Movement Network, a blockchain built using the Move programming language, is planning to transit into a layer 1 (L1) blockchain from its current sidechain infrastructure. The decision follows Movement’s controversial past with its Co-Founder being involved in a market making scandal.
Movement Industries, the developer firm behind Movement Network, recently revealed that it is becoming an L1 project while upgrading its performance, stability, staking functionality and eying other developments for expansion.
“The L1 architecture enables 10,000+ transactions per second with sub-second finality, compared to the current 500-600 TPS limitation,” the firm said, adding, “As an L1, Movement is positioned to reach the MoveVM’s performance potential, all while eliminating the single-point-of-failure created by the current centralized sequencer.”
The Movement team is also planning to upgrade its fundamental infrastructure with Move 2.0, which currently uses the initial version of Move. Initially developed by Meta (Facebook) for its Diem project, Move programming language is used to write smart contracts. It is currently utilized by two leading and latest-generation blockchain networks, Aptos and Sui.
Building onto the recent Monza upgrade
In June, Movement rolled out the Monza upgrade, which made Movement Network faster and its DEX volumes, total value locked (TVL), and other metrics rose rapidly. The call for becoming an L1 blockchain is initiated to benefit from this significant upgrade and unlock further growth in future.
The firm noted that users are not required to take any actions during the migration process as existing funds, smart contracts, and network activities will remain unchanged. It will soon open Validator applications following the testnet launch, with staking becoming available after the mainnet migration.
MOVE token’s market making controversy
In May, Movement Network suspended its Co-Founder Rushi Manche over his alleged involvement in a $38 million market making scandal centric to the project’s native MOVE token. The move drove significant criticism onto the project with the MOVE token price crashing over 22% in hours.
As per CoinMarketCap data, MOVE is trading near $0.125 with a market capitalization of $344 million.
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