Author: Mia, ChainCatcher

Editor: Marco, ChainCatcher

Recently, the blockchain development team Movement Labs completed a $38 million Series A financing round led by Polychain Capital. With the support of investment institutions such as Hack VC, Foresight Ventures, Nomad Capital, Bankless Ventures, and OKX Ventures, Movement Labs made it into the top five in terms of blockchain financing in April.

This month, Binance Labs also extended an olive branch by announcing an investment in Movement Labs.

According to data from the cryptocurrency data platform Rootdata, Movement has been among the top projects for a consecutive week.

Data from X platform shows that Movement has a fan base of 137,000 people, with over 76,000 members in the Discord community.

With the backing of capital, expectations for Movement to become the next "must-hold" project are continuously growing, and its testnet interaction has become one of the most discussed topics in the crypto community recently.

Overview of the Movement Project

Information released by Movement Labs shows that it was established in 2023 by Rushi Manche, a software engineer at Aptos, and blockchain entrepreneur Cooper Scanlon. The team consists of former senior members from teams such as Biconomy, Sui/Mysten Labs, and Fluid Finance.

When the project was launched in 2023, Movement Labs completed a $3.4 million Pre-Seed round of financing led by Varys Capital and dao5. They also launched the Movement SDK to provide a secure and high-performance Move environment for the blockchain ecosystem. With the recent $38 million financing, Movement Labs' total funding reached $41.4 million.

Movement Labs stated that they are building a blockchain network based on the Move language, with Movement being the first integrated blockchain network designed for speed and security. It is used to build and deploy infrastructure, applications, and blockchains based on Move in any distributed environment. Applications and protocols launched on Movement can benefit from high throughput and complete smart contract security, while also maintaining the best liquidity and security on Ethereum.

Movement Labs stated that they are committed to building a suite of Move-based products and services, with Movement being the blockchain ecosystem created by Movement Labs, with its core being M1 and M2. M1 aims for fast, secure, and deterministic transactions, while M2 serves as a bridge between Ethereum and the Move world.

In addition, Movement Labs also provides many other "tools" and "facilities" for the ecosystem, such as Movement SDK and Movement CLI, to help developers create their own blockchain projects more easily.

Why Choose Move for Movement?

Move is a programming language designed by Facebook for smart contracts, emphasizing the security and ownership of digital assets. In Move, all assets are treated as "resources" and are scarce by default, not easily replicable or accidentally deleted. Only struct types explicitly allowed to be copied can be copied, and specific operations can delete them.

To control access to these resources, Move introduces the concepts of accounts and modules.

Modules can be libraries containing functions or programs that handle assets, and only public functions of modules can be used by other modules. The creation and modification of structs (containers for resources) are typically restricted to the module where they are defined, but can also be operated externally through public functions.

In Move, the initiator of a transaction is called a signer and must be the owner of a specific account. Signers have the highest authority in the system, being able to add resources to accounts. Developers can set conditions requiring the existence of signers to access or modify assets in an account.

In Movement's view, Move's serialization and static function calls excel in transaction security, uniqueness, and execution efficiency.

Source: https://docs.movementlabs.xyz/

M1 and Its Features

M1 is the first blockchain product in the Movement ecosystem, empowered by the Movement SDK. It is currently in the testnet stage, mainly for testing and development purposes. As a permissionless blockchain based on Move, M1 runs on the Avalanche subnet, aiming to provide highly secure, flexible, and scalable blockchain solutions for users.

Compatibility

Compatible with Aptos, supports Move language, allowing developers to easily build and deploy applications based on M1 using the rich tools and resources in the Aptos ecosystem. It is also compatible with Solidity, allowing Ethereum developers to seamlessly migrate to the M1 blockchain. They can use familiar Solidity language and tools to quickly build and deploy applications based on M1.

Scalability

Adopting the Fractal architecture, supporting vertical and horizontal scalability, M1 can be flexibly expanded and customized according to business needs to meet the growing demands of users and transaction volume.

Efficient Consensus

Adopting Avalanche's Snowman consensus mechanism, M1 ensures high availability and data consistency of the blockchain network while reducing the risk of malicious attacks.

Asset Liquidity

As a bridge, M1 connects the EVM (Ethereum Virtual Machine) and the Move ecosystem, achieving interoperability with Ethereum and other Move blockchains, promoting the liquidity and efficiency of digital assets.

Modularity and Interoperability

Supports the construction of modular and interoperable application chains.

M2 and Its Features

M2 is a zk-rollup solution based on the Ethereum L1 infrastructure, aiming to enhance the scalability and efficiency of the blockchain ecosystem through its MoveVM and Fractal technology provided by the Movement SDK. While inheriting Ethereum's extensive community and mature ecosystem, M2 achieves a breakthrough in TPS (transactions per second) by introducing the zk-rollup architecture, enabling tens of thousands of TPS.

M2 interacts closely with Ethereum through native L1 clients and M2 bridged smart contracts, making asset transfers more convenient and reliable. By introducing Rollup technology, most transactions are executed off-chain, improving transaction processing efficiency and scalability.

M2 is built on top of M1, where M1 serves as the PoS (Proof of Stake) sequencer network for M2. M1 is responsible for verifying, ordering, and constructing transactions in the M2 ledger, and its Snowman consensus mechanism ensures the correctness and efficiency of M2 transactions. Its high throughput and low latency are also suitable for handling high transaction volume scenarios. To participate in the sequencer processing in the M1 network and earn fees, validators need to stake MOVE tokens.

M2 provides a user interaction interface and rich API interfaces for M1, making it easy for end users to conduct transactions and queries.

At the same time, M2 encourages full nodes to participate in network maintenance and security by contributing to transaction verification and submitting zk-proofs.

It is reported that M2 aims to be the first Move Layer-2 on Ethereum, supporting Sui Move, Aptos Move, and the embedded EVM interpreter MEVM. In the future, Sui, Aptos, and EVM users can efficiently process transactions using M2. Currently, M2 is in the testnet stage, used for testing and development, and is running as Celestia rollup.

Move Token

Currently, MOVE is designated as a testnet token and is used as the native token in the Movement ecosystem, but only in the M1 testnet environment.

Interactive Tutorials

First, you need to add Aptos, Sui, and EVM-compatible wallets. For detailed wallet setup tutorials, please visit https://docs.movementlabs.xyz/ecosystem/wallets, and visit the website to claim tokens https://faucet.movementlabs.xyz/?network=devnet.

In addition, Movement is conducting testing tasks on Galxe.com (https://app.galxe.com/quest/Movement/GCXUotzKdd).

Currently, Movement is still in its early stages, but the strength of its behind-the-scenes investment team gives Movement unlimited potential to become a popular project in the future.

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