Movement Labs Raises $3.4 Million in Pre-Seed Fundraising
Movement Labs, a community-driven technology company, has successfully completed its pre-seed fundraising round and launched a tool from the Movement software development kit (SDK) on the Avalanche blockchain. The company raised $3.4 million through the pre-seed round to support the development and adoption of Move, a smart contract development language that includes safeguards against attack vectors like reentrancy and DoS.
Industry Leaders Lead the Pre-Seed Round
The pre-seed round was led by industry leaders including Blizzard — The Avalanche Fund, dao5, Borderless Capital, and Varys Capital. Angel investors such as the co-founders of Ankr, dao5’s George Lampeth, and Eigenlayer’s Calvin Liu also participated, alongside Elixir Capital, BENQI, and Interop Ventures.
Introducing M1 on Avalanche
The launch of M1 marks Movement SDK’s first major tool. M1 is designed to address the cold-start issue faced by new non-Ethereum Virtual Machine (EVM) protocols. It offers high performance while ensuring easy access by bootstrapping its ecosystem, liquidity, and validator set within the Avalanche consensus.
Driving Decentralization and Community-Led Growth
M1’s transparent tokenomics and low staking requirements will encourage decentralization and community-led growth on the Avalanche blockchain. Developers can access alternative virtual machines without the need to bridge their assets or manage multiple wallets.
Rushi Manche, co-founder of Movement Labs, stated: “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. Move also aims 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.”
The Power of Movement SDK
Through the Movement SDK, Movement Labs has built a platform that combines horizontal interoperability with vertical composability. This is made possible by modular Move Virtual Machines that can be connected to any blockchain network through Fractal, a translator that facilitates the compilation from smart contract languages like Solidity to Move.
Hot Take: Movement Labs Advances Move Adoption on Avalanche
Movement Labs’ successful pre-seed fundraising round and the launch of M1 on the Avalanche blockchain demonstrate the company’s commitment to advancing and promoting the adoption of Move. With its focus on security and performance improvements over Solidity, Move presents exciting opportunities for smart-contract developers in the Web3 space. The transparent tokenomics and low staking requirements of M1 will drive decentralization and community-led growth on Avalanche. By combining horizontal interoperability with vertical composability, Movement Labs is empowering developers to connect their modular Move Virtual Machines to various blockchain networks seamlessly. This marks an important step towards a more innovative and inclusive blockchain ecosystem.
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