Movement Labs joins Polygon Agglayer, bags $160M TVL commitment for mainnet

Arijit Sarkar9 hours agoMovement Labs joins Polygon Agglayer, bags $160M TVL commitment for mainnetMovement Labs joins Polygon’s AggLayer to boost blockchain interoperability and protect developers against 90% of auditor-prioritized attack vectors.5886 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksEthereum layer-2 network Movement Labs hasannounced an integration with Polygon Labs’ AggLayer to further blockchain interoperability and liquidity. In parallel, investors and a Web3 project committed $160 million in total value locked (TVL) toward Movement Labs’ mainnet launch. 

On July 30, Movement Labs joined AggLayer — a central component of Polygon 2.0 — to enable unified liquidity across Move Virtual Machine-based layer-2 chains, all AggLayer-connected chains, and the Ethereum network.

According to Movement Labs co-founder Rushi Manche, the strategic collaboration bridges the gap between Move and Ethereum Virtual Machine (EVM) ecosystems. He said:“Developers no longer have to choose between the trusted Ethereum environment and the security of alternative Layer-1s.”

He stated that the collaboration will protect Web3 projects against common vulnerabilities present within the Ethereum ecosystem. Marc Boiron, CEO of Polygon Labs, underscored AggLayer’s mission of “bringing together as many users, developers, programming languages, different smart contracts and chains and liquidity as possible.”Unifying blockchains through interoperability 

Through the AggLayer partnership, Movement developers can deploy Solidity contracts on Move-based chains without code modification and avoid 90% of auditor-prioritized attack vectors.

Boiron sees the collaboration as a step closer to unlimited global interoperability. He added:“This collaboration will greatly help in alleviating some of the most pressing challenges in Web3 — siloed liquidity and fragmented user experience, which currently hinder mass adoption.”Mainnet receives $160 million TVL commitment before launch

On the same day, Movement launched its public testnet, which currently hosts six Web3 projects. These include money market Echelon, decentralized lending platform Moveposition, liquidity marketplace and staking protocol Meridian, perpetual protocol Avitus, prediction market BRKT and massive multiplayer online game Infinite Seas.

Additionally, Movement revealed it received a $160 million TVL commitment toward its upcoming mainnet launch.

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Among the group, Solv Protocol, a decentralized Bitcoin (BTC) reserve, pledged $100 million, while new and existing investors in Movement Labs committed $60 million in total value locked.

In April, Movement Labs raised $38 million through Series A funding to build a network of blockchains based on Facebook’s Move programming language.

By leveraging Move-based EVM, Movement Labs aims to enhance smart contract security and transaction throughput within the Ethereum ecosystem.

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