Testnet Launch Attracts $160M
in Committed TVL, Showcasing Strong Demand for Move
Ecosystem
SAN FRANCISCO, July 30, 2024 /PRNewswire/ -- 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.
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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