Movement Labs Launches New Layer 2 to Tackle Smart Contract Hacks

This week, Movement Labs launched its Layer 2 network, marking the first Layer 2 in the Ethereum ecosystem to utilize the Move programming language, originally developed by Meta. Unlike Solidity, which is the primary language for Ethereum and its Layer 2 networks, Move is specifically designed with a strong emphasis on safety and security. According to the Movement Labs team, Move has the potential to become the go-to language for blockchain development.

While widely used, Solidity has significant limitations. It is neither type-safe nor formally verifiable, making it prone to bugs and security vulnerabilities. 

A lack of type safety means that the language does not enforce strict rules for how data types, such as integers or strings, are used. This can result in runtime errors, unexpected behavior, and bugs when incompatible types are mixed. 

Furthermore, Solidity cannot be mathematically verified to behave according to its specifications. Formal verification uses detailed mathematical methods to check the code doesn't have security holes, something that Solidity doesn't do right now. These shortcomings make Solidity-based systems more vulnerable to errors and potential exploits.

Move, in contrast, addresses these issues by providing type safety, formal verification, and a built-in security mechanism. Transactions only execute if all safety requirements are met, significantly reducing risk. Move’s focus on eliminating common vulnerabilities through strict verification processes makes it an attractive option for applications where security is critical.

Movement Labs is not the first to adopt Move for smart contract development; Aptos and Sui have already incorporated it into their ecosystems. However, Movement Labs sets itself apart by including an EVM interpreter. This tool allows developers to transpile existing Solidity code into the Move environment, ensuring backward compatibility and simplifying the migration of Solidity-based applications to the Movement Layer 2 network. As a result, developers working with Solidity can easily transition their existing decentralized applications to this new platform.

The team at Movement Labs also hopes to attract developers from Aptos and Sui by leveraging the Ethereum ecosystem’s broader liquidity and greater opportunities for growth. This strategy has already shown promise, with over 200 teams actively building on the Movement stack.

Since its mainnet launch, the project has gained significant traction. The market cap of the $MOVE token has quickly risen to over $1.5 billion, surpassing the valuations of established Layer 2 networks such as Polygon and Starknet. Movement Labs has also distributed a generous $700 million airdrop to its users, further boosting its visibility and adoption.

Movement Labs was founded by Rushi Manche, 21, and Cooper Scanlon, 24. The duo previously raised $38 million to develop the platform and are now spearheading one of the most talked-about L2s in the Ethereum ecosystem.