Movement: Building the First Move-based L2 on Ethereum
Movement is a modular framework for building and deploying Move-based infrastructure, applications, and blockchains in any distributed environment. Rushi Manche and Cooper Scanlon, co-founders of Movement, announced their plans to build the first Move-based L2 on Ethereum. The company also plans to launch its own token, tentatively named MOVE.
Source:
Official Twitter
Currently, Movement has completed two rounds of fundraising, totaling over $40 million. The details are as follows:
On September 13, 2023, Movement Labs announced the completion of a $3.4 million Pre-Seed round, with Varys Capital, dao 5, Blizzard The Avalanche Fund, Borderless Capital, and its cross-chain fund focused on the Wormhole ecosystem as the lead investors. Colony, Interop Ventures, Elixir Capital, and BENQI also participated.
On April 26, 2024, Movement Labs announced the completion of a $38 million Series A round, with Polychain Capital as the lead investor. Hack VC, dao 5, and Robot Ventures also participated.
Additionally, on May 1 of this year, Binance Labs announced its investment in Movement Labs, with the specific amount undisclosed.
Binance Labs announces investment in Movement Labs
Interactive Tutorial
Although the Movement incentive testnet has not yet started, you can download the wallet, prepare for the test, and complete social tasks.
STEP 1: Download the Razor Wallet from the Google Play Store (click here for the download link).
STEP 2: Create a personal wallet and save the private key as prompted.
STEP 3: Open the wallet and switch the network to M1 Devnet and M2 Devnet to receive test coins (the following operation is for receiving test coins on M1 Devnet, the process for M2 Devnet is the same).
STEP 4: Switch the network to M1 Devnet and access the testnet swap website (click here for the link) and connect it to the Razor Wallet. Exchange MOVE test coins for any token to complete a swap interaction (the following operation is for swapping MOVE for BTC).
STEP 5: Add liquidity (the following operation combines MOVE and BTC to form a liquidity pool).
Summary
Currently, there are limited interactive features available for Movement. However, it is worth paying attention to the investments made by Binance Labs, OKX Ventures, and Polychain Capital.
According to official information, the Galxe Galaxy Mission is currently in testing, and the test points will be reset to zero. After the official launch, guild-related tasks can be performed. In addition to this, early adopters can enter the official Discord to increase their chat level and unlock three early roles: chatty, chattier, and chattiest. These roles may provide additional benefits when tokens are airdropped in the future.
Initia: Participating in the First MoveVM Compatible with Cosmos IBC
Initia is an L1 on Cosmos that utilizes an application-specific L2 with OP Rollup. With Initia’s architecture, including L1, L2, and the communication layer, developers can easily launch application-specific blockchains based on Initia L2 without the need for complex chain-level infrastructure or running validator sets.
Source:
Official Twitter
Initia announced the completion of a $7.5 million funding round on February 27 of this year. The round was led by Delphi Ventures and Hack VC, with participation from Nascent, Figment Capital, Big Brain and A.Capital, as well as angel investors including anonymous cryptocurrency trader Cobie, DCF God, Split Capital co-founder Zaheer Ebtikar, Fiskantes, WSB Mod, and Celestia COO Nick White.
It is also worth noting that Binance Labs announced its investment in Initia on October 12 of last year. The amount of funding raised was undisclosed, and the funds will be used to support the development of Initia’s infrastructure and developer tools.
Binance Labs announces investment in Initia
Interactive Tutorial
On the evening of May 14, Initia announced the launch of the incentive public testnet “initiation-1,” which will last for 8 weeks. The mainnet is expected to launch later this year. Participants can explore Omnitia, use the testnet applications, join the Initia Militia, complete tasks, and collect NFT cards to summon the Forbidden One.
STEP 1: Download the Initia Wallet from the Google Play Store (click here for the download link).
STEP 2: Register the wallet using a Google email, Discord, Twitter, or Facebook account (the following operation shows registration using Twitter). Choose one of the options and enter a password to register.
STEP 3: Copy the created wallet address to receive test coins (click here for the receiving website).
STEP 4: Purchase a domain name by entering the desired name. If the domain name is available, proceed with the payment (click here for the purchasing website).
STEP 5: Perform a swap by exchanging INT for USDC (click here for the swap website).
STEP 6: Stake USDC and NIT with any of the listed nodes (click here for the staking website).
STEP 7: Mint Baby Jennie NFT. After minting all 6 shown in the image, you can proceed to mint the Baby Jennie NFT (click here for the minting website).
STEP 8: Feed Baby Jennie.
Summary
The 8-week incentive testnet activity of Initia has no interaction cost, and the investment from Binance Labs makes this project worth paying attention to.
According to official information, most of the issues encountered in completing the tasks mentioned above are due to the high number of addresses participating in the testnet activity. Therefore, if you encounter any issues, you may need to try repeatedly until you succeed.
Tags:
2023 Market, Atom, Cosmos Hub, Labs, Movement, ONE, USDC, Ethereum, investment, Bitcoin
Source link:
https://www.odaily.news/post/5195235
Note: The views expressed in this article are solely those of the author and do not constitute investment advice.