- AggLayer, which aims to promote interoperability throughout the Polygon 2.0 network of Ethereum Layer 2 chains, has welcomed Movement Labs as a member.
- The partnership is announced at the same time as Movement opens up its public testnet in preparation for the mainnet rollout later this year.
San Francisco-based Movement Labs, a blockchain development business, has joined Polygon’s AggLayer for Ethereum Layer 2s concurrently with the public testnet launch.
Currently being developed by Polygon Labs and other key contributors, AggLayer is an interoperability layer intended to enable unified security and liquidity over a network of chains. By linking chains and resolving ZK-based security proofs on Ethereum, AggLayer facilitates the secure conversion or transfer of native Ethereum assets between chains.
The project stated that Movement is the first Move-based environment to make use of the AggLayer and aid in bridging the gap between the Move and EVM ecosystems. Without changing the code, it allows Ethereum developers to implement Solidity contracts on Move-based chains.
Connecting Ethereum to Facebook’s Move Virtual Machine
To bring Facebook’s Move Virtual Machine to Ethereum, Movement Labs reported in April that it had raised a $38 million Series A round headed by Polychain Capital, with additional funding secured from Binance Labs.
The popular Aptos and Sui Layer 1 blockchains would not be the only blockchains where the Move programming language would be used thanks to Movement’s Layer 2. Movement’s first project is “M2,” a Move Virtual Machine Layer 2 for Ethereum, which intends to create an ecosystem of modular Move-based blockchains. A group of developers from Facebook’s now-defunct Diem stablecoin project first worked on Move at Meta.
In the Web3 ecosystem, our technology fills a vital gap, according to Rushi Manche, co-founder of Movement Labs. The dependable Ethereum ecosystem and the security of alternative L1s are no longer up for debate for developers. With the improved security and performance of the Move language combined with the familiarity of an Ethereum L2, Movement gives the best of both worlds. This enables projects to take use of the Ethereum ecosystem’s economic strength while deploying with confidence, knowing they’re guarded against common weaknesses.
The researchers noted that by serving as the common liquidity layer for various MoveVM-based chains, additional AggChains, and Ethereum, AggLayer will help address blockchain fragmentation. Additionally, it claimed, the infrastructure will make use of Celestia’s data availability layer to provide high-throughput, low-cost off-chain data storage while upholding Ethereum’s security requirements.
Along with Polygon’s own PoS chain, other projects, including OKX’s X Layer, Immutable, Astar, Canto, Palm Network, Aavegotchi, IDEX, Nubank, and Manta Network, are utilizing or intend to use the Polygon CDK to construct their Layer 2 networks and connect to the AggLayer.
Launch of Movements’ public testnet
Movements’ public testnet, Parthenon, is launched concurrently with the integration of Movements with Polygon’s AggLayer. Before the mainnet is deployed later this year, Movement Labs claims the testnet has already drawn $160 million in committed total value locked (deposits).
The decentralized bitcoin reserve Solv Protocol has committed $100 million in TVL to Movement, and current Movement Labs investors, such as 280 Capital, have contributed an extra $60 million, according to the team.
Six web3 projects have been completed thus far: the prediction market BRKT, the money market Echelon, the lending platform Moveposition, the liquidity marketplace Meridian, the perpetual protocol Avitus, and the on-chain game Infinite Seas.
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