- New mechanism for L2 transactions
- Current challenges and solutions
- Future development and use of Move language
Movement Labs has announced the development of a new mechanism that will simplify and speed up transaction confirmations on layer 2 (L2) networks. The launch is scheduled for the end of 2024.
New mechanism for L2 transactions
Movement Labs co-founder Rushi Manche told Cointelegraph in an interview that the new mechanism, called 'postconfirmations,' could reduce transaction confirmation times to less than one second. This method is an alternative to existing methods like zero-knowledge (ZK) and fraud proofs used for Ethereum L2 transactions.
Current challenges and solutions
According to L2Beat, total value locked (TVL) in L2 networks has more than tripled in 2024 to nearly $35 billion. However, existing solutions such as fraud proofs on optimistic rollups can take up to seven days for finality, and zk-rollups remain expensive, added Manche. Ethereum's average throughput is under 13 transactions per second (TPS), compared to nearly 700 TPS for rival Solana.
Future development and use of Move language
Movement Labs plans to use the Rust-based programming language Move to develop safe and high-performance smart contracts. Manche predicts that by mid-2025 up to 20% of Web3 developers will use Move, up from 7.5% today. The new L2 network called M2 will allow developers to launch custom rollups using a set of validators and the MOVE token, which is expected to be released by the end of 2024.
Movement Labs continues to work on improving the transaction confirmation process on layer 2 networks and plans to release the new mechanism by the end of 2024. By using the Move language, the company hopes to attract more developers and improve the security and performance of smart contracts.
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