Movement Labs, a developer building a new blockchain network utilizing the Move smart contract language, has announced a major milestone. Six prominent Web3 projects have deployed on its testnet, with a combined $160 million in Total Value Locked (TVL) committed ahead of its Mainnet launch.
This development signals strong confidence from financially-backed projects currently testing the blockchain. The $160 million represents capital at risk within projects dedicated to the ecosystem. Movement Labs has also raised $41.4 million through two funding rounds.
Understanding Movement Labs and Its Mission
Movement Labs is constructing an open, builder-centric network. It serves as the foundational technology for a network of Move-based blockchains. Its primary offerings include the Movement Network and the M1 shared sequencer.
Movement is a community-first blockchain delivering high transactions per second via the Move language. It offers instant finality, native access to mass liquidity from day zero, and modular customization options. It supports Aptos Move, Sui Move, and features an embedded EVM interpreter (MEVM), allowing Sui, Aptos, and EVM users to seamlessly utilize the Layer 2.
The company was established to tackle critical blockchain challenges: smart contract vulnerabilities, scalability issues, and fragmented liquidity. By harnessing the Move programming language and building an integrated execution environment, Movement Labs empowers developers to create high-performance, secure applications while tapping into Ethereum's liquidity and network effects.
The Move language simplifies writing secure smart contracts for standard tasks like asset transfers, minting, and burning. Its robust ownership model and explicit resource capabilities significantly enhance security.
A Significant Funding and Development Milestone
The project recently closed a $38 million Series A round. This achievement is a key step on its "Road to Parthenon," the journey toward its Mainnet launch. It highlights the platform's preparedness for large-scale adoption, especially in the expanding next-generation Layer 2 space. This ecosystem merges Ethereum's economic security with the inherent security of the Move language, originally created by Meta (formerly Facebook).
Co-founder Rushi Manche explained the core thesis: "The general thesis was Facebook built this new query language designed for speed and security. It was designed to be the language for ecosystems with a billion-plus users."
Move is a programming language first developed at Meta for a blockchain project. It was specifically designed for crafting smart contracts and has been adopted by other blockchains like Aptos and Sui. Move is recognized for its security and effectiveness in preventing duplication errors.
Movement Labs is creating solutions to connect blockchains and their applications without exposing users to bridge-related vulnerabilities. For instance, the Sui blockchain is a new protocol not natively compatible with Ethereum, making it challenging for Ethereum developers to engage with it. Movement Labs helps resolve such issues, including systemic liquidity shortages.
Movement's technology offers developers a unique blend of security and efficiency. By using Move, it provides formal verification and reentrancy protection, offering capabilities comparable to Ethereum's but without the associated EVM vulnerabilities.
This allows developers to build with Move's security and speed alongside Ethereum's programmability, all while benefiting from Celestia's inexpensive, high-throughput data availability layer. Internal testing has shown the network can handle over 30,000 transactions per second.
"Our platform addresses a critical need in the Web3 ecosystem," stated Manche. "Developers no longer have to choose between the trusted Ethereum environment and the security of alternative L1s. Movement offers the best of both worlds."
Breaking Down the $160M Total Value Locked (TVL)
A substantial portion of the committed capital comes from key players. SolvBTC, a liquid yield token for Bitcoin aimed at unlocking the potential of idle Bitcoin assets, has pledged $100 million in TVL on Movement. Existing investors, including 280 Capital, have committed an additional $40 million, totaling $160 million.
TVL is a crucial metric for assessing a blockchain protocol's or crypto application's popularity, quality, and security. A higher TVL indicates greater investor interest, suggesting the platform is more secure and trusted. It can also predict network activity in a new project and reflects strong user confidence.
When combined with the value on Aptos and Sui chains, this pushes the total TVL within the broader Move ecosystem to over $1 billion, surpassing emerging rivals like TON. This level of commitment for an ecosystem not yet on mainnet shows significant market appetite for a Move-based environment.
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The Web3 Projects Supporting the Testnet
Six diverse Web3 projects are currently leveraging Movement’s testnet:
- Echelon: A high-efficiency money market designed to scale Move DeFi & Liquidity with LST, RWA, and stablecoin-backed strategies.
- Moveposition: A decentralized borrow/lend platform on Movement Labs. It uses an institutional-grade risk engine and adaptive risk management, offering users a reliable way to manage assets.
- Meridian: A decentralized liquidity marketplace and liquid staking protocol built natively on Movement, enabling seamless trading and earning.
- Avitus: A Movement-native perpetual protocol allowing any asset as collateral for trading, removing the need to swap to blue-chip assets.
- BRKT: A decentralized prediction market and competition management protocol using binary options and bracket-style tournaments.
- Infinite Seas: A fully on-chain maritime trading, battling, and diplomatic MMO game.
"The launch of our Public Testnet, coupled with these diverse and innovative partner deployments, marks a pivotal moment," said Manche. "We're providing a foundational primitive to bring the next billion users to Web3."
The variety of projects demonstrates the platform's wide applicability across lending, decentralized exchanges, perpetual DEXs, and other innovative DeFi solutions.
To further engage the community, Movement Labs has launched two initiatives: the Parthenon program, a broad ecosystem effort involving the community in the mainnet journey, and the ongoing Battle of Olympus hackathon for developers to build on the testnet.
The Origins of Movement Labs
Co-founders Rushi Manche and Cooper Scanlon were early builders in the Move ecosystem. They founded Movement Labs in November 2022 with the goal of creating the first integrated blockchain network, powering the fastest and most secure Layer 2 on Ethereum.
The Move language was initially developed at Facebook to power the Diem blockchain. It was designed to be a secure, universal language for smart contract programming. Movement Labs is pioneering the Integrated Blockchain approach by bringing the MoveVM to Ethereum through its L2 and connected rollups with the Move Stack. This pairs Move's smart contract advantages with the EVM's liquidity, creating the first MEVM Zero-Knowledge Layer-2 solution on Ethereum.
Enhanced Security for a Safer Ecosystem
A key benefit is enhanced security. Manche pointed to the billions of dollars lost to hacker attacks in cryptocurrency markets as a pressing problem that Move's architecture helps address.
The vision for network growth extends beyond financial incentives. "It’s actually about getting more out of this than you came with," Manche said. The test system is based on guilds—different skill sets and pathways for community members, whether they create art, write content, moderate communities, or help others use applications.
This framework helps onboard active users and allows them to build a form of reputation within the ecosystem. Community members are already gaining recognition, landing moderator positions, leading guilds, and even being hired by the team.
Implications for the Gaming Industry
The technology offers distinct advantages for game developers. Manche noted that games often require worrying about external tech stacks for data storage, building numerous data structures that aren't necessarily on-chain.
With Movement Labs, developers can create those data storage mechanisms within the game's own logic. Move provides defined pipelines for where information or assets can flow, with each endpoint having strong ownership. This simplifies and accelerates game development, a primary reason why Infinite Seas, the on-chain MMO game, is building on the platform.
"You just build the game you want to build, and you don’t have to worry about all of these other moving pieces," Manche said.
The company anticipates launching its Mainnet later this year and currently has a team of around 35 people.
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Frequently Asked Questions
What is the Move programming language?
Move is a smart contract programming language originally developed by Meta for its Diem blockchain project. It is designed to be secure and prevent common errors like duplication, making it ideal for managing digital assets and building safe blockchain applications.
What does Total Value Locked (TVL) indicate?
TVL is a key metric that measures the total amount of capital deposited in a blockchain protocol's smart contracts. A high TVL commitment before a mainnet launch, as seen with Movement Labs, signals strong investor confidence and suggests a healthy, active ecosystem is expected upon launch.
How does Movement Labs benefit Ethereum developers?
It allows developers familiar with Ethereum to access the enhanced security and performance of the Move language without leaving the Ethereum ecosystem. Its embedded EVM interpreter (MEVM) provides compatibility, enabling developers to build with Move while still leveraging Ethereum's vast liquidity and user base.
What makes Movement Labs different from other Layer 2 solutions?
Its key differentiator is integrating the Move virtual machine (MoveVM) as a Layer 2 on Ethereum. This combines the security and parallel execution benefits of Move with the economic security and established network of Ethereum, offering a unique blend of performance and safety.
Can game developers benefit from building on Movement Labs?
Yes, significantly. The Move language simplifies on-chain data management, allowing game developers to create complex data structures and asset pipelines directly within their game's logic. This reduces reliance on external systems and can greatly accelerate development for fully on-chain games.
What is the purpose of the Parthenon program?
The Parthenon program is a community initiative designed to involve users in Movement's journey to mainnet. It features guilds for different skillsets, allowing community members to contribute through content creation, moderation, research, and more, fostering a strong, engaged ecosystem.