Movement Labs Raises $38M to Boost Ethereum Security and Scalability with Move

Movement Labs, a San Francisco-based blockchain development team, has secured $38 million in Series A funding led by Polychain Capital. The funds will be used to enhance smart contract security and transaction throughput within the Ethereum ecosystem through Move-based Ethereum virtual machines (EVMs), which aim to mitigate vulnerabilities such as reentrancy attacks and arithmetic errors.

Movement Labs Secures $38 Million in Series A Funding to Enhance Ethereum Security and Scalability

San Francisco, California - Movement Labs, a blockchain development team, has secured $38 million in Series A funding to enhance the security and scalability of smart contracts within the Ethereum ecosystem. The funding round was led by Polychain Capital and supported by Aptos Labs, Bankless Ventures, OKX Ventures, and eight additional venture capital firms.

Movement Labs aims to leverage Facebook's Move programming language to create a network of blockchains and optimize Ethereum virtual machines (EVMs) for improved smart contract security and transaction throughput. Co-founder Rushi Manche highlighted the prevalence of vulnerabilities such as reentrancy attacks within smart contracts and emphasized the potential of Move to mitigate these risks.

"Move eliminates reentrancy vulnerabilities by ensuring resources are uniquely accessed, preventing recursive exploits. It also ensures that transactions are completed before another can start, blocking approximately as much as 90% of attack vectors found in Solidity," explained Manche.

In November 2023, Movement Labs introduced M2, a Move VM-based layer-2 solution for Ethereum, capable of processing over 30,000 transactions per second (TPS). Manche envisions Move-EVMs as a catalyst for developers to build innovative on-chain applications.

"Move addresses the shortcomings of Solidity and we are bringing it to market in a crypto-native way," said Manche.

Additionally, Movement Labs plans to develop a cross-compatible execution layer framework called Move Stack, enabling rollup frameworks from Optimism, Polygon, and Arbitrum to interact seamlessly. Localized fee markets supported by MoveVM will help mitigate gas spikes and reduce resource expenditure, contributing to the wider adoption of Web3 applications.

"Our aim with Movement is to deliver the speed and affordability needed for mass adoption of Web3 applications," added Manche.

The latest funding will be allocated towards global hiring initiatives, investments in Move developer tooling, and educational programs. Prior to this Series A round, Movement Labs had raised $3.4 million in a pre-seed round to support the launch of its public testnet, Parthenon.

The news of Movement Labs' funding comes amidst the growing prominence of Ethereum layer-2 networks, with Degen Chain recently recording the highest TPS count in the ecosystem at 35.7 TPS, surpassing Base's 29.7 TPS.