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In Win for Polygon's AggLayer, Magic Labs Unveils Chain Unification Network 'Newton'
Newton will allow for wallet solutions to plug into the AggLayer, which is a Polygon-backed effort to connect affiliated chains and allow tokens to freely move between them. Magic Labs claims its the first dedicated network for wallet solutions and chain unification.
Updated Nov 7, 2024, 8:07 p.m. Published Nov 7, 2024, 7:31 p.m.
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Magic Labs, a wallet infrastructure provider, shared Thursday that it has integrated with Polygon’s AggLayer to provide a network dedicated to chain unification, called Newton.
Newton will allow for wallet solutions to plug into the AggLayer, which is a Polygon-backed effort to connect affiliated chains and allow tokens to freely move between them. Magic Labs claims its the first dedicated network for wallet solutions and chain unification.
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Newton, which is still in a private testnet, is supposed to enable liquidity sharing across multiple blockchains plugged into the AggLayer.
The AggLayer is one of Polygon’s latest innovations, aimed at unifying liquidity and fragmentation across various blockchains. Blockchains that are not built with Polygon’s technology also have the option to plug into the AggLayer to gain access to other networks in Polygon’s ecosystem.
Since the Polygon team announced the AggLayer in January 2024, all sorts of projects have shared plans to integrate with AggLayer, like Move developer Movement Labs and blockchain interoperability project Union Labs. Now Magic Labs is following suit.
“Chain unification is inevitable — like ACH or SWIFT for crypto,” said Sean Li, CEO of Magic Labs, in a press release shared with CoinDesk. “Developers can build user experiences that eliminate barriers. Users should only care about transaction cost and speed, not the chain. Eliminating UX barriers will unlock the best use cases.”
Memorably, Magic Labs was one of the first users of magic links in Web3, a passwordless sign-in method that numerous crypto wallet providers have embraced. In February 2023, crypto wallet startup Dfns found a critical vulnerability in magic links, which Magic Labs patched and resolved quickly thereafter.
Read more: Crypto Wallet Firm Dfns Says ‘Magic Links’ Have Critical Vulnerability
UPDATE (17:22 UTC): Adds paragraph about magic links.
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