Movement Labs has announced that it secured $3.4 million in pre-seed funding from a group of industry leaders. This funding will support the expansion and development of Move, a programming language designed for smart contracts.
An important feature of Move is its built-in protection against attack vectors like reentrancy, which have caused significant financial losses for Web3 users. The funding will also enable Movement Labs to introduce the Movement SDK, which will provide secure and high-performance Move environments for established blockchain ecosystems.
The Movement SDK includes M1, a unique and modular blockchain that is horizontally scalable and vertically composable. M1 aims to achieve a balance between performance and accessibility. It addresses cold-start problems by using the Avalanche consensus to bootstrap its ecosystem, liquidity, validator set, and EVM-traditional tools.
M1 prioritizes community involvement and features transparent tokenomics, minimal staking requirements to promote decentralization, and a protocol architecture that facilitates community-driven expansion. Developers and users can experience the benefits of alternative virtual machines without complex integration, managing multiple wallets, or leaving established networks.
Rushi Manche, co-founder of Movement Labs, said, “The Move programming language opens up vast possibilities for Web3 innovation.” Move offers benefits to smart-contract developers, such as direct interaction with digital assets, flexibility in transaction script declaration, on-chain verification, and bytecode safety privileges. It also addresses security and performance flaws of Solidity, including reentrancy attacks, DoS attacks, resource inefficiencies, and bugs during the compilation process.
Pre-seed investment round
Varys Capital, dao5, Blizzard The Avalanche Fund, Borderless Capital, Colony, Interop Ventures, Elixir Capital, BENQI, and other notable partners led the pre-seed investment round. M1 is built on the Avalanche Subnet technology stack, allowing pioneers like Movement Labs to create scalable custom blockchains.