Polygon Labs collaborates with IoTeX to integrate DePIN to the AggLayer
Polygon Weekly Overview - September 20, 2024
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By The Numbers
Polygon daily active users: 638.9K (-22.47%)
Polygon daily txns: 2.83M (-5.03%)
Polygon Total Volume Locked (TVL): $893.73M (+3.41%)
NFT weekly sales volume: $8.1M (+44.3%)
Top 3 NFT collections by sales volume:
Mining Pass: $1.48M
Matr1x Fire Weapon: $1.22M
Courtyard: $1.19M
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
AggLayer Spotlight
(Highlighting some of the biggest updates on the AggLayer (chain updates, partnership announcement this week.)
🟪What happened: Polygon co-founder Sandeep Nailwal and IoTeX co-founder Raullen Chai shared IoTeX’s decentralized physical infrastructure network (DePIN) technology will be integrated into the AggLayer.
🟪Why does it matter: The DePIN sector is hot this market cycle in web3 and for real world use cases across areas like electric vehicles, cellular connectivity and other areas. This announcement comes at a time when blockchains and DePIN projects alike are looking for more ways to collaborate and expand the subsector.
IoTeX uses DePIN infrastructure to manage user’s onchain identity that can provide access to a multi-chain ecosystem.
IoTeX’s integration to the AggLayer will let projects in the ecosystem distribute rewards and settle transactions on any blockchain by utilizing cross-chain communication and liquidity sharing services. In turn, the AggLayer can provide IoTeX enhanced privacy, security, and operational efficiency for DePIN projects with the use of zero-knowledge proofs (ZKPs).
In general, the DePIN sector has faced challenges in relation to liquidity issues, but if the AggLayer can be a resource for projects building on DePIN, it can fill a much-needed gap. If more platforms connect to the AggLayer and provide greater optionality, this in turn can create a more interconnected blockchain ecosystem. The AggLayer can become the go-to choice to reduce friction in cross-chain interactions and provide more liquidity for projects building on developing ecosystems.
🟪The big picture: The collaboration between IoTeX and the AggLayer looks to improve the composability of DePINs and showcase the need for unified liquidity and security solutions in a multi-chain ecosystem.
As DePIN grows overall, more businesses may adopt similar cross-chain solutions, such as the AggLayer, thus expanding the capabilities that the blockchain can offer.
Into the AggLayer
Lumia, an L2 built using the Polygon CDK that will connect to the AggLayer, launched its testnet
Check out this thread made by X user 0xAbix that dove into Succinct and its contributions to the AggLayer
Polygon Community Lead “Smokey” created an in-depth post on the AggLayer and its significance
Gemini, Kraken, and Binance have adopted support for the POL network upgrade, according to this Dune Analytics dashboard (shown below)
Ecosystem Showcase
Ronin shared seven games building on its network joined its Ronin Forge builder program
X user nofuturephoto created a video summarizing the recent “Our Network” Polygon report
Gaming related transactions on Polygon PoS hit 3.6M over a 7-day period, up 3.9% week-over-week (shown below)
Source: Dune Analytics user spaceharoon
Featured headlines
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The Road to 100k Connected Cars: How DIMO Is Revolutionizing the Auto Industry (Polygon Labs Blog)
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Join in the fun
Want to dive into the Polygon ecosystem full-time? Find the latest job postings here.
Join the community for Aggregation Summit, an event hosted by Polygon Labs in Bangkok, Thailand from Nov. 10-11
Learn more about the Polygon ecosystem and get to know community members by joining its Discord
Listen to this X space hosted by Swell that talked about its L2 and how it will connect to the AggLayer
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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.