Union Labs, a Web3 project on Cosmos that creates efficient zero-knowledge (ZK) infrastructure for messaging apps, intends to collaborate with Polygon Labs’ aggregation layer, named AggLayer. The goal is to unify the fragmented nature of different blockchains. This partnership will reportedly boost liquidity and interoperability between Polygon’s chains and those centered around Cosmos.
In addition, the Union network employs sophisticated Zero-Knowledge (ZK) cryptography for swift and secure inter-blockchain communication via its IBC protocol. As stated by Karel Kubat, founder of Union Labs, the merger of these networks is groundbreaking in tackling the fragmented nature of blockchain technology while preserving autonomy.
An earlier launch this year by the Polygon team introduced the AggLayer, which enables ZK proofs integration across all linked chains. This innovation significantly enhances security for swift cross-chain transactions. Currently, the AggLayer has established connections with several chains such as OKX’s X Layer, Polygon zkEVM, and Astar zkEVM. More collaborations are on the horizon.
“This integration of Union into the AggLayer marks a significant advancement for Union, Cosmos, Polygon, and the AggLayer community. For Union, this means more than just transaction capabilities; it opens up new possibilities for developers to construct projects that span multiple networks, access aggregated user bases, and create unified user experiences.”
The collaboration between Union network and AggLayer brings mutual benefits, ensuring a smooth user experience as data transfers effortlessly between various blockchains. Additionally, Union network, a valued partner of Celestia (TIA), a versatile data storage network, is set to link up with AggLayer in the near future.
Market Picture on Union Labs and AggLayer Integration
The value of the Web3 ecosystem has expanded to over a trillion dollars due to its potential to bring in the unbanked and transform finance. Yet, this system is still fragmented and complex, making it difficult and risky to transfer assets between different blockchains using various smart contract bridges.
In addition, over the last few years, billions of dollars have been wasted due to ineffectively constructed interchain connections. Sadly, users often bear the brunt of these misdesigns and experience significant losses.
Although Polygon Network prioritizes secure and uninterrupted Web3 connectivity, particularly for Decentralized Finance (DeFi) initiatives on Ethereum, it stands out as a leading layer two scaling option. With approximately $887 million in total value locked and over $1.58 billion in stablecoins market capitalization, Polygon Network significantly contributes to the Ethereum ecosystem.
The combination of the Union network and AggLayer is expected to significantly contribute to the widespread use of the MATIC token, which is the native currency on the Polygon platform. At present, the value of MATIC hovers around 68 cents, representing a 21% decrease over the past week due to the broader crypto market selloff initiated by Bitcoin.
Furthermore, combining AggLayer and Union network with Polygon will keep Polygon’s position strong amongst other layer 2 scaling alternatives.
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2024-04-18 19:09