Movement combines key security features with enhanced performance and user experience, representing a comprehensive vision for achieving Web3 transformation.
Author: Ed Roman
Compiled by: Deep Tide TechFlow
A New Step Forward
Today marks an important day for our portfolio company @movementlabsxyz as they officially launch their mainnet test version and native token. At Hack VC, we co-led their Series A funding round. This article will share our investment rationale for Movement.
The Problem
Since the early development of Web3, smart contract vulnerabilities have been a significant issue that remains unresolved. In 2022 alone, over $3 billion was lost due to smart contract vulnerabilities.
Addressing smart contract vulnerabilities is crucial for Web3 and DeFi to go mainstream. In traditional finance, systems operate behind firewalls, and codebases are private, making major security incidents rare. For example, when you use Stripe for payments, wire transfers, or Venmo transactions, you don't worry about whether the code executing those transactions is vulnerable to attacks.
However, in the current Web3 environment, users have to worry about code security. Web3 systems operate on open networks, and codebases are public, effectively providing hackers with a "treasure map," with the size and location of the treasure being clear.
One root cause of the problem lies in the programming language itself. Ethereum's dApps are typically written in Solidity, but Solidity lacks type safety, memory safety, and formal verification, making it easy for developers to make mistakes. These flaws lead to frequent vulnerability exploits, with reentrancy attacks being one of the main causes of the $3 billion loss.
Background: Move Programming Language
The Move programming language offers a new approach to addressing the security issues of smart contracts. Compared to existing mainstream tools, Move provides strong type support (reducing development errors) and formal verification (lowering vulnerability risks), making it easier for developers to identify and fix issues.
Sui and Aptos are the first projects in the Web3 space to utilize Move. They aim to challenge Ethereum and some early blockchains (such as Avalanche, Hashgraph, and Polkadot). Sui and Aptos have built different virtual machine versions based on Move.
Movement's Vision
Movement Labs is building a modular chain network based on the Move programming language, aimed at enhancing the security, performance, and user experience of Web3. Its first product is an Ethereum L2 based on Move, allowing dApps in the Ethereum ecosystem to leverage the advantages of Move while utilizing data availability services provided by Celestia.
Movement's design offers the following values:
New dApps can be built directly on Ethereum L2 using Move, eliminating reliance on Solidity. This provides developers with a more secure environment, avoiding common vulnerabilities associated with Solidity.
Existing dApps running on Sui or Aptos can easily migrate to Ethereum, gaining access to Ethereum's larger liquidity and user base.
Cross-chain deployment of Move dApps will expand their user base while attracting more developers and applications to Sui and Aptos.
Overall, this will drive the growth of the Move developer ecosystem, helping Move become a more mainstream development language.
Additionally, Movement supports Solidity to ensure compatibility with existing codebases.
Movement's Security Advantages
Movement has the following security features:
A built-in "bytecode verifier" that checks the resource safety, type safety, and memory safety of transactions, ensuring that each value has only one mutable reference at any given time.
The bytecode interpreter executes transactions only when all security conditions are met.
Users can set access permissions for modules and accounts, ensuring that smart contracts can only operate through intended methods, preventing unintended modifications.
The design of type safety and memory safety effectively prevents reentrancy attacks.
Verification tools can identify the target call state and use it to discern the effects of process calls.
Additional Advantages Beyond Security
Movement's tech stack excels not only in security but also brings many other innovations:
Movement has developed Fractal, a tool that can convert traditional Solidity code into the Move virtual machine (VM) environment. This process, known as "transpilation," allows existing Solidity dApps to run in the Move environment while maintaining compatibility with the Ethereum ecosystem. This innovation is particularly significant compared to other Move environments like Aptos or Sui, as developers can access EVM liquidity while ensuring their code undergoes Move's formal verification, reducing potential risks.
Movement's M1 sequencer is deeply integrated with its Ethereum L2, providing fast deterministic ordering, thus achieving reorganization protection and high availability. M1 supports parallel processing capabilities, with performance improvements of up to 10 to 100 times. This performance advantage makes Movement an ideal choice for high-performance scenarios (such as gaming and low-latency DeFi), while low transaction costs support rapid minting of NFTs and other granular transactions.
Movement has implemented bridging functionality to Bitcoin through Snowman, introducing more liquidity support to the ecosystem.
Movement supports the IBC protocol, enabling interoperability with the Cosmos network, further expanding the ecosystem's connectivity.
Movement employs a dual-staking model, providing economic incentives for the operation of decentralized sequencers, ensuring network stability and security.
Movement supports atomic transactions (such as atomic swaps) between Rollups within its ecosystem, enhancing transaction flexibility and efficiency.
Movement provides support for Typescript, making it easy for Web2 developers to transition to Web3 development. This support lowers the learning curve and attracts more developers to the Move ecosystem.
Current Development Status
Movement has achieved significant results in its launch phase:
Movement's tech stack has attracted over 200 teams for development.
More than 5 Move tech stack networks have been formed, including Lumio, Up Network, Lync, Nexio, and @ionet (which is also another company in the Hack VC portfolio).
Over 7 teams natively built on Movement have completed funding.
A total locked value (TVL) of over $150 million has been committed.
Over 1.2 million Galxe followers (ranked 20th globally).
More than 1 million active addresses.
52 regional Movement Twitter and Telegram groups are active.
Movement meetups have covered 5 continents.
Over 30 million transactions were completed in the second week of the testnet.
Movement has raised over $30 million to ensure long-term financial stability.
Teams graduating from Movement's self-accelerator project "Move Collective" have raised over $10 million in funding.
Future Directions for Movement
Movement's vision is to expand its tech ecosystem to a broader blockchain landscape. Its goal is to create an execution environment that supports the Move programming language to run on any blockchain, regardless of the Rollup framework or data availability (DA) layer. This is made possible by Movement's fully decentralized shared sequencer (M1), allowing different blockchains to interact through a unified settlement layer.
Through this vision, developers will be able to create dedicated dApp chains based on specific needs, while blockchains like Avalanche, Polkadot, and Hashgraph will also be able to leverage the advantages of the Move programming language. Ultimately, this will provide Move-based dApp developers with a larger user base and higher total locked value (TVL), further driving the development of Web3.
Conclusion
At Hack VC, we firmly believe that security is key to scaling and mainstreaming Web3. Movement has proposed a comprehensive vision that we believe can effectively reduce or even eliminate smart contract vulnerabilities. While it all starts with the Move programming language, Movement's roadmap also includes integrating more security innovations to ultimately provide a powerful and comprehensive solution.
Movement combines key security features with enhanced performance and user experience, and we believe this is a complete vision for achieving Web3 transformation. We are honored to lead Movement's Series A funding round and congratulate the team on the successful launch of their token. We look forward to embarking on the future journey with Movement.
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Disclosure Statement
The information contained in this article is for reference only and does not constitute investment advice, nor should it be used as a basis for evaluating any investment decision. For accounting, legal, tax, business, investment, or other related advice, please consult your professional advisor. The content of this article reflects the author's current views and does not represent the position of Hack VC or its affiliates. Some information comes from public sources or third parties and may not be updated to the latest status at the time of this article's publication. Hack VC is not responsible for the accuracy or completeness of this information and assumes no obligation to update or notify.
Past performance does not guarantee future results. The forward-looking statements in this article are based on the author's experiences and assumptions and are not guarantees of future performance, and may be subject to unpredictable risks and uncertainties.
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