Movement Labs Pushes for 1-Second L2 Finality by 2024
Movement Labs is gearing up to introduce a groundbreaking solution for rapid transaction settlement on layer 2 (L2) scaling networks by the end of 2024. Co-founder Rushi Manche shared these ambitious plans in a recent interview.
Fast Finality ‘Postconfirmations’ on L2 Networks
Movement Labs aims to implement fast finality ‘postconfirmations’ as an alternative to current methods like zero-knowledge (ZK) and fraud proofs. These new postconfirmations could potentially reduce transaction confirmation times to less than one second. This innovation is crucial as the total value locked (TVL) on L2 networks has surged to nearly $35 billion in 2024, driven by Ethereum’s increasing popularity and limited bandwidth.
Ethereum’s Throughput and the Need for Speed
Ethereum has struggled with throughput, averaging fewer than 13 transactions per second (TPS) over the last 30 days, compared to Solana’s nearly 700 TPS. This discrepancy highlights the urgent need for faster and more efficient transaction settlement mechanisms.
Imperfections in Existing Solutions
Current solutions have their drawbacks. Fraud proofs on optimistic rollups like Arbitrum, Optimism, and Base can take up to seven days for finality. Additionally, zk-rollups can be prohibitively expensive. The postconfirmation method proposed by Movement Labs allows applications on Movement’s upcoming L2, known as M2, to route transactions through a network of validators secured by Movement’s native token, MOVE. This setup maintains high throughput while allowing for settlement on Ethereum when necessary.
Integration with EigenDA and the Move Programming Language
Movement’s M2 network will also settle transactions on Ethereum’s mainnet, similar to other optimistic rollups. To handle data awaiting settlement, Movement is partnering with EigenDA, a data availability service built on the restaking protocol EigenLayer.
Moreover, Movement Labs is part of a growing group of Web3 developers, including Aptos and Sui, building blockchains using the Rust-based programming language, Move. This language offers the potential for safer and higher-throughput smart contracts. Manche predicts that by late 2025, up to 20% of Web3 developers will be using Move, up from the current 7.5%.
Conclusion
Movement Labs’ push for rapid L2 finality by the end of 2024 could significantly enhance the efficiency and scalability of Ethereum and other blockchain networks. By addressing the limitations of existing solutions and integrating advanced technologies like EigenDA and Move, Movement Labs aims to set a new standard in transaction settlement and blockchain development.
