YEREVAN (CoinChapter.com) — Movement Labs, a Web3 developer building an Ethereum Layer-2 (L2) network, is finalizing a $100 million venture capital round. The funding will reportedly value the company at $3 billion, according to a January 8 report by Fortune.
Ethereum Layer-2 Blockchain. Source: FortuneMovement Labs Among Blockchain Unicorns
The $3 billion valuation places Movement Labs among blockchain “unicorns,” defined as companies worth over $1 billion. Other recent unicorns in the blockchain sector include Celestia and Story Protocol, as highlighted by Crunchbase.
Web3 VC funding came in at around $1.6 billion in Q4 2024. Source: CrunchbaseWeb3 projects raised approximately $1.6 billion during the fourth quarter of 2024. While this represents growth compared to the 2023 bear market, it remains below the early 2022 quarterly highs of nearly $11 billion. Movement Labs previously raised $38 million in a Series A funding round led by Polychain Capital in 2024.
MOVE Token Powers Mainnet Launch
In December 2024, Movement Labs launched the mainnet for its Ethereum Layer-2 network and distributed its native MOVE token. This beta launch prioritized onboarding infrastructure providers, including nodes and indexers, before opening to general users.
The MOVE token is central to Movement Labs’ approach to transaction settlements. The company has introduced a mechanism called “postconfirmations,” which aims to settle transactions on Layer-2 networks faster than traditional methods.
MOVE token distribution. Source: Movement Network FoundationFaster Settlement with Postconfirmations
Postconfirmations offer an alternative to zero-knowledge (ZK) proofs and fraud proofs for Ethereum Layer-2 transactions. Movement Labs stated in a Sept. 2 blog post that this mechanism reduces confirmation times to under one second.
Postconfirmations in L2 UX. Source: Movement BlogFraud proofs on optimistic rollups like Arbitrum and Optimism often take up to seven days to finalize transactions. ZK rollups, while faster, can involve significant costs. Co-founder Rushi Manche explained that postconfirmations enable applications to route transactions through a validator network secured by the MOVE token.
“You can launch a custom rollup using a set of validators, accept L2 security, and still post call data to Ethereum,”
Manche said. This process allows developers to maintain high transaction throughput while settling data on Ethereum when necessary.
Movement Labs relies on the Move programming language, a Rust-based framework originally developed for blockchain applications. Other notable Web3 developers, including Aptos and Sui, have also adopted Move for their projects.
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