In this episode of The Edge Podcast which took place on May 3, 2024, DeFi Dad, Nomatic, Rushi, and Cooper discuss Move, M1, M2, the dApps on MoveVM, and more. Read our notes below to learn more.
Background
- DeFi Dad (Host) – Host of Edge Podcast
- Nomatic (Host) – Co-Host of Edge Podcast
- Rushi (Guest) – Co-Founder of Movement Labs
- Cooper (Guest) – Co-Founder of Movement Labs
- Movement Labs – building a network of Move-based blockchains
- M1 – the first blockchain to the Movement ecosystem, enabled by the Movement SDK
- M2 – a Layer 2 Sui-compatible blockchain, enabled by the Movement SDK.
Movement Move stack
- Rushi says that Move was initially designed for Facebook to handle user funds and ensure rapid transactions.
- He adds that the ultimate vision includes incorporating formal verification and parallelization in every environment through a network of Move based blockchains.
M1 vs M2 and When M1 and M2 mainnet?
- Rushi says that M1 focuses on consensus mechanisms optimized for near-finality, serving as a decentralized shared sequencer. Designed as the best-decentralized sequencer, M1 powers M2, which acts as the main new-based layer-2 market alongside other rollups joining the network.
- He adds that they are not aiming to be first in the market but prioritizing technological functionality over competition with a focus on network enhancement.
- Cooper says that both M1 and M2 are currently live with plans for a Testnet launch named “Parthenon” scheduled for early March.
- Post-M1/M2 implementation, users can expect significantly reduced gas fees leading to enhanced DeFi experiences across multiple chains like Ethereum layer-1/layer-2, Avalanche, etc.
How the MoveVM improves the DeFi UX
- Rushi says that they aim to make gas fees imperceptible to users, enhancing user experience by addressing scalability concerns. The need for increased transactions per second (TPS) beyond 100 TPS on every chain is a crucial factor for scalability.
- He adds that validators play a significant role in sequencing transactions, earning sequencing fees along with emissions, making running the network profitable. Valuable insights are shared regarding how sequencing fees are distributed among validators compared to traditional Al systems.
New possibilities for Move developers
- Cooper says that developers gain access to larger user bases and liquidity pools, facilitating application launches and metric acquisition.
- He adds that the ability to engage with different networks without leaving their current ecosystem is emphasized as a major benefit for EVM-based communities.
Parthenon testnet
- Rushi says that users can participate by using dApps within the existing system, engaging with various features such as testnet DEXs and bridging assets.
- Cooper says that Movement encourages diverse participation through guild programs catering to varied interests like writing articles, research, meme creation, etc., fostering a vibrant community. Ecosystem-level rewards beyond individual incentives underscore a holistic approach toward community engagement.
How MoveVM prevents common EVM exploits
- Rushi says that a small error or vulnerability in code can lead to significant financial losses, emphasizing the crucial role of proper handling and testing. Consumer trust is paramount in crypto due to its financial nature; a single hack can result in the loss of all consumers if security measures are lacking. Security is pivotal in the crypto environment due to its trust-focused nature; open-source systems are vulnerable to attacks as hackers exploit weaknesses before developers detect them.
- He adds that the Kyber Network faced a minute 0.001% attack vulnerability despite having top engineers and extensive auditing, showcasing the challenges even experienced teams encounter. Human verification of contracts is fallible; automated verification tools like Move provide comprehensive checks line by line, enhancing security by detecting potential vulnerabilities proactively.
- Rushi says that automated verification tools like Move scrutinize code for memory safety, potential attacks, and integer overflows before execution, preventing exploits at runtime. Move acts as a firewall at runtime, halting code execution if it fails any security checkmarks, and offering real-time protection against vulnerabilities.
Native $USDC coming to M1/M2
- Cooper says that stablecoins like $USDC are essential in DeFi as they provide stability pegged to fiat currencies amid volatile token launches on new chains.
- He adds that Movement will have native $USDC on day 1 of launch. Union‘s IBC integration opens doors to various partnerships like Noble, streamlining app integrations within the ecosystem. Collaboration between partners like Noble and Union simplifies product integration.
- Cooper says that users benefit from seamless access to a wide range of applications through IBC integration.
- He adds that infrastructure builders gain access to a vast application ecosystem via IBC integration. Applications can leverage specialized infrastructures and toolkits, leading to enhanced functionality and user experience.
- Rushi says that using native $USDC eliminates complexities associated with wrapped assets.
- Rushi says that they expect new native DeFi protocols on M1 and M2 to include lending, borrowing functionalities, and DEX services.
Making the network accessible
- Cooper says that there are new novel features on the validator tech side to engage the community more. Zero cap on validators in Snowman Consensus due to its gossip-based model. For example, Avalanche has over a thousand validators currently.
- He adds that democratizing the validator process benefits validators and applications within the network. Gas fees go to the protocol, democratizing the validator process. Opening doors to the ecosystem and community through guilds and different roles.
Scaling Movement Labs team
- Cooper says that there is significant growth in the engineering department with experienced lead engineers joining. He adds that they are onboarding experienced developers from the community.
- Cooper says that they are looking to hire cryptography engineers for ZK Move development.
- He adds that they are seeking organizational support for managing partnerships across various sectors beyond applications.
- Cooper says that they need individuals with a blend of marketing and operational skills to manage a diverse content calendar and workflows spanning events, spaces, and daily social media content. Scaling into different mediums requires expertise in building pipelines to effectively manage content creation, segmentation, assembly, and distribution across multiple channels.
- He adds that seeking a product manager with experience at different protocol levels within the crypto space poses challenges in hiring suitable candidates due to the specialized nature of these roles.
Closing
- Rushi draws parallels between web development eras (Web2 to React/View) and blockchain evolution, showcasing how new frameworks like Move revolutionize efficiency. He anticipates testnet’s launch on the horizon signifies progress towards technological innovation within the movement ecosystem, positioning applications as the future equivalent of websites in terms of functionality.
Check out these important links
- Watch the YouTube Video
- Follow DeFi Dad on Twitter
- Follow Nomatic on Twitter
- Follow Rushi on Twitter
- Follow Cooper on Twitter
Show Information
- Medium: YouTube (Video)
- Show: The Edge Podcast
- Show Title: The Rise of Move-Based Blockchains
- Show Date: May 3, 2024