🟣 Magic Labs launches Newton to bring simpler web3 experiences to the AggLayer

Polygon Weekly Overview - November 8, 2024

Welcome back to the Polygon Weekly Overview. The best place for Polygon community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place. 

---

New here? Subscribe here to get updates to your inbox. Every Friday.  (※, ※)

---

By The Numbers

• Polygon daily active addresses: 556.57K (-0.29%)

• Polygon daily txns: 3.3M (+52.07%)

• Polygon Total Volume Locked (TVL): $1.15B (-2.54%)

• NFT weekly sales volume: $4.45M (+6.03%)

• Top 3 NFT collections by sales volume: 

  • Courtyard: $1.7M (+9.8%)

  • Mining Pass: $621.4K (+404%)

  • Matr1x Fire Weapon: $249K (+0.94%)

The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.

AggLayer Spotlight

🟣 What happened: Magic Labs, a startup focused on helping onboard new users to web3, announced it will launch Newton, a zero-knowledge (ZK) layer-2 built using the Polygon Chain Development Kit (CDK).

🟣 Why does it matter: Newton aims to enable easy cross-chain liquidity transactions between chains connected to AggLayer. The network is built with developers in mind, allowing them to also create cross-chain applications with its technology. 

Newton wants to help unify the fragmented blockchain landscape by making cross-chain transactions as simple as using web2 applications. It will offer features like chain-abstracted smart wallets, which means users don’t need technical experience to use them, and simplified app launches.

Newton wants to break the barriers down between various blockchain networks that limit liquidity and user accessibility. This underscores its commitment to solve liquidity fragmentation. Its approach also has the potential to reduce technical complexity that plagues the crypto industry by mirroring traditional financial standardization efforts that every day people are used to.

Blockchain silos can isolate different networks, protocols, or ecosystems from one another. This is a problem for users and apps because it prevents shared liquidity and access for consumers, and could create redundant development due to the lack of interoperability.

The Newton network could push web3 closer to mainstream usability by prioritizing user convenience and developer flexibility. In turn, this could make applications feel smoother and that makes onboarding processes easier to showcase.

🟣 The big picture: Newton and the AggLayer could serve as the baseline for bringing a unified standard to decentralized applications that provide interoperability across a variety of networks. 

Newton directly aligns with the point of the AggLayer and if it can successfully make onboarding easier, then there’s more opportunities for mainstream audiences to use the protocol.

As AggLayer serves as a decentralized layer for cross-chain settlement, and Newton unifies its interface, this project can push web3 apps and technology closer to mainstream adoption.

Into the AggLayer

• The AggLayer v0.2 will be live in early December - click here to know what you can expect

• Attending AggSummit? We’re sharing some posts to help you ahead of the event:

  • Check out the list of speakers slated to be at the conference

  • Here’s an agenda of side events by X user hudsonjameson 

  • X user Defi_Warhol dove into technical features attendees can learn about

  • Listen to a spaces on X that covered L2 fragmentation and what the AggLayer is trying to solve

  • Read this brief overview of events leading up to the launch of the AggLayer by X user stacy_muur

Ecosystem Showcase

• Privado ID launched its unified identity product onchain to Polygon PoS and zkEVM

• See the latest developments on the Ronin Network in a thread by X user eeelistar

• Polymarket hit all-time highs in volume and USD inflow on Nov. 6, after the US Presidential Election (shown below)

Souce: DefiLlama

Featured headlines

You might have seen these Polygon-related headlines recently…

• Post Election: Polygon Exec Talks Crypto Policy Outlook after Trump win (Talking Tokens)

• Top Polymarket whale profits $20M from Trump victory (Cointelegraph)

Join in the fun

Want to dive into the Polygon ecosystem full-time? Find the latest job postings here. 

• Won’t be able to attend AggSummit? Experience it remotely by tuning into its live stream

• Lumiterra is opening its closed beta on Nov. 11 - see details here about how to participate

• OVERTAKE, a web3 game built using Immutable and Polygon technology, is launching its play-to-airdrop campaign

• Join the Polygon community Discord to learn more about various ecosystem projects

To get this newsletter delivered to your inbox every week, subscribe here. 

This product was built by Token Relations. 

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.