Movement Labs, headquartered in San Francisco, has secured a significant boost of $38 million in a Series A funding round, spearheaded by Polychain Capital and bolstered by support from Aptos Labs, Bankless Ventures, OKX Ventures, and eight other notable venture capital firms.

The primary objective of Movement Labs is to construct a network of blockchains leveraging Facebook's Move programming language. This initiative aims to enhance smart contract security and transaction throughput within the Ethereum ecosystem through Move-based Ethereum virtual machines (EVMs).

Rushi Manche, co-founder of Movement Labs, emphasized the prevalence of vulnerabilities such as reentrancy attacks, arithmetic errors, and faulty input verification, which commonly plague smart contracts. These vulnerabilities have resulted in significant losses, estimated at over $5.4 billion between 2022 and 2023 alone.

Manche highlighted the pivotal role of Move-EVMs in mitigating such vulnerabilities, particularly reentrancy attacks, which have previously impacted major protocols like Curve and KyberSwap. By uniquely accessing resources and ensuring sequential transaction completion, Move-EVMs are projected to thwart approximately 90% of attack vectors identified in Solidity.

The company launched M2, a Move VM-based layer-2 solution for Ethereum, in November 2023, designed to facilitate over 30,000 transactions per second (TPS). This advancement sets the stage for developers to innovate and build high-performance decentralized applications, with Manche envisioning the emergence of groundbreaking projects akin to "the next Facebook" but on-chain.

In addition to the core Move-based infrastructure, Movement Labs is developing Move Stack, a cross-compatible execution layer framework. This framework enables seamless interaction with rollup solutions from prominent companies such as Optimism, Polygon, and Arbitrum.

Furthermore, MoveVM supports localized fee markets, offering relief from gas spikes and optimizing resource utilization. The overarching goal of Movement Labs is to deliver the speed and affordability necessary for widespread adoption of Web3 applications.

The newly injected funds will be allocated towards global talent acquisition, extensive investment in Move developer tooling, and educational initiatives. Prior to this Series A round, Movement Labs had secured $3.4 million in pre-seed funding, earmarked for the forthcoming launch of its public testnet, Parthenon.

In a related development, Degen Chain, a burgeoning Ethereum layer-3 network, recently achieved a notable milestone by recording the highest TPS count within the Ethereum ecosystem. As demonstrated by its impressive 35.7 TPS, Degen Chain surpassed its foundational blockchain, Base, underscoring the growing potential of layer-3 solutions in scaling transaction throughput within the Ethereum network.