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.
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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.
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