Testnet Launch Attracts $160M
in Committed TVL, Showcasing Strong Demand for Move
Ecosystem
SAN
FRANCISCO, July 30, 2024 /CNW/ -- Movement Labs, a
network focused on open-source tooling for the Move smart contract
language, and Polygon Labs, a software development company building
an aggregated blockchain network, today announced a strategic
collaboration that marks a significant milestone in blockchain
interoperability. Movement Labs will join the AggLayer developed by
Polygon Labs, enabling unified liquidity across MoveVM-based
Layer-2 chains, all AggLayer-connected chains, and
Ethereum. This integration makes Movement the first
Move-based ecosystem to utilize the AggLayer, effectively bridging
the gap between Move and EVM ecosystems.
Movement's testnet launch and $160M in committed TVL, showcases demand for
secure, interoperable Move-based L2 solutions
The announcement coincides with the launch of Movement Labs'
public testnet, which has already attracted an impressive
$160 million in committed Total Value
Locked (TVL) before mainnet. Solv Protocol, pioneering a
Decentralized Bitcoin Reserve, has
pledged $100 million in TVL on
Movement. New and existing Movement Labs investors, including 280
Capital, have committed an additional $60
million in TVL.
As part of this collaboration, the AggLayer will serve as the
foundation for unifying liquidity across these MoveVM-based chains,
AggChains, and Ethereum — addressing the critical
issue of fragmented liquidity in the blockchain space. The
AggLayer, the first components of which went live in February,
securely connects sovereign chains together, unifying liquidity,
users, and state, but with the feel of a single chain. By fixing
crypto's fragmentation problem, the AggLayer enables
developers to grow projects across an infinitely horizontal web of
connected chains.
Movement uses Celestia for data availability, providing a
high-throughput, solution for posting transaction data off-chain
while still settling to Ethereum. As the industry's
leading data availability layer, Celestia allows developers to
scale without permission, unlocking alt-VM L2s and high-throughput
applications previously only viable on alt L1s like
Solana or permissioned DA solutions.
By leveraging Polygon technology, Movement Labs aims to create
an efficient, secure, and interoperable blockchain environment that
addresses critical Web3 challenges, including fragmented liquidity
and user experience.
"Our platform addresses a critical need in the Web3 ecosystem,"
explained Rushi Manche, Co-Founder
of Movement Labs. "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."
"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,"
said Marc Boiron, CEO of Polygon
Labs. "The introduction of chains within the Movement network to
the AggLayer accelerates this mission, bringing Web3 another step
closer to unlimited global interoperability. 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."
The launch of Movement Labs' public testnet showcases six
diverse Web3 projects already deployed on Movement testnet:
- Echelon - a highly efficient money market designed
to scale Move DeFi & Liquidity with LST, RWA, and
stablecoin backed strategies.
- Moveposition - a decentralized
borrow/lend platform on Movement Labs. Powered by an
institutional-grade risk engine and using adaptive risk management,
Moveposition offers users a reliable and precise way to manage
assets through a simple wallet connection.
- Meridian - a decentralized liquidity
marketplace and liquid staking protocol natively built on Movement
Labs, enabling users to seamlessly trade and earn with their
assets.
- Avitus: a Movement-native perpetual protocol
allowing any asset as collateral for trading, enabling users to
leverage existing holdings without swapping to blue-chip
assets.
- BRKT - a decentralized
prediction market and competition management protocol utilizing
binary options and bracket-style tournaments.
- Infinite Seas - a fully on-chain maritime trading,
battling, and diplomatic MMO game
This collaboration and the successful testnet launch represent
significant steps towards Movement's "Road to Parthenon" — its
journey to mainnet.
By leveraging the AggLayer, Movement enables developers to
deploy Solidity contracts on Move-based chains without code
modification, while benefiting from Move's enhanced security
features that eliminate nearly 90% of auditor-prioritized attack
vectors. This integration not only enhances interoperability but
also paves the way for increased innovation and adoption in the
blockchain space.
About Movement Labs
Movement Labs is the
innovative force behind the Movement Network, an ecosystem of
Modular Move-Based Blockchains that enables developers to build
secure, performant, and interoperable blockchain applications,
bridging the gap between Move and EVM ecosystems. The organization
is developing the first Move Virtual Machine L2 for
Ethereum, alongside open-source tooling and protocols
to facilitate the adoption of the Move programming language across
blockchain ecosystems. With Movement, developers can launch
high-performance Move VM rollups with ease. Backed by $38 million in Series A funding led by Polychain
Capital, with participation from Binance Labs, Hack
VC, Placeholder, OKX Ventures and Archetype, Movement Labs aims to
revolutionize blockchain interoperability and advance Move-based
technologies in the Web3 space. Learn more about Movement's Battle
of Olympus developer Hackathon and follow the team's exciting news
on on X and on Discord.
About Polygon Labs
Polygon Labs is a software
development company building and developing an aggregated
blockchain network that provides cross-chain interoperability via
the AggLayer, a decentralized protocol on
Ethereum that unifies user bases and liquidity for all
connected chains. Polygon Labs has also contributed to the core
development of several widely-adopted scaling protocols, including
Polygon PoS, Polygon CDK, and Polygon zkEVM, as well as Polygon
Miden, which is in development.
Website | Twitter | Developer Twitter | Telegram
| LinkedIn | Reddit | Discord | Instagram | Facebook
About Solv Protocol:
Solv is pioneering a
Decentralized Bitcoin Reserve, aimed at
unlocking the full potential of over $1
trillion in Bitcoin assets through a liquidity
consensus infrastructure. By addressing the fragmentation of BTC
assets, providing yield opportunities, and offering compliant
custody solutions, Solv is creating a comprehensive gateway to
BTCFi, and also paving the way for traditional funds to confidently
enter the crypto world. Backed by prominent investors
such as Binance Labs, Blockchain Capital, Laser
Digital, and others, Solv Protocol stands as a beacon of security
and trust. Solv Protocol has undergone extensive security audits by
leading firms, including Quantstamp, Certik, SlowMist, Salus, and
Secbit, ensuring the highest standards of safety.
About 280 Capital:
280 Capital is the Web3 venture arm
of the Huang Liu and Chen Family Office, with $2.5 billion assets under management. The family
has been in the Web3 space since 2014, and has built a
crypto portfolio anchored by a large early
accumulation of BTC. To learn more, visit https://www.280.xyz/
About Celestia
Celestia is a modular data
availability network that makes it easy for anyone to securely
launch their own blockchain.
About Echelon
Echelon is a high efficiency money
market written in move that facilitates the borrowing and lending
of assets via non-custodial pools, enabling users to earn interest
and increase buying power via leverage. Positions are
overcollateralized to protect lenders and eMode offers the highest
capital efficiency for borrowers. The protocol is complete with
isolated pools for long tail assets and one click strategies for
leverage staking and RWA backed vaults such as leveraged
treasuries.
About Moveposition
Moveposition is a new generation of
highly performative, optimally parallelized blockchains that has
emerged to revolutionize on-chain execution speed. Incubated by
Superposition, Moveposition is built on top of this infrastructure
using adaptive risk management to offer precise, reliable, and
detailed solutions, paving the way for High Fidelity
DeFi. Moveposition solves the DeFi
bottleneck of inadequate collateral risk management, heightened
security risks, and insufficient borrower empowerment. By analyzing
real-time market volatility of collateral portfolios and
incorporating on-chain behavior, Moveposition offers maximized
capital efficiency for the ecosystem and precise personalized
borrowing rates to users.
About Meridian
Meridian is a
decentralized liquidity marketplace and liquid staking
protocol natively built on Movement Labs, enabling users to
seamlessly trade and earn with their assets.
About Avitus
Avitus is the only modular
permissionless protocol custom-built on Movement Labs. It allows
any asset to be utilized as collateral for perpetual futures
trading, empowering all asset holders to finally unlock more
utility from their portfolios. By auto-scaling liquidity and
hyper-scaling listings together, users will now be able to leverage
their current holdings to trade and speculate on a vast array of
assets that were previously inaccessible. Avitus will become the
go-to home for capital-efficient liquidity and trades enabling easy
onboarding of the next billion users, facilitating trillions of
dollars of trading volume at scale.
About BRKT
BRKT is a cutting-edge
decentralized competition management protocol powered
by Solidity smart contracts. It offers a secure and innovative
platform for creating, managing, and registering competitions,
while efficiently distributing prizes. Explore the future of
competitive gaming at https://brkt.gg
About Infinite Seas
Infinite Seas is pioneering a
fully on-chain maritime trading, battling, and diplomatic MMO game
that maximizes economic freedom and player incentives. By
leveraging innovative AMM infrastructure and a robust backend
engine, we foster microtransactions and autonomous player-to-player
trading. Inspired by classics like Heroes of Might and Magic, Age
of Empires, and Uncharted Waters, Infinite Seas offers an infinite
game world with non-session gameplay, an open economy, and rich
in-game trading opportunities. Our dedicated team of MMO experts is
committed to creating a sustainable, immersive game economy with
real-world impact, breaking new ground in the world of blockchain
gaming. Join us on this groundbreaking adventure and be part of the
future of on-chain gaming.
Media Contact:
Media@MovementLabs.xyz
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SOURCE Movement Labs