AggLayer adds Agora’s AUSD as its new native stablecoin
Polygon Weekly Overview - November 15, 2024
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By The Numbers
Polygon daily active users: 558.2K (+0.3%)
Polygon daily txns: 3.52M (+6.67%)
Polygon Total Volume Locked (TVL): $1.06B (-7.83%)
NFT weekly sales volume: $3.73M (-17.16%)
Top 3 NFT collections by sales volume:
Courtyard: $1.35M (-20.12%)
STEPNGO: $422.4K (+66.66%)
Mining Pass: $284.9K (-54.59%)
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
AggLayer Spotlight
🟪What happened: Agora’s fiat-backed stablecoin, AUSD, will be deployed as the native stablecoin for the AggLayer ecosystem, the company announced this week at the Aggregation Summit in Bangkok.
🟪Why does it matter: AUSD plans to be interoperable across all chains that are integrated with the AggLayer. It will offer a unified liquidity pool that acts as a solution for the need of custom stablecoin bridges.
The goal of the AggLayer is to solve the issue of blockchain fragmentation by fostering a more connected ecosystem that allows dApps to operate seamlessly across multiple networks. By integrating an official stablecoin, it will allow every network to access the same liquidity provider. This eliminates the need for outside solutions that can make the process more complex than needed.
A shared liquidity pool also lets developers looking to build DeFi applications or cross-chain payment solutions access AUSD’s security and reliability. In turn, this enhances the experience for developers and users alike.
AUSD is secure and reliable because it is backed by financial institutions such as VanEck and State Street. Its market cap is more than $34 million, according to CoinGecko, showcasing that the stablecoin is widely used across the digital asset sector and has product market fit.
🟪The big picture: AggLayer’s announcement to support a single stablecoin standard across its entire ecosystem aligns with its mission statement: to reduce liquidity fragmentation. If users can navigate multiple chains as if they were operating on a single platform, this could streamline the onboarding process for new users.
As the ecosystem grows, AUSD can become a preferred choice for cross-chain applications, resulting in increased activity and adoption, boosting the demand for other crypto-native assets.
Into the AggLayer
Espresso Systems launched “mainnet 0”, a layer that will connect to the AggLayer to give users the ability to interact with cross-chain apps
Okto Wallet will integrate with the AggLayer to enable users to interact across multiple chains via a single interface
POL Rush live pitches took place at the AggSummit - learn more about the projects in this thread
Ecosystem Showcase
BlackRock launched its BUIDL fund on Polygon PoS, among other chains
Fableborne, a strategic action role-playing web3 game, migrated to the Ronin Network
Daily new users for games on Polygon PoS hit 17.4K on Nov. 12, a 90-day high for the ecosystem (shown below)
Source: Jorel on Dune
Featured headlines
You might have seen these Polygon-related headlines recently…
BlackRock expands its tokenized money market fund to Polygon and other blockchains (CNBC)
AggLayer adopts Agora’s AUSD as native stablecoin (Cointelegraph)
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.