Movement Labs is planning to launch a new mechanism to quickly finalize transactions directly on layer 2 (L2) scaling networks by the end of 2024, Movement co-founder Rushi Manche told Cointelegraph in an interview.

The fast finality ‘postconfirmations’ mechanism is an alternative to current methods of processing transactions on Ethereum’s L2, such as zero-knowledge (ZK) and fraud proofs – with the potential to shorten confirmation times to under 1 second, according to Movement’s September 2 blog post.

Total value locked (TVL) on L2 networks more than tripled in 2024 to nearly $35 billion, according to a report from L2Beat, as Ethereum's growing popularity puts pressure on the network's limited bandwidth.

Over the past 30 days, Ethereum has averaged just under 13 transactions per second (TPS), while competitor Solana (SOL) has reached nearly 700 TPS, according to Chainspect.

Current solutions are far from perfect. Manche said fraud proofs on optimal rollups like Arbitrum, Optimism, and Base can take up to seven days to finalize, while zk-rollups are expensive.

With postconfirmations, applications built on M2, Movement’s upcoming L2 network, can optionally route transactions through a network of validators secured by Movement’s native token, MOVE, Manche said. The MOVE token is expected to launch in late 2024.

“You can launch a custom rollup using a validator pool, accept L2 security, and still post data to Ethereum. This allows for high throughput while still being able to finalize transactions on Ethereum when needed,” Manche shared.

Movement's M2 network will also process transactions on the Ethereum mainnet similar to other optimistic rollups. Movement is partnering with EigenDA, a data service based on the EigenLayer protocol, to process data awaiting confirmation on the Ethereum mainnet, according to Manche.

Movement is among a number of Web3 developers, including Aptos and Sui, building blockchains based on Move, a programming language developed from Rust.

Move has the potential to help developers build more secure and scalable smart contracts, Manche said. He predicts that by the second half of 2025, about 20% of Web3 developers will be using Move, up from 7.5% now.

Source: https://tapchibitcoin.io/movement-labs-to-eliminate-layer-2-transactions-in-1-second-period-at-the-end-2024.html