Movement Labs’ Public Testnet Launch Attracts $160 Million in Committed TVL for Mainnet: Will You Join the Movement?

Movement Public Testnet Launch Live; Joins Polygon's AggLayer

San Francisco-based Movement Labs, an Ethereum layer-2 network, has joined Polygon's AggLayer initiative to enhance blockchain interoperability and liquidity.

This strategic move aligns with the launch of Movement's public testnet.

AggLayer, which commenced operations in February, is an interoperability layer being developed by Polygon Labs and other key contributors.

It aims to unify liquidity and security across a network of blockchain chains.

By linking these chains and settling zero-knowledge (ZK) security proofs on Ethereum, AggLayer streamlines the process of converting or securely transferring native Ethereum assets between different chains.

Marc Boiron, CEO of Polygon Labs, views this collaboration as a significant step toward achieving unlimited global interoperability:

“The AggLayer's mission is to unify Web3 in its entirety by bringing together as many users, developers, programming languages, different smart contracts and chains, and liquidity as possible. The introduction of chains within the Movement network to the AggLayer accelerates this mission, bringing Web3 another step closer to unlimited global interoperability.”

He added:

“This collaboration will greatly help in alleviating some of the most pressing challenges in Web3 — siloed liquidity and fragmented user experience, which currently hinder mass adoption.”

Movement Labs is the first Move-based ecosystem to leverage AggLayer, bridging the gap between the Move and Ethereum Virtual Machine (EVM) ecosystems.

This integration enables Ethereum developers to deploy Solidity contracts on Move-based chains without the need for code modifications.

Rushi Manche, Co-Founder of Movement Labs, stated:

“Our platform addresses a critical need in the Web3 ecosystem. Developers no longer have to choose between the trusted Ethereum environment and the security of alternative L1s. Movement offers the best of both worlds — the familiarity of an Ethereum L2 with the enhanced security and performance of the Move language.”

Movement Labs' integration with Polygon's AggLayer coincides with the launch of its public testnet, dubbed Parthenon.

The testnet has already secured $160 million in committed total value locked (TVL) ahead of its mainnet deployment, which is anticipated later this year.

Movement Labs anticipates a substantial increase in TVL commitments as the mainnet launch approaches, although no specific deadline has been established.

Solv Protocol, a decentralised bitcoin reserve, has pledged $100 million in TVL on Movement, with existing investors like 280 Capital committing an additional $60 million.

Six Web3 projects have already deployed on the Movement testnet, including Echelon (a money market), Moveposition (a lending platform), Meridian (a liquidity marketplace), Avitus (a perpetual protocol), BRKT (a prediction market), and Infinite Seas (an on-chain game).

This integration not only allows developers to deploy Solidity contracts on Move-based chains without altering their code but also benefits from the enhanced security features offered by Move.

What is the MoveDrop?

The MoveDrop is an incentivised testnet programme designed to galvanise the community in the collaborative construction of Parthenon, the Movement mainnet.

Open to all, participants can earn trophies, medals, resources, and ethos for their contributions, which are the cornerstone of MoveDrop participation and recognition.

The programme is structured around four key components:

1) The Battle of Olympus (for Developers)

Developers are invited to showcase their skills on the Movement testnet through the Battle of Olympus, a hackathon tailored for top-tier blockchain developers and development teams.

With over 750 teams already registered, participants are ranked on a master leaderboard based on their progress.

The competition spans various categories, including DeFi, gaming and entertainment, social and community tools, infrastructure and development tools, and NFTs.

The battle commenced recently and will conclude in September.

2) Building the Parthenon (for Everyone)

The construction of the Parthenon is an incentivised testnet programme accessible to all community members, regardless of their expertise.

Participants can engage in the following ways:

- Complete weekly guild quest lines on Movement's Galxe platform.

- Interact with partner ecosystem projects to bolster Movement.

- Join a Movement guild, which is the recommended option.

Movement guilds offer specialised tracks aligned with participants' skills and interests, fostering collaboration among community members in the Parthenon's development.

3) Gmove Campaign

Participants have the unique opportunity to win trophies simply by saying "gmove" on X.

This creative initiative encourages community engagement in a fun and interactive manner.

4) Centurions

A dedicated programme for the most committed participants will be unveiled in the near future, with further details to be announced.

The timeline for these initiatives is as follows:

The Battle of Olympus: Commences now and continues through 17 September.

Road to Parthenon: Begins now and extends through the mainnet launch.

Mainnet Launch: Anticipated to occur soon.

$38 Million Raised to Bring Facebook's Move Virtual Machine to Ethereum

In April, Movement Labs announced that it had secured a $38 million Series A funding round, spearheaded by Polychain Capital.

The purpose of this investment is to integrate Facebook's Move Virtual Machine into the Ethereum ecosystem, with additional support from Binance Labs.

The funding round attracted a consortium of venture capital firms, including Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs, the developers behind Aptos.

Preceding this substantial Series A funding, Movement Labs had raised $3.4 million in a pre-seed round in September 2023.

This earlier investment was instrumental in preparing for the launch of its public testnet, Parthenon.

Movement's Layer 2 initiative aims to extend the application of the Move programming language beyond the prominent Aptos and Sui Layer 1 blockchains.

The project seeks to establish an ecosystem of modular Move-based blockchains, beginning with "M2"—a Move Virtual Machine Layer 2 tailored for Ethereum.

The Move programming language was originally conceived at Meta by a team that included members from Facebook's now-discontinued Diem stablecoin project.

Manche noted:

"Our platform addresses a critical need in the Web3 ecosystem. Developers no longer have to choose between the trusted Ethereum environment and the security of alternative L1s. Movement offers the best of both worlds — the familiarity of an Ethereum L2 with the enhanced security and performance of the Move language. This allows projects to deploy with confidence, knowing they're protected against common vulnerabilities while still leveraging the economic strength of the Ethereum ecosystem."

AggLayer is poised to act as the cohesive liquidity layer for these MoveVM-based chains, other "AggChains," and Ethereum, addressing the fragmentation prevalent in the blockchain landscape.

Movement's infrastructure will also harness Celestia's data availability layer to achieve cost-effective, high-throughput off-chain data storage while upholding Ethereum's security standards.

The project plans to allocate a portion of its funding to expand its presence in the Asia-Pacific region and to foster the adoption of the Move programming language across various blockchain ecosystems.

This will be achieved by providing enhanced open-source tools that simplify the deployment of Move VM rollups for developers.

Manche exclaimed:

"We are thrilled to welcome Binance Labs as an investor. Their support and expertise will be invaluable as we continue to execute our 'Move Everywhere' strategy, starting with a focus on the vibrant and innovative APAC market. By empowering and collaborating with the talented Move developers in the region, we aim to accelerate the adoption of Move and unlock new possibilities for the entire ecosystem."

What is Movement Labs All About?

Movement Labs is the pioneering entity behind the Movement Network, an ecosystem of modular Move-based blockchains.

This innovative platform empowers developers to create blockchain applications that are not only secure and high-performing but also interoperable, effectively bridging the gap between Move and EVM ecosystems.

Movement Labs is dedicated to developing the inaugural Move Virtual Machine Layer 2 for Ethereum, complemented by open-source tools and protocols designed to facilitate the widespread adoption of the Move programming language across various blockchain ecosystems.

With Movement, developers are afforded the ability to effortlessly deploy high-performance Move VM rollups.

The ultimate goal is to transform blockchain interoperability and propel the advancement of Move-based technologies within the Web3 domain.

The team's initial offering, M1, introduces a Layer 1 framework that is both vertically composable and horizontally scalable.

This framework is compatible with Solidity, seamlessly connects EVM and Move liquidity, and provides builders with the capability to customise modular and interoperable app-chains.

This approach ensures that a diverse user base and liquidity are readily accessible from the outset.

Movement Labs' Founding Team Wants to Make Blockchain Security Sexy

The firm was founded by Rushi Manche, 21, and Cooper Scanlon, 24, both Vanderbilt college dropouts who are on a mission to "make blockchain security sexy."

They have launched Movement L2, a new layer-2 Ethereum blockchain built on the Move programming paradigm.

The concept behind Movement is simple yet ambitious: What if the Move programming language could be utilised within any distributed environment? What if Move wasn't restricted to a single network but instead available across the entire modular blockchain ecosystem?

Rushi Manche, Co-Founder

Manche began his career as a systems security and database engineer at UnitedHealth Group.

He then transitioned to the Web3 space, where he worked as a smart contract engineer in the Ethereum DeFi sector and collaborated on several Cosmos protocols, including a DeFi storage system.

During the development of Aptos, Manche became a key contributor to the ecosystem, particularly in the DeFi space, where he engineered solutions for a leading DEX.

Recognising the limitations of Aptos, Manche and the Movement Labs core team set out to democratise the Move programming language by integrating it into the Ethereum network.

His socials: X and LinkedIn

Cooper Scanlon, Co-Founder

Scanlon left Vanderbilt University after discovering his passion for the blockchain space, realising that formal education was not essential to his success.

He found greater fulfilment in building a SPACDAO vehicle, which led him to pioneer the first yield aggregator leveraging the Move programming language.

This experience inspired him to envision and co-found Movement Labs.

His unique blend of financial and technical expertise, combined with his deep understanding of economic systems, allows him to foster cross-disciplinary collaborations and champion Web3 initiatives.

He plays a pivotal role in shaping Movement Labs' strategic and cultural direction.

His socials: X and LinkedIn

Movement Labs' Socials

Website

X

Discord

LinkedIn

The Journey Towards Mass Adoption

Coinlive perceives the partnership between Movement Labs and Polygon Labs as a pivotal development in the realm of Layer 2 liquidity solutions, offering substantial benefits to both developers and users within the dynamic blockchain ecosystem.

This collaboration is further bolstered by the support extended by Binance Labs, underscoring the project's growing credibility.

Movement Labs has also witnessed a steady increase in its follower count on X, a testament to the project's burgeoning reputation and community interest.

It currently stands at 628,200.

Following the successful launch of its public testnet, the anticipation now turns to the deployment of its mainnet, with the date of this significant milestone yet to be disclosed.