Magic Labs and Polygon collaborate to debut the cross-chain network Newton
In a bid to address the issue of blockchain balkanization and improve user experience, Magic Labs, a leading blockchain technology company, has partnered with Polygon to launch Newton, a cross-chain network. The new platform aims to simplify the interaction across different blockchains, making it easier for developers to build decentralised applications (dApps) and for users to navigate multiple networks without the need for separate wallets.
Magic Labs' co-founder and chief product officer, Jaemin Jin, highlighted the focus on solving Layer 2 fragmentation with Newton. The company has leveraged Polygon's layer-2 network, including its Chain Developer Kit (CDK) and AggLayer, an aggregation layer that enables sovereign chains to securely share liquidity, users, and state.
The partnership between the two companies aims to make cross-chain dApp usage more accessible and streamlined for users. Newton utilizes Polygon's technology to enable cross-chain dApps, addressing the problem of balkanization in the blockchain industry.
Sean Li, co-founder and CEO of Magic Labs, stated that with Newton, developers can build user experiences that eliminate barriers, and users should only care about transaction costs and speed, not which chain they are on. The platform offers a single wallet interface that consolidates a user's assets and balances across multiple blockchains, eliminating the need to manage separate wallets and accounts on each chain.
Newton also integrates AI-powered automated agents that can execute complex multi-chain DeFi strategies, such as automatic token swaps or dollar-cost averaging, without user intervention. These agents operate continuously across chains, facilitating smooth, intelligent management of assets and transactions.
The security of the platform is ensured through the use of zero-knowledge proofs (ZKPs) and Trusted Execution Environments (TEEs). Every automated action by AI agents is verifiable and secure, addressing common concerns around centralized bots and enhancing transparency in decentralized finance operations.
Magic Labs has raised more than $135 million from leading Web3 VCs, including PayPal Ventures, Placeholder, Lightspeed, Cherubic, Synchrony, KX, Northzone, and Volt Capital. The latest funding round, led by PayPal Ventures, brought an additional $52 million in May 2023.
Newton's goal is to create a unified blockchain system that simplifies the user experience and increases liquidity in the industry. The company envisions the platform as a solution to the current complexity in managing cross-chain assets and applications, making crypto more accessible and reducing the barriers caused by blockchain fragmentation.
In essence, Newton provides a unified, AI-driven, and secure multi-chain environment where users and dApps can operate across chains effortlessly, enhancing both security and usability in the fragmented crypto ecosystem.
- With the launch of Newton, Magic Labs and Polygon aim to make cross-chain decentralized applications (dApps) more accessible and streamlined, utilizing Polygon's technology to address the problem of balkanization in the blockchain industry.
- Leveraging the power of AI-powered automated agents, Newton offers a single wallet interface that consolidates users' assets and balances across multiple blockchains, eliminating the need for separate wallets and accounts, while ensuring security through the use of zero-knowledge proofs (ZKPs) and Trusted Execution Environments (TEEs).
