October 10, 2024 1:00 PM
Movement Labs has raised $38 million.
Image Credit: Movement Labs
Movement Labs, the builder of a new blockchain that uses the Move smart contract language, announced 85 finalists for its hackathon.
More than $2 million is at stake in the “Battle of Olympus” hackathon. The two-month event attracted 2,100 project submissions from Web3 developers worldwide. Movement Labs said this response underscores the growing interest in Move-based blockchain technology and its potential to reshape the future of decentralized applications.
Movement Labs recently announced that its Web3 projects have deployed on its testnet with $160 million in total value locked (TVL) committed to its Mainnet.
It basically means that projects with a lot of financial backing have begun testing on Movement Labs’ blockchain and are working toward its official launch of its Mainnet. The $160 million is a reference to the amount of capital at risk in projects that are committed to the ecosystem. Movement Labs itself has raised $41.4 million across two rounds.
The Battle of Olympus hackathon produced ten standout projects across six critical categories, each demonstrating innovative applications of Move-based technology:
Titan
StakedMove: Premier liquid staking token for Movement, enhancing network security and user yield opportunities.
DeFi
Gasyard: Cross-network gas optimization protocol, streamlining DeFi transactions and improving user experience.
PicWe: Omni-chain liquidity infrastructure, facilitating seamless asset transfers across the Movement ecosystem.
AI
RNDM: AI-driven modular liquidity solution, potentially revolutionizing automated market-making in DeFi.
Podium: Web3 social audio platform enabling community-moderated discussions, bridging social media and blockchain.
Movewiffrens (MWFs): Decentralized social media platform, reimagining online interactions with blockchain-based identity and content ownership.
NFTs/GameFi
Seekers Alliance: Skill-based trading card game with innovative NFT mechanics, showcasing advanced smart contract capabilities on Movement.
Simemes: Meme-powered social gaming platform, blending viral internet culture with blockchain gaming.
Infrastructure
Movide: Advanced online IDE for Move, accelerating development on the Movement network.
Scaffold Move: Comprehensive toolkit for building dapps, lowering barriers to entry for developers in the Movement ecosystem.
Movement Labs cofounders Cooper Scanlon (left) and Rushi Manche.
The Battle of Olympus winners will receive substantial support, reflecting Movement Labs’ dedication to fostering blockchain innovation. They will get grants of up to $100,000 from the Movement Foundation; exclusive access to the newly launched Move Collective accelerator program; introductions to Movement’s network of top-tier venture capital firms; ongoing technical support, resources, and expert mentorship; Eligibility for the MoveDrop program; and a sponsored trip to Devcon 2024 in Thailand, covering flights and accommodation, courtesy of 280 Capital, an investor in Movement Labs.
“I’m truly amazed by the caliber and talent of developers from around the world who competed in The Battle of Olympus,” said Ali Shiekh, lead strategist, Movement Labs, in a statement. “This event is just a glimpse of the Movement we’re building, and I’m incredibly proud of all the builders who took part.”
The company said the Battle of Olympus hackathon signals a significant growing developer interest in Move-based blockchains. As Movement Labs progresses towards its mainnet launch, these projects will play a role in strengthening its ecosystem and demonstrating the versatility of Movement’s modular architecture.
GB Daily
Stay in the know! Get the latest news in your inbox daily
By subscribing, you agree to VentureBeat’s Terms of Service.
Thanks for subscribing. Check out more VB newsletters here.
An error occured.
Information contained on this page is provided by an independent third-party content provider. This website makes no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact editor @pleasantgrove.business
