Blockchain firm Movement Labs has officially launched its developer mainnet, marking a significant milestone in its quest to integrate Facebook’s (META) Move Virtual Machine (MoveVM) with the Ethereum ecosystem. This strategic move aims to leverage the capabilities of MoveVM, originally developed for the now-defunct Diem project, and extend its reach within decentralized finance (DeFi).
The deployment of the developer mainnet, announced via email on Tuesday, will initiate the rollout of Movement’s core infrastructure, allowing selected partners to begin implementing various DeFi protocols. This phase follows the initial mainnet launch of Movement in December and sets the stage for a public mainnet beta release scheduled for next month.
Originally conceived as part of Facebook’s ambitious Diem initiative, which was ultimately shelved at the start of 2022, the Move programming language has since laid the groundwork for the creation of innovative layer-1 networks such as Sui and Aptos. Movement Labs now seeks to capitalize on this legacy by extending the Move technology to Ethereum Layer 2.
The firm secured a $38 million Series A funding round led by Polychain Capital, providing the necessary resources to facilitate this expansion. The incorporation of MoveVM into Ethereum highlights the growing intersection between established blockchain platforms and emerging technologies, promising to enhance the capabilities of DeFi applications.
In tandem with the public mainnet’s rollout, Movement Labs plans to unveil a multi-asset liquidity program designed to lay the groundwork for robust DeFi applications. This initiative aims to support a diverse range of financial instruments, enhancing liquidity and accessibility within the Ethereum ecosystem.
For additional insights on Movement Network’s trade performance and upcoming developments, please read more about the MOVE token at its current market cap and airdrop announcements here.
