Movement Labs announced that it has raised $3.4 million in pre-seed funding from a group of industry participants, which will enable Movement Labs to grow the adoption and development of Move, a smart contract development language “with embedded safeguards protecting against attack vectors like reentrancy that cost Web3 users billions of dollars annually.”
Concurrent with the pre-seed funding, Movement Labs is launching “the Movement SDK (software development kit), which will agnostically deliver secure and high-performance Move environments directly to established blockchain ecosystems.”
Movement SDK’s first major tool is M1, “a unique modular, horizontally scalable, and vertically composable blockchain designed to combine performance with reachable access.”
Addressing the cold-start problem faced by new protocols, M1 natively “bootstraps its ecosystem, liquidity, validator set, and EVM-traditional tooling by living within the Avalanche consensus.”
M1 is a community-first blockchain “with transparent tokenomics, low staking requirements to encourage decentralization, and community-led growth built into protocol design.”
Developers and users can now enjoy “the benefits of alternative virtual machines without having to extensively bridge their assets, manage multiple wallets, and leave the established networks they are comfortable with.”
Rushi Manche, co-founder of Movement Labs, ssid:
“The Move programming language blows the roof off the ceiling to Web3 innovation. 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.”
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.”
The raise also involved angel investors, “such as dao5’s George Lampeth, Eigenlayer’s Calvin Liu, Berachain’s Smokey The Bera, Avail’s Anurag Arjun, GMX’s CoinFlipCanada, and the co-founders of Ankr.”
Through the Movement SDK, Movement has built “a framework that combines horizontal interoperability through high-throughput modular Move Virtual Machines that can be plugged into any blockchain network with vertical composability via Fractal: a translator that facilitates the compilation from smart contract languages like Solidity to Move, providing native re-entrancy attack protection with no technical lift.”
M1 is built on the Avalanche Subnet technology stack, “which empower pioneers like Movement Labs to develop custom blockchains that scale infinitely.”