In a recent development, Movement Labs, based in San Francisco, secured $38 million in Series A funding to advance the adoption of Move-EVM within the Ethereum network. The funding round was led by Polychain Capital, with support from Aptos Labs, Bankless Ventures, OKX Ventures, and several other venture capital firms.

The primary goal of Movement Labs is to enhance smart contract security and transaction speed in the Ethereum ecosystem by implementing Move-based Ethereum virtual machines (EVMs). These machines aim to address common vulnerabilities such as reentrancy attacks and arithmetic errors, which have led to significant losses in the past.

Move-EVM works by ensuring that resources are accessed uniquely, thereby preventing recursive exploits. It also improves transaction efficiency by completing transactions before initiating new ones, effectively blocking up to 90% of attack vectors identified in Solidity, Ethereum's current smart contract programming language.

The team at Movement Labs launched M2, a Move VM-based layer-2 solution for Ethereum, in November 2023. M2 is designed to handle over 30,000 transactions per second, providing a scalable solution for Ethereum's growing ecosystem.

Rushi Manche, co-founder of Movement Labs, envisions Move-EVM as a platform for developers to create innovative decentralized applications (dApps), comparing it to building "the next Facebook" on the blockchain. The company also plans to introduce Move Stack, a cross-compatible execution layer framework, to facilitate interaction with existing rollup frameworks like Optimism, Polygon, and Arbitrum.

Additionally, MoveVM supports localized fee markets, which can help mitigate gas spikes and reduce resource expenditure, making Web3 applications more accessible and affordable for mass adoption.

The new funding will be allocated towards global hiring efforts and investment in developer tooling and education for Move. Prior to this round, Movement Labs had raised $3.4 million in a pre-seed round to support the upcoming launch of its public testnet, Parthenon.

In a related development, Degen Chain, a layer-3 network built on Ethereum, recently achieved the highest transaction per second (TPS) count in the Ethereum ecosystem, surpassing its base blockchain, Base, according to L2BEAT data.

In conclusion, Movement Labs' latest funding round underscores the growing interest and investment in improving the scalability and security of the Ethereum network through Move-EVM technology. With continued development and adoption, Move-EVM has the potential to drive significant innovation and growth in the decentralized finance (DeFi) space and beyond.