Quick take:
- The new network seeks to solve the problem of balkanization between blockchains.
- The two companies said Newton will make using cross-chain dApps as easy as “surfing the web”.
- Magic Labs boasts backing from leading Web3 VCs including PayPal Ventures, Placeholder and Lightspeed, and has raised more than $80 million to date.
Magic Labs, the developers of wallet abstraction platform Magic Link has teamed up with Ethereum scaling layer-2 network Polygon to launch Newton, a cross-chain network that enables developers to build dApps that do not require users to have different wallets.
According to the announcement, Newton seeks to address one of blockchain’s major challenges, balkanization, the fragmented state of blockchains which requires users to keep different wallets for different networks. Magic Labs’ partnership with Polygon allows it to leverage the layer-2 network’s Chain Developer Kit (CDK) and AggLayer, an aggregation layer that solves blockchain fragmentation by enabling sovereign chains to securely share liquidity, users, and state.
Magic Labs said that of standardised, Newton will make using cross-chain dApps as easy as “surfing the web”.
Commenting on the announcement, Sean Li, co-founder and CEO of Magic Labs, said in a statement: “Developers can now build user experiences that eliminate barriers. Users should only care about transaction costs and speed, not which chain they are on.”
Newton is part of Magic Labs’ goal of unifying blockchains, creating a system comparable to ACH or SWIFT in traditional finance. According to the company, blockchain fragmentation creates several problems for the industry, including liquidity issues and complicated user experience.
Jaemin Jin, co-founder and chief product officer at Magic Labs commented: “Magic Labs has always focused on UX first, and with Newton, we’re extending this to solve Layer 2 fragmentation.”
Magic Labs boasts backing from some of the leading venture capital firms and angel investors including PayPal Ventures, Placeholder and Lightspeed, and has raised $83 million to date, according to CrunchBase.
In May 2023, the company raised $52 million in a round led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital.
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