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Gate and Boon Team Up for Move-Powered Protocols

Gate Ventures and Boon Ventures are teaming up with Movement Labs to pump $20 million into the future of Web3. The Oct. 13 announcement made waves in the space, revealing the creation of a fund focused on fueling the development of Move-based protocols. What makes this news hit harder? The goal of bridging the gap between Move and Ethereum-compatible (EVM) apps, a strategy that could skyrocket the liquidity and interoperability between these ecosystems.

The fund is no lightweight; it’s aiming to inject capital into decentralized finance (DeFi) projects, NFT management, and even GameFi, where in-game asset transactions could benefit from increased security and smoother operability. Gate Ventures, the investment arm of Gate.io, mentioned that the money will go deep into Move’s ecosystem, creating room for those building protocols that allow data and asset transfers between Move and EVM worlds.

Investments Fueling DeFi, GameFi, and Cross-chain Tech

The fund isn’t just about pushing cash into projects, though. It’s about building bridges between ecosystems. Move has been making strides with its unique protocol, originally developed by Meta, and Movement Labs is about to roll out its layer-2 solution. This layer will integrate Move-based systems with Ethereum. That’s where the magic happens — unlocking the ability to move assets between chains without breaking a sweat.

Mentorship programs and hackathons are also baked into the deal. Startups that make the cut will get guidance from experienced devs, along with access to research grants that fuel innovation in blockchain interoperability. This isn’t just your standard accelerator. They’re cranking out tools that solve issues like cross-chain atomic transactions and customizable sequencing of those transactions.

Move and EVM Ecosystems Converge

The Move ecosystem has been grabbing headlines with a $38 million Series A led by Polychain Capital. But this new fund wants to push things further, especially as it intersects with EVM. Movement Labs, and its upcoming mainnet, could be key to improving liquidity for devs playing in both sandboxes. The focus? Ensuring security and performance aren’t compromised while expanding across these networks.

With Movement Labs continuing to funnel cash into native DeFi protocols and gaming applications, the fund’s impact could be a game-changer for devs looking to build beyond the basics of Web3.