- Polygon (MATIC) Labs announced that it will be adding new features to the AggLayer ecosystem.
- The new addition of AggLayer is expected to be a significant milestone in Polygon’s plans to bridge layer 1 chains like Solana to Ethereum.
- This development is the result of months of effort to strengthen AggLayer with as many ZK provers as possible.
As Ethereum’s scaling vision has become more rollup-centric in recent years, more alternative Layer 1 chains are exploring the option of transitioning to Layer 2 to tap into the deep liquidity of the “DeFi kings.” This potential gold rush has meant big business for Ethereum scaling solution providers, including Polygon (MATIC) Labs.
While most Layer 1 transitions often involve building a completely new chain using the technology stack of an Ethereum scaling solution provider or undergoing a large and complex overhaul, Polygon (MATIC) Labs aims to enable any chain to plug into the ecosystem seamlessly with minimal modifications. In this effort, the team has now announced that the first altVM chain has joined AggLayer, hinting that the new addition will kick-start a major adoption trend.
Has the AltVM “flood gate” opened for Polygon (MATIC)?
Polygon (MATIC) Labs has teased yet another addition to its ecosystem of interoperable Layer 2 solutions on Ethereum. In a post on Sunday, July 28, Polygon (MATIC) Labs shared a video of the company’s Head of Global Business Development, Brian Trunzo, discussing the integration of AggLayer with an undisclosed altVM chain, heralding a move that could “open the floodgates” for other altVMs to follow.
“We are very excited to see AggLayer integrate and become part of the ecosystem. We believe this will open the floodgates for altVMs to consider joining AggLayer, which will provide more choice for developers,” Trunzo claims in the 14-second clip.
AltVM refers to virtual machines other than the Ethereum Virtual Machine (EVM). This includes the WASM Virtual Machine and the Solana Virtual Machine (SVM). The altVM chain integrated with AggLayer highlights that the Polygon (MATIC) ecosystem can reach the entire Web3 beyond the EVM and Ethereum native projects.
Unsurprisingly, the recent teaser has generated considerable excitement within the Polygon (MATIC) community, with members speculating on which chain it might be. This development comes as the project moves to ensure AggLayer can support as many VMs and chains as possible.
Is the Polygon (MATIC) Labs partnership paying off?
In November 2023, Polygon (MATIC) Labs announced a partnership with the NEAR Foundation to develop the zkWASM prover, which will enable WASM chains to connect to the Polygon multichain ecosystem of ZK-based Layer 2 chains.
Similarly, in April 2024, Union, the Cosmos-centric interoperability layer, announced plans to integrate with AggLayer to connect Cosmos ecosystem chains to the Polygon (MATIC) ecosystem. At the same time, Succinct Labs, a ZK-centric company and AggLayer contributor, released SP1, a zkVM solution that generates proofs for various consensus mechanisms.
In this effort, over 20 chains are being built to plug into AggLayer and share liquidity with already plugged in Polygon zkEVM, Astar zkEVM, and OKX’s X Layer.
On the other side
- Polygon (MATIC) Labs has not yet disclosed the names of the set of altVM chains that will plug into AggLayer.
- Polyon’s development efforts have yet to have a meaningful impact on the price of MATIC. At the time of writing, the asset is trading in the $0.50 range, down about 27% over the past year, a period during which several major crypto assets have seen significant gains.
Why this matters
Polygon’s reach beyond EVM chains gives it an advantage over other Ethereum scaling solution providers whose ecosystems are currently limited to EVM chains built on their technology stack. It also highlights Polygon’s potential to connect much of Web3 on Ethereum.
To learn more about Polygon (MATIC), read:
Polygon (MATIC) Aims for Innovative zkVM Features with New AggLayer Contributor
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