Movement Labs and Polygon- Movement Labs Boosts Ethereum Layer 2 Development
Movement Labs and Polygon– San Francisco-based blockchain development firm Movement Labs has recently joined Polygon’s AggLayer initiative for Ethereum Layer 2 solutions, coinciding with Movement’s launch of its public testnet.
AggLayer, currently under development by Polygon Labs and other key contributors, aims to enhance interoperability by facilitating unified liquidity and security across various blockchain networks. This layer plays a crucial role in connecting chains and validating ZK-based security proofs back on Ethereum, thereby ensuring enhanced security and simplifying the process of transferring Ethereum assets securely between different chains.
Movement Labs, in a statement to The Block on Tuesday, highlighted its pioneering role as the first Move-based ecosystem leveraging AggLayer. This integration aims to bridge the gap between Move and Ethereum Virtual Machine (EVM) ecosystems, allowing developers to deploy Solidity contracts on Move-based chains seamlessly, without requiring code modifications.
Movement Labs Secures $38 Million Series A to Integrate Move Virtual Machine with Ethereum
In April, Movement Labs announced a successful $38 million Series A funding round led by Polychain Capital, with additional support from Binance Labs. The funding aims to bring Facebook’s Move Virtual Machine to Ethereum, expanding its application beyond Aptos and Sui Layer 1 blockchains.
Movement’s Layer 2 initiative, starting with M2, aims to create a modular ecosystem of Move-based blockchains on Ethereum. Developed originally at Meta by former members of Facebook’s Diem stablecoin project, Move enhances security and performance in the Web3 ecosystem.
Co-founder Rushi Manche highlighted Movement’s approach, emphasizing that developers no longer need to compromise between Ethereum’s trust and alternative L1 security. The Move integration promises enhanced protection against vulnerabilities while leveraging Ethereum’s economic strength.
AggLayer will play a pivotal role as a liquidity bridge for MoveVM-based chains, AggChains, and Ethereum, addressing blockchain fragmentation. The infrastructure will leverage Celestia’s data availability layer for efficient off-chain data storage while upholding Ethereum’s security standards.
Movement Labs’ Parthenon Testnet Draws $160 Million in Total Value Locked
Movement Labs has synchronized its integration with Polygon’s AggLayer to coincide with the launch of its public testnet, Parthenon. The testnet has already garnered $160 million in committed deposits ahead of its scheduled mainnet deployment later this year.
Solv Protocol, a decentralized bitcoin reserve, has allocated $100 million in Total Value Locked (TVL) on Movement, with additional commitments totaling $60 million from existing investors like 280 Capital.
Six prominent web3 projects, including Echelon, Moveposition, Meridian, Avitus, BRKT, and Infinite Seas, have already deployed on the Movement testnet, marking a robust start for the platform’s ecosystem development.
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