Blockchain Press Releases
Movement Labs Joins the AggLayer Developed by Polygon Labs, Bringing Unified Liquidity to Move-Based L2 Chains
Testnet Launch Attracts $160M in Committed TVL, Showcasing Strong Demand for Move Ecosystem
SAN FRANCISCO, July 30, 2024 /PRNewswire/ — Movement Labs, a network focused on open-source tooling for the Move smart contract language, and Polygon Labs, a software development company building an aggregated blockchain network, today announced a strategic collaboration that marks a significant milestone in blockchain interoperability. Movement Labs will join the AggLayer developed by Polygon Labs, enabling unified liquidity across MoveVM-based Layer-2 chains, all AggLayer-connected chains, and Ethereum. This integration makes Movement the first Move-based ecosystem to utilize the AggLayer, effectively bridging the gap between Move and EVM ecosystems.
The announcement coincides with the launch of Movement Labs’ public testnet, which has already attracted an impressive $160 million in committed Total Value Locked (TVL) before mainnet. Solv Protocol, pioneering a Decentralized Bitcoin Reserve, has pledged $100 million in TVL on Movement. New and existing Movement Labs investors, including 280 Capital, have committed an additional $60 million in TVL.
As part of this collaboration, the AggLayer will serve as the foundation for unifying liquidity across these MoveVM-based chains, AggChains, and Ethereum — addressing the critical issue of fragmented liquidity in the blockchain space. The AggLayer, the first components of which went live in February, securely connects sovereign chains together, unifying liquidity, users, and state, but with the feel of a single chain. By fixing crypto’s fragmentation problem, the AggLayer enables developers to grow projects across an infinitely horizontal web of connected chains.
Movement uses Celestia for data availability, providing a high-throughput, solution for posting transaction data off-chain while still settling to Ethereum. As the industry’s leading data availability layer, Celestia allows developers to scale without permission, unlocking alt-VM L2s and high-throughput applications previously only viable on alt L1s like Solana or permissioned DA solutions.
By leveraging Polygon technology, Movement Labs aims to create an efficient, secure, and interoperable blockchain environment that addresses critical Web3 challenges, including fragmented liquidity and user experience.
“Our platform addresses a critical need in the Web3 ecosystem,” explained Rushi Manche, Co-Founder of Movement Labs. “Developers no longer have to choose between the trusted Ethereum environment and the security of alternative L1s. Movement offers the best of both worlds — the familiarity of an Ethereum L2 with the enhanced security and performance of the Move language. This allows projects to deploy with confidence, knowing they’re protected against common vulnerabilities while still leveraging the economic strength of the Ethereum ecosystem.”
“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,” said 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. This collaboration will greatly help in alleviating some of the most pressing challenges in Web3 — siloed liquidity and fragmented user experience, which currently hinder mass adoption.”
The launch of Movement Labs’ public testnet showcases six diverse Web3 projects already deployed on Movement testnet:
- Echelon – a highly efficient money market designed to scale Move DeFi & Liquidity with LST, RWA, and stablecoin backed strategies.
- Moveposition – a decentralized borrow/lend platform on Movement Labs. Powered by an institutional-grade risk engine and using adaptive risk management, Moveposition offers users a reliable and precise way to manage assets through a simple wallet connection.
- Meridian – a decentralized liquidity marketplace and liquid staking protocol natively built on Movement Labs, enabling users to seamlessly trade and earn with their assets.
- Avitus: a Movement-native perpetual protocol allowing any asset as collateral for trading, enabling users to leverage existing holdings without swapping to blue-chip assets.
- BRKT – a decentralized prediction market and competition management protocol utilizing binary options and bracket-style tournaments.
- Infinite Seas – a fully on-chain maritime trading, battling, and diplomatic MMO game
This collaboration and the successful testnet launch represent significant steps towards Movement’s “Road to Parthenon” — its journey to mainnet.
By leveraging the AggLayer, Movement enables developers to deploy Solidity contracts on Move-based chains without code modification, while benefiting from Move’s enhanced security features that eliminate nearly 90% of auditor-prioritized attack vectors. This integration not only enhances interoperability but also paves the way for increased innovation and adoption in the blockchain space.
About Movement Labs
Movement Labs is the innovative force behind the Movement Network, an ecosystem of Modular Move-Based Blockchains that enables developers to build secure, performant, and interoperable blockchain applications, bridging the gap between Move and EVM ecosystems. The organization is developing the first Move Virtual Machine L2 for Ethereum, alongside open-source tooling and protocols to facilitate the adoption of the Move programming language across blockchain ecosystems. With Movement, developers can launch high-performance Move VM rollups with ease. Backed by $38 million in Series A funding led by Polychain Capital, with participation from Binance Labs, Hack VC, Placeholder, OKX Ventures and Archetype, Movement Labs aims to revolutionize blockchain interoperability and advance Move-based technologies in the Web3 space. Learn more about Movement’s Battle of Olympus developer Hackathon and follow the team’s exciting news on on X and on Discord.
About Polygon Labs
Polygon Labs is a software development company building and developing an aggregated blockchain network that provides cross-chain interoperability via the AggLayer, a decentralized protocol on Ethereum that unifies user bases and liquidity for all connected chains. Polygon Labs has also contributed to the core development of several widely-adopted scaling protocols, including Polygon PoS, Polygon CDK, and Polygon zkEVM, as well as Polygon Miden, which is in development.
Website | Twitter | Developer Twitter | Telegram | LinkedIn | Reddit | Discord | Instagram | Facebook
About Solv Protocol:
Solv is pioneering a Decentralized Bitcoin Reserve, aimed at unlocking the full potential of over $1 trillion in Bitcoin assets through a liquidity consensus infrastructure. By addressing the fragmentation of BTC assets, providing yield opportunities, and offering compliant custody solutions, Solv is creating a comprehensive gateway to BTCFi, and also paving the way for traditional funds to confidently enter the crypto world. Backed by prominent investors such as Binance Labs, Blockchain Capital, Laser Digital, and others, Solv Protocol stands as a beacon of security and trust. Solv Protocol has undergone extensive security audits by leading firms, including Quantstamp, Certik, SlowMist, Salus, and Secbit, ensuring the highest standards of safety.
About 280 Capital:
280 Capital is the Web3 venture arm of the Huang Liu and Chen Family Office, with $2.5 billion assets under management. The family has been in the Web3 space since 2014, and has built a crypto portfolio anchored by a large early accumulation of BTC. To learn more, visit https://www.280.xyz/
About Celestia
Celestia is a modular data availability network that makes it easy for anyone to securely launch their own blockchain.
About Echelon
Echelon is a high efficiency money market written in move that facilitates the borrowing and lending of assets via non-custodial pools, enabling users to earn interest and increase buying power via leverage. Positions are overcollateralized to protect lenders and eMode offers the highest capital efficiency for borrowers. The protocol is complete with isolated pools for long tail assets and one click strategies for leverage staking and RWA backed vaults such as leveraged treasuries.
About Moveposition
Moveposition is a new generation of highly performative, optimally parallelized blockchains that has emerged to revolutionize on-chain execution speed. Incubated by Superposition, Moveposition is built on top of this infrastructure using adaptive risk management to offer precise, reliable, and detailed solutions, paving the way for High Fidelity DeFi. Moveposition solves the DeFi bottleneck of inadequate collateral risk management, heightened security risks, and insufficient borrower empowerment. By analyzing real-time market volatility of collateral portfolios and incorporating on-chain behavior, Moveposition offers maximized capital efficiency for the ecosystem and precise personalized borrowing rates to users.
About Meridian
Meridian is a decentralized liquidity marketplace and liquid staking protocol natively built on Movement Labs, enabling users to seamlessly trade and earn with their assets.
About Avitus
Avitus is the only modular permissionless protocol custom-built on Movement Labs. It allows any asset to be utilized as collateral for perpetual futures trading, empowering all asset holders to finally unlock more utility from their portfolios. By auto-scaling liquidity and hyper-scaling listings together, users will now be able to leverage their current holdings to trade and speculate on a vast array of assets that were previously inaccessible. Avitus will become the go-to home for capital-efficient liquidity and trades enabling easy onboarding of the next billion users, facilitating trillions of dollars of trading volume at scale.
About BRKT
BRKT is a cutting-edge decentralized competition management protocol powered by Solidity smart contracts. It offers a secure and innovative platform for creating, managing, and registering competitions, while efficiently distributing prizes. Explore the future of competitive gaming at https://brkt.gg
About Infinite Seas
Infinite Seas is pioneering a fully on-chain maritime trading, battling, and diplomatic MMO game that maximizes economic freedom and player incentives. By leveraging innovative AMM infrastructure and a robust backend engine, we foster microtransactions and autonomous player-to-player trading. Inspired by classics like Heroes of Might and Magic, Age of Empires, and Uncharted Waters, Infinite Seas offers an infinite game world with non-session gameplay, an open economy, and rich in-game trading opportunities. Our dedicated team of MMO experts is committed to creating a sustainable, immersive game economy with real-world impact, breaking new ground in the world of blockchain gaming. Join us on this groundbreaking adventure and be part of the future of on-chain gaming.
Media Contact:
[email protected]
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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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Blockchain Press Releases
Blockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals
DUBAI, UAE, Nov. 14, 2024 /PRNewswire/ — The highly anticipated Web3 Oscar, a prestigious event hosted by the Blockchain for Good Alliance (BGA), celebrating blockchain projects driving real-world impact aligned with the UN’s 17 Sustainable Development Goals (SDGs). Industry leaders gathered in Bangkok to honour innovators shaping a sustainable future.
The event was part of BGA’s November lineup, featuring two major initiatives for global change through blockchain: the Sustainable Innovation Summit and the Web3 Oscar Awards.
Sustainable Innovation Summit: A Hackathon for Social Impact
Held from September 9 to November 11, 2024, the Sustainable Innovation Summit hosted a hackathon with a $100,000 prize pool, inviting participants worldwide to create blockchain solutions addressing key issues such as poverty, clean water access, and gender equality. The summit concluded with a Demo Day at the Grand Hyatt Erawan in Bangkok, where finalists showcased their projects to blockchain pioneers, investors, and industry leaders, with opportunities for incubation support and equity-free funding.
Rising Stars
In a cinematic presentation style, 10 shortlisted projects from across the globe, participating in the Sustainable Innovation Summit’s 17 SDGs Challenge, took the stage. Each team presented their blockchain solutions to address sustainability challenges, telling the story of a “hero” confronting a global crisis (one of the 17 SDGs), with blockchain as the “tool” they wield for change.
Winners for the 17 SDGs Challenge:
- 1st Place: Grand Social Impact Award 🥇 EthicHub
- 2nd Place: Outstanding Social Innovation Award 🥈 Plastic Odyssey
- 3rd Place: Emerging Impact Award 🥉 ResearchHub
Rising Star Awards (top 10 projects, in no specific order):
- Wavy Health
- LAKE (LAK3)
- KulaDAO
- erable°
- arkreen
- UCO Network
- Edu3Labs
Web3 Oscar Awards: Honouring Leaders in Blockchain for Social Good
Coinciding with the hackathon’s Demo Day on November 11, the BGA Web3 Oscar Award recognizes individual contributions to blockchain for social good across three categories, with up to 7 total winners.
Each category highlights individual efforts aligning with BGA’s mission.
The Collaboration Bridge Award honours individuals who have played a vital role in guiding the strategic direction of the Blockchain for Good Alliance (BGA). This year’s recipients are:
- Harn, CEO of Trigger Asset Management
- Mariana de la Roche Wills from INATBA (International Association for Trusted Blockchain Applications) and de la Roche W. Consulting
The Public Welfare Contribution Award celebrates individuals who have harnessed #BlockchainForGood. This award was presented to:
- BreeAnne Yek, Consultant at The Verdant Room
- Milica Dimitrijevic from Positiveblockchain.io
These individuals have demonstrated remarkable dedication, guidance, and pioneering work, significantly advancing the mission of the Blockchain for Good Alliance (BGA) in promoting sustainable development through blockchain technology.
In her closing remarks, Helen Liu, Co-founder and COO of Bybit and founder of BGA, explained how blockchain can bring people together to make a real difference worldwide. Her vision for leveraging blockchain to create worldwide impact was both inspiring and forward-thinking.
About Blockchain for Good Alliance (BGA)
The Blockchain for Good Alliance (BGA) is a long term collaborative non-profit initiative with key partners with the main aim to contribute to societal good by using blockchain technology to solve real world problems. By convening leaders, innovators, and organisations from across the blockchain community, BGA seeks to drive innovation, collaboration, and action towards a more sustainable and equitable world.
For more information
Email: [email protected]
Website: www.blockchainforgood.xyz
Twitter: www.twitter.com/chainforgood
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