–News Direct–
Movement Labs today announced that it has raised $3.4 million in pre-seed funding from a distinguished group of industry leaders, which will enable Movement Labs to grow the adoption and development of Move, a smart contract development language with embedded safeguards protecting against attack vectors like reentrancy that cost Web3 users billions of dollars annually.
Concurrent with the pre-seed funding, Movement Labs is launching the Movement SDK (software development kit), which will agnostically deliver secure and high-performance Move environments directly to established blockchain ecosystems. Movement SDKs first major tool is M1, a unique modular, horizontally scalable, and vertically composable blockchain designed to combine performance with reachable access.
Addressing the cold-start problem faced by new protocols, M1 natively bootstraps its ecosystem, liquidity, validator set, and EVM-traditional tooling by living within the Avalanche consensus. M1 is a community-first blockchain with transparent tokenomics, low staking requirements to encourage decentralization, and community-led growth built into protocol design. Developers and users can now enjoy the benefits of alternative virtual machines without having to extensively bridge their assets, manage multiple wallets, and leave the established networks they are comfortable with.
The Move programming language blows the roof off the ceiling to Web3 innovation, said Rushi Manche, co-founder of Movement Labs. Benefits to smart-contract developers include direct interaction with digital assets through custom resource types, flexibility with transaction script declaration, on-chain verification, and bytecode safety privileges. Move also aims to solve many of the inherent security and performance flaws of Solidity, including reentrancy attacks, DoS attacks, resource inefficiencies, and bugs introduced during the compiling process.
This round of investors was led by Varys Capital, dao5, Blizzard The Avalanche Fund, Borderless Capital and their Cross-Chain Fund focused on the Wormhole ecosystem with participation from Colony, Interop Ventures, Elixir Capital, BENQI, and many other notable partners. The raise also involved angel investors, such as dao5s George Lampeth, Eigenlayers Calvin Liu, Berachains Smokey The Bera, Avails Anurag Arjun, GMXs CoinFlipCanada, and the co-founders of Ankr.
Movements vision is striking, and complementary to Avalanches focus on supporting innovative Web3 projects at scale, said Lydia Chiu, Vice President of Business Development at Ava Labs.
"Leveraging MoveVM and Avalanche consensus, M1 will be the highest throughput chain in the industry, said William Patterson, Head of Venture at Varys Capital. Our investment in Movement Labs is a bet on the increasing importance of smart contract security and high throughput blockchain scaling.
Through the Movement SDK, Movement has built a framework that combines horizontal interoperability through high-throughput modular Move Virtual Machines that can be plugged into any blockchain network with vertical composability via Fractal: a translator that facilitates the compilation from smart contract languages like Solidity to Move, providing native re-entrancy attack protection with no technical lift. M1 is built on the Avalanche Subnet technology stack, which empower pioneers like Movement Labs to develop custom blockchains that scale infinitely.
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About Movement
Movement Labs is the creator of the Movement SDK, a modular framework to build and deploy Move-based infrastructure, applications, and blockchains in any distributed environment. The team is building a suite of products and services that empower non-Move protocols to leverage the power of the Move Programming Language without writing a single line of Move code. The teams first release, M1, redefines the L1 as a Vertically Composable and Horizontally Scalable Layer 1 Framework that is Solidity-compatible, connects EVM and Move liquidity, and lets builders customize modular and interoperable app-chains with a diverse base of users and liquidity accessible out of the box.
For more information: movementlabs.xyz
About Avalanche
Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.
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View source version on newsdirect.com: https://newsdirect.com/news/movement-labs-raises-pre-seed-round-launches-movement-sdk-to-reignite-web3s-interoperable-future-248761022
Movement Labs
COMTEX_440132643/2655/2023-09-13T11:30:37
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