Polygon Labs cofounder: AggLayer can be the place to unify L2s
Polygon Weekly Overview - November 22, 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 users: 623.4K (+11.68%)
Polygon daily txns: 3.2M (-9.1%)
Polygon Total Volume Locked (TVL): $1.13B (+6.6%)
NFT weekly sales volume: $10.32M (+170.76%)
Top 3 NFT collections by sales volume:
MGGA Hat: $7.26M (+35%)
Courtyard: $1.42M (+5%)
LEDNFT: $257.7K (+32.2%)
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
AggLayer Spotlight
🟪What happened: Blockchain technology has evolved over time as more scaling solutions are needed, in order to create shared states and unify liquidity. The current L2 ecosystem doesn't have that, but the AggLayer wants to provide that unification, Polygon Labs co-founder Brendan Farmer said during the Polygon Quarterly Webinar with Token Relations.
🟪Why does it matter: The AggLayer wants to help scale Ethereum and create a better experience where users can perform multiple types of transactions. These transactions would be on different chains, but act in one swift motion as if all those actions were performed on a single chain.
“We want to be agnostic and inclusive, meaning that even an alt-L1 not settled on Ethereum can connect to the AggLayer, like Solana, for example,” Farmer said. “A chain that doesn't settle on Ethereum will look different, but it will behave like an L2 in terms of settlement. This is because we want users to have a unified experience.”
The fragmentation of web3 applications can be daunting, even for a native web3 users. If someone wants to utilize an application, they may have to bridge funds from one chain to another, just to pay the gas fees. Then, if they obtain assets on that chain, even with a bridge, they have to go through a third party service site.
“The AggLayer will have fast [interoperability] between chains to give users the ability for users to seamlessly bridge, while maintaining fungibility,” Farmer added. “Combined with synchronous cross-chain calls, we want users to be able to mint an NFT, be able to swap it, take a loan against it, etc.”
“All of this is experienced as if on a single chain,” he added.
🟪The big picture: In 2025, the AggLayer plans to be live and by then, Farmer wants it to become a shared bridge that all L2s and even alt L1s can use. The AggLayer also wants to let chains experiment and design something new. This can foster innovation and progress the L2 space that showcases how important interoperability is.
Providing a shared user experience is what he deems as Polygon Labs’ “North Star.”
Into the AggLayer
ICYMI: Polygon Labs CEO Marc Boiron gave a presentation about the AggLayer at DevCon
Magic Labs created a thread on X about their AggLayer experience at DevCon and the AggSummit
Read how the AggLayer plans to connect L2s together in a post created by X user Vladim
Ecosystem Showcase
Metrics for the Polygon PoS gaming ecosystem are up week-over-week, according to Dune data:
Weekly transaction volume hit 2.58M, up 19.6%
Unique users hit 566.1K, up 92.1%
Watch this video by X user Nofuturistic to learn more about web3 gaming on Polygon
Blackrock deployed its BUIDL fund to Polygon PoS, with the chain making up about $32.3M in market cap
Learn how NEAR is building a zkWASM L2 Prover for Polygon CDK in a thread by X user KingDankKush
Featured headlines
You might have seen these Polygon-related headlines recently…
Immutable announces strategic partnership with Altura (Crypto.news)
Polygon Chief Legal Officer Rebecca Rettig: Beyond the Ballot: How DeFi Is Preparing for DC’s Next Chapter (CoinDesk)
Join in the fun
Want to dive into the Polygon ecosystem full-time? Find the latest job postings here.
Participate in the Polygon community by joining its Discord
Fableborne launched Season 3 of its open beta campaign, built on the Ronin Network - learn how you can play
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.