On September 13, Movement Labs made an announcement that it had raised $3.4 million in pre-seed funding from a consortium of prominent industry leaders. This substantial financial support will empower Movement Labs to expand the implementation and advancement of Move, a programming language specifically designed for smart contracts.
Notably, Move incorporates built-in protective measures against attack vectors such as reentrancy, which have been responsible for significant financial losses amounting to billions of dollars annually for Web3 users.
In conjunction with the pre-seed investment, Movement Labs is introducing the Movement SDK (Software Development Kit), which aims to provide secure and high-performance Move environments to established blockchain ecosystems.
The primary tool offered by the Movement SDK is M1, a blockchain that is characterized by its uniqueness, modularity, horizontal scalability, and vertical composable blockchain. M1 is specifically developed to achieve a balance between performance and accessibility.
In order to mitigate the cold-start problems encountered by newly developed protocols, M1 effectively addresses this issue by its inherent ability to bootstrap its ecosystem, liquidity, validator set, and EVM-traditional tools by operating inside the Avalanche consensus.
M1 is a blockchain network that prioritizes community involvement, characterized by its transparent tokenomics, minimal staking requirements aimed at promoting decentralization, and a protocol architecture that facilitates community-driven expansion.
Developers and users are now able to experience the advantages of alternative virtual machines without the need for complex integration of their assets, management of numerous wallets, or departure from the established networks they are used to.
“The Move programming language blows the roof off the ceiling to Web3 innovation,” said Rushi Manche, co-founder of Movement Labs.
“Benefits to smart-contract developers include direct interaction with digital assets through custom resource types, flexibility with transaction script declaration, on-chain verification, and bytecode safety privileges. Move also to solve many of the inherent security and performance flaws of Solidity, including reentrancy attacks, DoS attacks, resource inefficiencies, and bugs introduced during the compiling process.”
Pre-seed investment round
This round of investors was led by Varys Capital, dao5, Blizzard The Avalanche Fund, Borderless Capital, and their Cross-Chain Fund focused on the Wormhole ecosystem with participation from Colony, Interop Ventures, Elixir Capital, BENQI, and many other notable partners.
Finally, M1 is built on the Avalanche Subnet technology stack, which empowers pioneers like Movement Labs to develop custom blockchains that scale infinitely.