$20M Fund Launched to Boost Move-Based Web3 Startups

Gate Ventures, Boon Ventures, and Movement Labs just launched a $20 million fund to accelerate Web3 innovation. The focus is on enhancing Move-based protocols and bridging them with Ethereum. At first glance, it seems like a big push for the Move ecosystem. But is it all good? Let’s dive in.

What’s the Deal with the Fund?

The fund aims to support startups that are building on or using the Move programming language. If you’re not familiar, Move was originally developed by Meta and is designed to improve security and scalability in decentralized systems. The language uses something called "resource-oriented programming", which might sound fancy but basically helps developers create more secure contracts.

One of the main goals of this fund seems to be improving interoperability between the Move network and Ethereum-compatible applications. This could be crucial because if developers can’t build across platforms seamlessly, they might not adopt new technologies—no matter how cool they are.

Areas of Focus

The fund will prioritize projects in four key areas:

1. Move-Based Blockchain Solutions: Startups using the Move language.
2. Interoperability with Ethereum: Bridging gaps between networks.
3. Decentralized Network Innovation: Enhancing security and performance.
4. Web3 Infrastructure: Foundational tools and applications for Web3.

Now, while these areas seem beneficial on paper, one has to wonder if it’s just another echo chamber being set up where only projects using Move will get any traction or support.

Who's Behind It?

Each partner brings different strengths:

• Gate Ventures claims extensive experience in global Web3 investments.
• Boon Ventures has a history of nurturing innovative tech startups (though I couldn’t find much about them).
• Movement Labs has deep expertise in—you guessed it—Move-based technology.

They’re pooling their resources together to essentially create a powerhouse focused on one specific type of technology.

Initiatives Planned

To make sure this fund does something beyond just sitting there, several initiatives are planned:

• Hackathons: To attract talent and stimulate innovation.
• Mentorship Programs: For strategic guidance (because who doesn’t need a mentor?).
• Research Grants: To study blockchain interoperability.
• Thought Leadership Summits: Quarterly gatherings of experts (or so they hope).

While these initiatives sound nice, one has to question whether they’ll lead to anything groundbreaking or just more projects that fade into obscurity once the hype dies down.

Summary

So there you have it—a $20 million fund focusing almost exclusively on one type of programming language and its associated technologies. On one hand, this could drive significant advancements in security and scalability; on the other hand, it could just end up being another silo in an already fragmented ecosystem.

Given that Movement Labs recently secured $38 million in Series A funding—and that includes backing from Binance—it seems like they're gearing up for something big. Whether that's good or bad for the overall crypto landscape remains to be seen.