Movement Labs plans to launch the M2 mechanism for fast settlement of transactions on L2 by the end of the year

Rushi Manche, co-founder of Movement Labs, said that it plans to launch a new mechanism that can quickly settle transactions on the L2 network by the end of 2024, which is expected to reduce the confirmation time of Ethereum L2 transactions to less than 1 second. Through postconfirmation, applications built on M2 (Movement's upcoming L2) can choose to route transactions to a validator network protected by Movement's native token MOVE. The token is scheduled to be launched at the end of 2024. Manche said that the M2 network will settle data with the Ethereum mainnet while ensuring high throughput, and has the potential to help developers build more secure and higher-throughput smart contracts. He predicts that by the second half of 2025, up to 20% of Web3 developers will work with Move, up from the current 7.5%. In addition, the M2 network will also settle transactions on the mainnet like other Optimistic Rollups. Movement is working with EigenDA to process data waiting for settlement on the mainnet. (Cointelegraph)