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.
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Blockchain Press Releases
Bybit Invests $1M in EthicHub Through Blockchain for Good Alliance to Drive Agricultural Finance for Global Farming Communities
DUBAI, UAE, Feb. 24, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, proudly announces a $1 million impact investment in EthicHub, facilitated through the Blockchain for Good Alliance (BGA).
Since pioneering the Blockchain for Good Alliance in April 2024, Bybit has championed the use of blockchain innovations to solve real-world challenges. EthicHub, a key project supported by the BGA Incubation Programme and the Grand Social Impact Award winner at the BGA Web3 Oscar, exemplifies this vision by leveraging blockchain to drive financial inclusion and empower smallholder farmers. This investment aligns with Bybit’s commitment to leveraging blockchain technology for tangible social impact, driving financial inclusion for smallholder coffee farmers in emerging markets.
Empowering Sustainable Coffee Farming Through Ethical Finance
EthicHub is revolutionizing agricultural finance by integrating productive lending, blended finance, and market access. With this $1 million investment, Bybit will establish the “Bybit Pool”, a dedicated fund within the EthicHub ecosystem designed to provide ethical credit lines to small and medium-sized coffee farmers.
This initiative will empower farmers to break free from exploitative lending practices, improve productivity, and secure fair prices for their coffee. Additionally, it aligns with Bybit’s broader mission of bridging the gap between blockchain solutions and real-world economic transformation.
Key Highlights of the Investment Agreement:
- Exclusive Fund: Bybit’s investment will be managed exclusively within the EthicHub ecosystem, ensuring transparency and accountability.
- Sustainable Social Impact: The fund provides direct financial access to coffee farmers, fostering economic resilience in rural communities.
- Fair Financial Returns: Bybit will receive an 8% annual return over a 15-month term, demonstrating the viability of impact investing.
- Transparency & Reporting: LendingDev, EthicHub’s operator, will provide quarterly performance updates and comprehensive end-of-term reporting.
A New Era of Blockchain-Powered Social Good
Bybit’s investment exemplifies how blockchain-powered finance can drive sustainable change. Through BGA’s role in fostering strategic collaborations, this initiative paves the way for blockchain adoption in real-world economic empowerment.
“Blockchain has the power to unlock new financial opportunities for those historically excluded from traditional banking systems. Our $1 million investment in EthicHub reinforces Bybit’s dedication to using innovation for real-world impact, proving that blockchain can be both profitable and transformative,” said Helen Liu, Chief Operating Officer at Bybit.
Gabriela Chang, CSO & Co-founder of EthicHub added: “Bybit’s commitment is a game-changer for our mission. This investment will directly support smallholder coffee farmers, enabling them to increase productivity, access fair financing, and secure better market opportunities. It is an example of how blockchain can create real-world solutions for pressing global challenges.”
Case Study: EthicHub’s Impact – How Neri Ortiz Transformed His Future
For generations, smallholder coffee farmers like Neri Ortiz in Motozintla, Mexico, faced relentless challenges: unstable coffee prices, predatory lenders, and limited market access. With no financial safety net, many were forced to abandon farming altogether.
The introduction of EthicHub changed everything. By offering fair, blockchain-powered financing, EthicHub provided Neri and his cooperative with the resources to improve production, invest in sustainable farming techniques, and eliminate exploitative middlemen. For the first time, they could sell directly to specialty coffee buyers at fair market prices.
This access to ethical lending transformed not just Neri’s farm but his entire outlook. He began experimenting with quality-enhancing techniques like controlled fermentation, which boosted the value of his coffee. With newfound financial stability, he reinvested in his farm, secured better futures for his family, and began mentoring other farmers to do the same.
Bybit’s investment in EthicHub ensures that more farmers like Neri can break free from financial hardship, build resilient livelihoods, and sustain the agricultural traditions that feed global coffee markets. This is the power of blockchain-driven impact investing—real solutions for real people, transforming entire communities.
Join the Movement
Bybit invites fellow blockchain innovators and socially responsible investors to explore the possibilities of blockchain-powered impact investments. By working together, the industry can drive sustainable economic solutions that benefit both investors and underserved communities.
For more details on EthicHub’s initiatives, visit EthicHub Website.
#Bybit / #TheCryptoArk /#BGA
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
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Blockchain Press Releases
Bybit Defies Odds: How the Largest Crypto Hack in History Became a Test of Resilience and Transparency
DUBAI, UAE, Feb. 23, 2025 /PRNewswire/ — In a remarkable display of resilience and professionalism, Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has successfully navigated the largest hack in crypto history. On February 21, 2025, hackers stole approximately $1.5 billion in digital assets from Bybit’s Ethereum wallet, marking the biggest cryptocurrency heist ever recorded. Despite this unprecedented breach, Bybit’s swift and transparent crisis management ensured that the crypto market remained stable, with no significant price volatility.
Swift Crisis Management
Bybit’s response to the hack was marked by swift action, transparency, and professionalism. Ben took immediate ownership of the situation, addressing the community within 30 minutes via X and conducting a livestream session just one hour after the incident. This live session, which lasted over two hours, provided real-time updates and detailed explanations, ensuring that all stakeholders were informed and reassured. Bybit’s prompt and open communication effectively prevented panic and maintained trust in the exchange, setting a high standard for crisis management in the crypto industry
Throughout the crisis, Bybit’s withdrawal and product services remained uninterrupted, with clients able to access support and their respective relationship managers at all times. This seamless continuity was a testament to the team’s preparedness and efficiency, even under extreme pressure.
Industry Unity in Support of Bybit
The crypto industry rallied around Bybit, demonstrating a united front against security threats. Major exchanges blacklisted the hacker’s wallets, preventing further movement of stolen funds. This unprecedented show of unity underscores the growing maturity of the crypto sector, where competitors become allies in times of need.
Client Fund Protection
Despite the significant scale of the hack, Bybit’s 1:1 reserve guarantee ensured that client assets remained fully intact. Bybit CEO Ben Zhou reassured users that Bybit is solvent and can cover the loss, emphasizing that all client assets are backed on a one-to-one basis. This guarantee demonstrates Bybit’s financial stability and commitment to user security.
Regulatory and Law Enforcement Collaboration
Bybit worked closely with regulators and law enforcement agencies to address the hack. This collaboration not only facilitated a swift response but also set a precedent for future cooperation between the crypto industry and regulatory bodies. As the incident unfolds, further developments are expected from this front, potentially leading to enhanced security measures and regulatory frameworks.
Rapid Recovery
Bybit demonstrated remarkable resilience in the face of the crisis, processing over 350,000 withdrawal requests efficiently within 12 hours of the hack. Despite the surge in withdrawal requests, the exchange ensured that all transactions were completed without significant delays, showcasing the team’s professionalism and experience in managing critical incidents. Bybit’s operations quickly returned to normal, with client activity rebounding to pre-hack levels within 24 hours. This swift recovery underscores the trust that clients and investors have in Bybit’s crisis management capabilities, highlighting the exchange’s ability to maintain stability even in the most challenging circumstances
Bybit’s handling of the recent hack sets a new industry standard for crisis management. The exchange’s ability to turn a potentially disastrous event into a demonstration of resilience and transparency is a testament to its long-standing culture of responsibility and openness. This incident highlights not just Bybit’s operational excellence but also the growing maturity and unity of the crypto industry as a whole.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
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SINGAPORE, Feb. 23, 2025 /PRNewswire/ — In the wake of the recent $1.5 billion hack affecting a major cryptocurrency exchange, HTX hosted a live discussion on X and its Global Advisor Justin Sun addressed the growing security concerns in the cryptocurrency industry. The discussion, titled “Together Against Industry Crisis, Is There a Best Solution for the Security of the Crypto Industry?” featured insights from leading security firms SlowMist and GoPlus Security, as well as prominent KOLs.
Security: A Top Priority for HTX
Sun stressed that security is a “top priority”, demanding constant vigilance and learning. He illustrated how hacker tactics have evolved, from early hot wallet attacks to more sophisticated multi-signature wallet breaches, and declared that exchanges must continuously enhance their security protocol.
Sun emphasized that security is like personal health management, requiring internal efforts and a proactive approach. HTX has implemented multi-device login, remote login alerts, abnormal transfer alerts, and other security features, and has publicly disclosed Merkle Tree Proof of Reserve (PoR) for 28 consecutive months, maintaining reserve ratios exceeding 100%.
Sun’s Influence on Security Practices Across the Crypto Landscape
Sun’s commitment to security extends to his vision for HTX and his influential role in shaping security practices across the broader crypto landscape. He believes that the principle of security is considered fundamental to every business and product. He cited the early implementation of native multi-signature functionality in TRON as a successful example of proactive security design, demonstrating his commitment to building security into the foundation of his projects. He also highlighted the recent launch of USDD 2.0, emphasizing the deep understanding of stablecoin security risks that informed its development. “Just as exchanges should strengthen security mechanisms from the source in system design and operation, to maximize the prevention of security incidents,” Sun stated.
Sun also revealed that HTX collaborates with numerous white hat teams to conduct continuous penetration testing, security drills, and vulnerability mining. The platform actively monitors global cryptocurrency security incidents and studies hacker attack principles and methods for effective prevention.
Addressing the Situation and Industry Cooperation
Regarding the controversy surrounding CZ’s suggestion for the affected exchange to suspend withdrawals, Sun acknowledged the validity of the advice from an exchange perspective. He explained that the initial hours after a security breach are crucial for investigating the issue and ensuring safety. While suspending withdrawals is necessary to eliminate risks, the suspension period should be minimized to reduce user impact.
Sun called for closer cooperation between exchanges, security agencies, and the community to jointly address hacker threats, promote technological sharing, security innovation, and information exchange, and promote the healthy and sustainable development of the industry.
HTX’s Commitment to User Safety
HTX demonstrates its commitment to security through a proactive and continuously improving approach. The platform’s multi-faceted security strategy encompasses collaboration with leading security experts, rigorous ongoing monitoring, robust internal protocols, and a focus on enhancing multi-signature support, security alerts, and mitigating emerging threats such as hashtag scams. This comprehensive strategy reflects HTX’s dedication to safeguarding user assets and fostering a secure and reliable trading environment. This commitment was further emphasized by the specific security protocol requirements shared by Justin Sun at the February 21st Meetup in Hong Kong.
About HTX
Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, we harbor global capabilities that enable us to provide users with safe and reliable services. Our growth strategy – “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance”, underpins our commitment to providing quality services and values to virtual asset enthusiasts worldwide.
For more information on HTX, please visit the HTX Square, or https://www.htx.com/, and follow X, Telegram, Discord. For further press enquiries, please contact [email protected].
Contact Details
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