According to Cointelegraph, Movement Labs plans to launch a new L2 fast settlement mechanism by the end of 2024. Movement co-founder Rushi Manche said this mechanism can reduce the confirmation time to less than 1 second.
According to L2Beat data, the total locked value (TVL) on L2 will exceed US$35 billion in 2024. Chainspect data shows that in the past 30 days, Ethereum's average throughput was less than 13 TPS, while Solana was close to 700 TPS.
Existing solutions have flaws. Fraud proofs for optimistic rollups like Arbitrum, Optimism, and Base take seven days to complete, and zk-rollups are expensive.
Using postconfirmations, applications built on Movement’s upcoming L2 M2 can choose to route transactions to a network of validators secured by the MOVE token, which is scheduled to launch in late 2024, Manche said.
Movement’s M2 network will also settle transactions on mainnet Ethereum, similar to other optimistic rollups. Movement is working with EigenDA to process data waiting to be settled on mainnet.
Movement is one of several Web3 developers, including Aptos and Sui, building blockchains using the Rust-based programming language Move. Manche predicts that by the second half of 2025, 20% of Web3 developers will use Move.
