Movement Labs has announced the successful raising of $3.4 million in pre-seed funding. The funding comes from a distinguished group of industry leaders and promises to drive the adoption and development of Move, a smart contract programming language boasting embedded safeguards to protect against costly attack vectors, such as reentrancy attacks. These attacks have been a thorn in the side of the Web3 community, causing billions of dollars in losses annually.
Concurrently, Movement Labs is launching the Movement SDK (software development kit), which aims to deliver secure and high-performance Move environments seamlessly into established blockchain ecosystems. The star of the Movement SDK is M1, a revolutionary modular, horizontally scalable, and vertically composable blockchain. M1 is designed to offer top-tier performance while ensuring accessibility.
One of the standout features of M1 is its solution to the cold-start problem, which often plagues new protocols. M1 natively bootstraps its ecosystem, liquidity, validator set, and EVM-traditional tooling by living within the Avalanche consensus. This community-first blockchain boasts transparent tokenomics, low staking requirements to encourage decentralization, and a protocol design rooted in community-led growth. This means that developers and users can now enjoy the benefits of alternative virtual machines without the need for extensive asset bridging, multiple wallet management, or leaving behind their familiar networks.
Rushi Manche, co-founder of Movement Labs, expressed the game-changing potential of the Move programming language, saying, “The Move programming language blows the roof off the ceiling to Web3 innovation.” Developers stand to gain numerous benefits, including direct interaction with digital assets through custom resource types, transaction script flexibility, on-chain verification, and bytecode safety privileges. Move also seeks to address inherent security and performance flaws found in Solidity, such as reentrancy attacks, DoS attacks, resource inefficiencies, and bugs introduced during the compiling process.
This significant round of investment was led by prominent names in the industry, including Varys Capital, dao5, Blizzard The Avalanche Fund, Borderless Capital, and their Cross-Chain Fund with a focus on the Wormhole ecosystem. Colony, Interop Ventures, Elixir Capital, BENQI, and several other notable partners also participated in the funding round. Angel investors, such as George Lampeth of dao5, Calvin Liu of Eigenlayer, Smokey The Bera of Berachain, Anurag Arjun of Avail, CoinFlipCanada of GMX, and the co-founders of Ankr, were also involved.
Lydia Chiu, Vice President of Business Development at Ava Labs, commented on the alignment between Movement’s vision and Avalanche’s commitment to supporting innovative Web3 projects at scale. William Patterson, Head of Venture at Varys Capital, emphasized the importance of smart contract security and high throughput blockchain scaling, both of which Movement Labs aims to address through its initiatives.
Through the Movement SDK, Movement Labs has built a framework that combines horizontal interoperability and vertical composability. This is achieved through high-throughput modular Move Virtual Machines that can be seamlessly integrated into any blockchain network, and via Fractal, a translator that simplifies the compilation from smart contract languages like Solidity to Move. This native integration provides reentrancy attack protection without any technical hurdles. M1, the flagship blockchain, is constructed on the Avalanche Subnet technology stack, offering limitless scalability to pioneers like Movement Labs.
Source: https://azcoinnews.com/movement-labs-raises-3-4-million-to-revolutionize-web3-with-move-language-and-m1-blockchain.html
