing enterprise rollup frameworks like Optimism, Polygon, and Arbitrum. The overarching goal is to foster a collaborative environment with other Ethereum stakeholders, scaling smart contract execution across networks, and harmonizing them with a unified sequencer implementation. While other rollup team’s primary focus is scalability, Movement views it as only part of the equation, emphasizing that scalability alone has not led to mass adoption. MoveVM is designed to offer an intuitive and error-resistant developer experience, coupled with scalability. Combining these features with the network effects and security assurances of Ethereum’s core layer, Polychain’s Bobby Beniers believes Movement Labs can cultivate a thriving ecosystem housing a new generation of widespread applications. The team previously announced a $3.4 million pre-seed round in September 2023 and is gearing up for network interactions this summer. For information on Movement Labs and a devnet participation guide, visit movementlabs.xyz.

Blockchain and Cryptocurrency, Venture Capital,San Francisco, United States

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