Movement Labs, the builder of a new blockchain network that takes advantage of the Move smart contract language, has announced that six leading Web3 projects have deployed on its testnet with $160 million in total value locked (TVL) committed to its Mainnet.
It basically means that projects with a lot of financial backing have begun testing on Movement Labs’ blockchain and are working toward its official launch of its Mainnet. The $160 million is a reference to the amount of capital at risk in projects that are committed to the ecosystem. Movement Labs itself has raised $41.4 million across two rounds.
What is Movement Labs?
Movement Labs is the underlying tech behind a network of Move-based blockchains. its flagship products are the Movement Network and the M1 shared sequencer. Movement is a community-first blockchain providing high transactions per second through Move. It also provides instant finality, native day-zero access to mass liquidity, and modular customizations. It supports Aptos Move, Sui Move, and an embedded EVM interpreter (MEVM), enabling Sui, Aptos, and EVM users to utilize the L2.
The company was founded to address pressing challenges in the blockchain industry, including smart contract vulnerabilities, scalability limitations, and fragmented liquidity. By leveraging the Move programming language and creating an integrated execution environment, Movement Labs aims to empower developers to build high-performance, secure applications while leveraging the liquidity and network effects of the Ethereum ecosystem.
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The Move programming language simplifies the development of safe smart contracts for common blockchain tasks such as transferring ownership of assets, minting, and destroying. Its strong ownership model and explicit resource abilities enhance security.
Latest milestone
This milestone marks a significant step on the “Road to Parthenon” – Movement’s journey towards its Mainnet launch. The achievement showcases the platform’s readiness for large-scale adoption, particularly in the rapidly growing next-generation Layer 2 ecosystem, combining the economic security of Ethereum and the inherent security of the Move language, which was originally created by Facebook.
“The general thesis was Facebook built this new query language designed for speed and security. It was designed to be the language for ecosystems with a billion-plus users,” Manche said.
Move is a programming language originally developed at Facebook (Meta) for a blockchain project. It was designed for creating smart contracts in blockchain environments and has since been adopted by other blockchains like Aptos and Sui, said Rushi Manche, cofounder of Movement Labs, in an interview with GamesBeat.
Move is known for being secure and good at preventing errors in duplication. Movement Labs is trying to create ways to connect blockchains and their applications without exposing users to vulnerabilities via bridges. Manche explained one benefit of Movement Labs’ work. The Sui blockchain is a new protocol that is not Ethereum compatible. It’s difficult to get Ethereum developers to work with something like Sui. Movement Labs helps solve the problems such as a lack of liquidity in the system.
Movement’s innovative technology offers developers and builders a unique combination of security and efficiency. By leveraging the Move language, Movement provides formal verification and reentrancy protection, offering Ethereum-level capabilities without the vulnerabilities associated with the Ethereum Virtual Machine.
This approach allows developers to build with the security and speed of the Move language and the programmability of Ethereum, all while benefiting from Celestia’s cheap and high-throughput data availability layer. Movement Labs has shown in testing its network is capable of more than 30,000 transactions a second.
“Our platform addresses a critical need in the Web3 ecosystem,” said Manche. “Developers no longer have to choose between the trusted Ethereum environment and the security of alternative L1s. Movement offers the best of both worlds – the familiarity of an Ethereum L2 with the enhanced security and performance of the Move language. This allows projects to deploy with confidence, knowing they’re protected against common vulnerabilities while still leveraging the economic strength of the Ethereum ecosystem.”
Total locked value
SolvBTC, a liquid yield token for Bitcoin designed to unlock the full potential of idle Bitcoin assets, has pledged $100 million in Total Value Locked (TVL) on Movement. Existing Movement Labs investors, including 280 Capital, have committed an additional $40 million in TVL, totaling $160 million.
By the way, Total Value Locked (TVL) is a metric for evaluating the popularity, quality, and security of a blockchain protocol or a crypto application. It indicates how interested investors are in a project, where a higher number suggests the platform is more secure and trusted. It can also show how much network activity is likely in a new blockchain project, and it suggests strong user confidence.
Combined with the value held by the Move-based Aptos and Sui chains, this pushes the TVL within the Move ecosystem to over $1 billion, overtaking budding rival chains such as TON. Further, this level of commitment for an ecosystem not yet at mainnet demonstrates considerable appetite for a Move-based ecosystem.
Web3 supporters
The six Web3 projects leveraging Movement’s testnet, include:
- Echelon – A high efficiency money market designed to scale Move DeFi & Liquidity with LST, RWA, and stablecoin backed strategies.
- Moveposition -A decentralized borrow/lend platform on Movement Labs. Powered by an institutional-grade risk engine and using adaptive risk management, Moveposition offers users a reliable and precise way to manage assets through a simple wallet connection.
- Meridian – A decentralized liquidity marketplace and liquid staking protocol natively built on Movement Labs, enabling users to seamlessly trade and earn with their assets.
- Avitus: A Movement-native perpetual protocol allowing any asset as collateral for trading, enabling users to leverage existing holdings without swapping to blue-chip assets.
- BRKT – A decentralized prediction market and competition management protocol utilizing binary options and bracket-style tournaments.
- Infinite Seas – A fully on-chain maritime trading, battling, and diplomatic MMO game.
“The launch of our Public Testnet, coupled with these diverse and innovative partner deployments and the significant TVL commitment, marks a pivotal moment for Movement Labs,” said Manche. “By combining the power of the Move language with a robust ecosystem, we’re providing a foundational primitive to bring the next billion users to Web3.”
The diversity of projects already deploying on Movement demonstrates the wide-ranging applicability of the platform, from lending and decentralized exchanges to perpetual DEXes and other innovative DeFi solutions.
To further engage the developer and wider community, Movement Labs has launched two key initiatives.
Alongside the testnet announcement, Movement has unveiled its Parthenon program today, a broad ecosystem initiative designed to involve the entire community in Movement’s journey to mainnet.
Parthenon features six unique guilds for community members to join based on their skills and interests, ranging from early adopters and content creators to researchers and moderators. The ongoing Battle of Olympus hackathon continues to offer developers the opportunity to build and deploy innovative projects on Movement’s testnet.
Origins
Cofounders Rushi Manche and Cooper Scanlon were early builders in the Move ecosystem. They founded Movement Labs in November 2022 with the goal of building the first integrated blockchain network, powering the fastest and most secure Layer 2 on Ethereum.
Move, a smart contract language originally developed at Facebook to power the Diem (initially known as Libra) blockchain, was designed to be a secure and universal language targeting the unique qualities of smart contract programming.
With its enhanced security and parallelization capabilities. Movement Labs is pioneering the Integrated Blockchain approach by bringing the MoveVM to Ethereum through its flagship L2 and connected rollups with the Move Stack, pairing Move’s smart contract advantages with EVM’s liquidity and user bases. This combination creates the first MEVM (Move + EVM) Zero-Knowledge Layer-2 solution on Ethereum.
Security benefits
Manche said one benefit of secure financial platform is to look at the billions of dollars that have already been lost to attacks by hackers in the cryptocurrency markets.
“Our vision for the growth of our network, and for leading this movement, is that it’s not just about financial incentives. It’s actually about getting more out of this than you came with. And so in particular, with this test system, it’s based on guilds” Manche said.
Guilds are different skill sets that Movement Labs has identified, and it has created different pathways for whether you’re someone who makes art, if you like to write threads, if you’d like to engage with content on Twitter, if you want to be a community moderator, or even help other people use the application, then Movement Labs has created these frameworks to make it easier to adopt.
“The value proposition to them is clear. It helps them in a targeted way to onboard the most active users and be able to specify their [roles],” Manche said. “Then for the end user, it allows them to have this form of reputation building, right? They’re able to go into an application in our ecosystem, and say, ‘Look, I’m a chief scholar with Movement. I’ve proven myself by writing quality content. And I want to now write with you.’ So what’s been really cool is seeing community members getting recognition, whether it be like moderator positions, whether it be leading different guilds, or even being hired by us in our team.”
Manche added, “It’s really cool to see those seeds being sown across the ecosystem. And how this process is happening on an application level, as well. So the idea is that it’s so much more than just a test out where you’re farming applications. We have so many interesting things for people to do.”
Benefit to games
There is a benefit to games here. With games, Manche said you have to worry about all of these external tech stacks with regard to data storage. You’re not just building a game. You’re building a lot of data structures as well. And that’s not necessarily on chain with languages. So with Movement Labs, you are able to create those data storage mechanisms within the logic of the game itself that you’re building. So what’s cool about Move is it is like having very defined pipelines of where information or assets can flow to and from each one of those endpoints having very strong ownership to it.”
In short, it can help speed up game development, Manche said. That’s why Infinite Seas, the MMO game company, is on board.
“You just build the game you want to build, and you don’t have to worry about all of these other moving pieces,” Manche said.
The company hopes to launch the Mainnet late this year. There are about 35 people working for Movement Labs.
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