As a seasoned analyst with over two decades of experience in the tech and finance industries, I find the partnership between Agora and Polygon’s AggLayer intriguing. Having closely observed the evolution of stablecoins and blockchain networks, I can confidently say that this collaboration could be a game-changer in the space.
In simpler terms, the company called Agora, which specializes in stablecoins, has launched their AUSD stablecoin as the primary currency for Polygon‘s AggLayer, a network designed for cross-chain settlements across multiple blockchains. This move aims to facilitate transactions that span various chains using a reliable, asset backed by fiat currency.
The collaboration aspires to get rid of the requirement for token bridges, streamlining and consolidating liquidity for developers and users within the AggLayer community, all while operating on the blockchain.
Agora is a startup specializing in stablecoins, founded by Nick van Eck, Drake Evans, and Joe McGrady. Notable custodians like State Street and VanEck support the high-quality stablecoin called AUSD that it offers.
For those utilizing AggLayer, this advancement holds great importance because it allows various chains to link and collaborate. Its goal is to simplify and streamline the process of using Web3, making it more user-friendly and efficient, ultimately facilitating broader acceptance within mainstream users.
AUSD integration implications
By adding AUSD onto AggLayer as its built-in stablecoin for the multi-chain network, developers and users may experience lower transaction fees and more seamless cross-chain operations.
Direct links to the AggLayer enable users to retrieve AUSD free of extra charges and bypassing bridge procedures, resulting in cost savings on both money and time.
During an interview with CryptoMoon, a representative from Agora clarified that AUSD would empower businesses operating on the AggLayer to generate earnings straight from its utilization.
“This allows chains on the AggLayer to benefit from the income on stablecoins rather than the centralized issuer. With Agora agreeing to make it native to the AggLayer, AUSD will require no new costs or development work for chains who want a high-quality stablecoin on their chains.”
Web3 community impact
On the AggLayer platform, AUSD strives to offer a dependable form of value storage and a consistent payment solution, making it simple for developers to incorporate these features into their decentralized apps.
In a statement sent to CryptoMoon, Nick van Eck expressed that the incorporation of AUSD aims to construct a more equitable financial system. This system would distribute income among network users.
In simpler terms, when using AggLayer, users can anticipate gaining advantages as they engage with the network. The usage of AUSD serves to incentivize the Web3 community, not a single centralized entity.
AggLayer goes ZK
On September 10th, development firm Polygon Labs, which specializes in constructing the AggLayer and the larger Polygon platform, teamed up with emerging company Fabric Cryptography to integrate zero-knowledge proofs into the AggLayer.
Integrating Fabric’s Verifiable Processing Units within AggLayer aims to enhance both developer and end-user experiences by strengthening security measures and reducing expenses.
Mihailo Bjelic, one of the founders of Polygon, shared with CryptoMoon the importance of this advancement, stating that what once required three to five years can now be accomplished in a much shorter timeframe, between six to twelve months.
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2024-11-11 17:04