About the Movement Labs project
Movement Labs is developing a network blockchains in the Move language.
Key products:
- Movement Network
- M1 Sequencer
Movement Network is an L2 blockchain that supports Aptos Move, Sui Move, as well as a built-in EVM interpreter called MEVM.
About the Move language:
Move is a programming language created by Facebook for smart contracts. It emphasizes the concepts of ownership and security. Thanks to its ownership model and technical features, Move facilitates the development of secure smart contracts for typical blockchain tasks such as asset transfer, creation, and destruction.
Project Goal:
Movement Labs is focused on improving the security and scalability of blockchain technologies using EVM based on the Move language. This approach is aimed at eliminating common vulnerabilities in smart contracts.
The team raised $41.4 million in three rounds of funding with the participation of Polychain Capital, Binance Labs, OKX Ventures, etc. The amount of investments in the round was Binance Labs is not disclosed.
The project's Twitter is excellent. Representatives of Coinbase, Binance, Animoca Brands, Sfermion, Arrington Capital, Delphi Digital, IOSG VC, etc. are subscribed to it.
There is no information about tokenomics. Administrators on Discord write that tokenomics will be presented after the end of the testnet.
Team
Judging by the LinkedIn page, the company employs at least 35 people.
The company has two co-founders.
- Rushi Manche - co-founder of Movement Labs.
- Previously worked as a programmer at Aptos , developed smart contracts on Move for dex on Aptos (Kairos Exchange) and cross-chain fund indexes (Mira Finance).
- Good connections and acquaintances.
- His Twitter page is followed ;representatives of top funds - Coinbase, Polychain, a16z, Animoca Brands, Blockchain Capital, Delphi Digital, etc.
- There are garters with Solana - an interview with Rushi was published on their YouTube channel.
- Cooper Scanlon is the second co-founder of Movement Labs.
- Dropped out of school at Vanderbilt University, where he actively participated in student organizations and projects aimed at developing blockchain technologies.
- Developed the first profitability aggregator in the Move language.
- Serious and long-term He had work before Movement.
- There are interesting people among the subscribers to his Twitter page, but not in such numbers as the first founder, apparently due to age and experience. Among them are representatives tier1 of the a16z fund and tier2 of the ParaFi Capital and Solana Ventures funds, EigenLayer founder Sreeram Kannan is signed.
Competitors and evaluation
Movement has no direct competitors. There is no point in comparing with Sui (FDV $6.5 billion) and Aptos (FDV $5.8 billion) - it’s like comparing with ETH.
The only project that comes to mind is the Celer Network. Celer Network is one of the L2 blockchains that combines Aptos with EVM. But its FDV is only $103 million.
From afar it can be compared to the Manta Network. Manta Network and Movement have a lot in common: both have a connection from the Polychain and Binance Labs funds, both are modular blockchains, trying to create cross-chain solutions for scaling some blockchains at the expense of others. Manta Network's FDV is only $678 million, but back in March it was almost $4 billion.
Therefore, with the presence of Polychain and Binance Labs, Movement at the beginning of trading can definitely expect a valuation of at least $1 billion and higher. Even in the current market.
Activities
The team launched an Incentivized testnet called MoveDrop, consisting of four campaigns:
Building the Parthenon (we are mainly interested in this campaign)
- Campaign with quests. According to the admins in the discord, it is not necessary to do everything; it is enough to complete 10% of the quests in each guild, of which there are only five.
- Campaign page: https://testnet.movementlabs.xyz/
- End of the campaign: moment of launch of the main network
Procedure of actions:
- Go to the website: https://testnet.movementlabs.xyz
- Connect your Galxe account
- Install the Razor wallet: https://razorwallet.xyz
- Connect it to your Galxe account in the settings: https://app.galxe.com/accountSetting/ wallet (if it doesn’t connect, clear the cookies and try again)
- Request all test tokens from the faucet: https://faucet.movementlabs.xyz/ (for MEVM we use an EVM wallet, for example, Metamask, and for Aptos MOVE and Sui MOVE we use the Razor wallet)
- We complete quests on the page: https://testnet.movementlabs.xyz/quests
The Battle of Olympus
- Developer Campaign
- https://olympus.movementlabs.xyz/
- Registration: https://airtable.com/app6YTGxAGsLpEKiX/shrQ3dveSPmXdKjFW
- Ends: September 17
Gmove
- Rewards for Twitter posts with the word “Gmove”
Centurions
- Details will be announced later.
To summarize
An excellent project with a large raise and tier1 funds - more than $40 million and a combination of Binance and Polychain. Should I take part in the testnet? At first glance, it is too labor-intensive, but the team itself says that it is not necessary to do everything. It's better to spend a little time now than to bite your elbows later. You don’t have to rush too much to complete the tasks, there’s still time.
