Movement Labs, a Web3 startup constructing an Ethereum layer-2 (L2) network, is set to finalize a venture financing round aiming to raise $100 million, as per a report by Fortune on Jan. 8. This funding round is anticipated to value Movement at around $3 billion, positioning it as the latest blockchain developer to achieve 'unicorn' status. Other recent unicorns in the industry include Celestia and Story Protocol. In the fourth quarter of 2024, Web3 projects amassed approximately $1.6 billion in funding, marking a decrease from the highs of early 2022 but an improvement from the 2023 bear market. Movement had previously raised $38 million in a Series A round led by Polychain Capital. The completion of Movement's L2 mainnet launch in December saw the distribution of its native token, MOVE, with a focus on infrastructure providers before expanding to general users. The platform aims to revolutionize transaction settlement on L2s with fast finality 'postconfirmations,' offering a more efficient alternative to existing methods like zero-knowledge (ZK) and fraud proofs. Read more AI-generated news on: https://app.chaingpt.org/news

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