Movement Labs joins Polygon's AggLayer to unify liquidity

Gino Matos

Jul. 30, 2024

Movement Labs' testnet attracts $160m in committed TVL, showcasing six diverse Web3 projects.

Movement Labs joins Polygon's AggLayer to unify liquidity

Key Takeaways

Movement Labs joins Polygon's AggLayer, enabling unified liquidity across Move-based L2 chains and Ethereum.
Movement Labs' public testnet attracts $160 million in committed TVL before mainnet launch.

Move-based Movement Labs has joined Polygon Labs’ AggLayer, enabling unified liquidity across MoveVM-based Layer-2 blockchains, AggLayer-connected chains, and Ethereum. This integration marks Movement as the first Move-based ecosystem to utilize the AggLayer, bridging Move and EVM ecosystems.

The announcement coincides with Movement Labs’ public testnet launch, which has attracted $160 million in committed Total Value Locked (TVL) before mainnet. Solv Protocol has pledged $100 million in TVL, while Movement Labs investors, including 280 Capital, have committed an additional $60 million.

The AggLayer, which went live in February, aims to unify liquidity, users, and states across sovereign chains, addressing fragmented liquidity in the blockchain space. The infrastructure will use Celestia’s data availability layer for cost-effective, high-throughput off-chain transaction data storage while maintaining Ethereum’s security guarantees.

“Our platform addresses a critical need in the Web3 ecosystem. Developers no longer have to choose between the trusted Ethereum environment and the security of alternative L1s,” stated Rushi Manche, Co-Founder of Movement Labs. “Movement offers the best of both worlds — the familiarity of an Ethereum L2 with the enhanced security and performance of the Move language.”

Movement Labs’ public testnet showcases six Web3 projects: Echelon, Moveposition, Meridian, Avitus, BRKT, and Infinite Seas. The integration allows developers to deploy Solidity contracts on Move-based chains without code modification, while benefiting from Move’s enhanced security features.

“The AggLayer’s mission is to unify Web3 in its entirety by bringing together as many users, developers, programming languages, different smart contracts and chains, and liquidity as possible,” added Marc Boiron, CEO of Polygon Labs. “The introduction of chains within the Movement network to the AggLayer accelerates this mission, bringing Web3 another step closer to unlimited global interoperability.”

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