Originally published on: September 11, 2024
Rushi Manche, co-founder of Movement Labs, shared with Cointelegraph in an exclusive interview that the company is on track to introduce a cutting-edge mechanism for rapid transaction settlements directly on layer 2 (L2) scaling networks by the end of 2024.
The innovative ‘postconfirmations’ feature will revolutionize the way Ethereum L2 transactions are finalized, offering an alternative to existing methods like zero-knowledge (ZK) and fraud proofs. With the potential to slash confirmation times to under 1 second, Movement is set to lead the way in transaction efficiency.
According to a recent blog post from Movement, the total value locked (TVL) on L2s has skyrocketed this year, reaching nearly $35 billion. As Ethereum’s popularity continues to soar, the strain on the network’s limited bandwidth is evident, making a solution like Movement’s much-needed in the current landscape.
While Ethereum’s average throughput stands at less than 13 transactions per second (TPS), competitors like Solana boast nearly 700 TPS, highlighting the urgency for faster and more efficient transaction settlement methods.
Manche pointed out that existing solutions, such as fraud proofs on optimistic rollups, come with major downsides like lengthy finality periods. By leveraging postconfirmations, developers utilizing Movement’s upcoming L2 platform, M2, will be able to enjoy lightning-fast transaction settlements with the option to route transactions through a network of validators secured by Move’s native token, MOVE, set to launch by 2024.
The flexibility of launching custom rollups using validated security while maintaining high throughput and settling on Ethereum when necessary sets Movement’s M2 apart, offering a seamless experience for developers and users.
In a strategic partnership with EigenDA, a data availability service based on EigenLayer protocol, Movement is poised to streamline the settlement of transactions on mainnet Ethereum, enhancing the overall user experience and operational efficiency of the platform.
As Movement continues to drive innovation in the Web3 space, developers can look forward to building safer, higher-throughput smart contracts using Move, a Rust-based programming language that is gaining traction among industry players. Manche predicts a substantial increase in Web3 developers adopting Move by the second half of 2025, positioning Movement as a key player in the evolving blockchain landscape.
With the upcoming launch of their advanced L2 solution, Movement Labs is poised to revolutionize the transaction settlement process on Ethereum, providing users with a faster, more efficient, and secure platform for conducting transactions in the digital economy.
