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

Update (July 31, 12:50 pm UTC): This article has been updated to include interview responses from Rushi Manche, co-founder at Movement Labs.

Ethereum layer-2 network Movement Labs has announced an integration with 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 

Speaking to Cointelegraph about leveraging Polygon’s technology, Manche said that Movement Labs can also contribute to tackling the most pressing challenges of Web3, such as fragmentation, and generally make the ecosystem more secure and interconnected.

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.”

Manche told Cointelegraph that Move can help address security-related shortcomings and limitations in Solidity, adding "These include reentrancy attacks, arithmetic errors stemming from incorrect math within a contract, and faulty input verification."

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.

Manche told Cointelegraph that Movement Labs is expecting significantly more TVL commitments in the future, especially as they get closer to the mainnet launch. However, no hard deadline has been set for the 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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