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Fast take:
The brand new community seeks to resolve the issue of balkanization between blockchains.
The 2 corporations mentioned Newton will make utilizing cross-chain dApps as simple as “browsing the online”.
Magic Labs boasts backing from main Web3 VCs together with PayPal Ventures, Placeholder and Lightspeed, and has raised greater than $80 million to this point.
Magic Labs, the builders of pockets abstraction platform Magic Hyperlink has teamed up with Ethereum scaling layer-2 community Polygon to launch Newton, a cross-chain community that permits builders to construct dApps that don’t require customers to have totally different wallets.
In accordance with the announcement, Newton seeks to deal with certainly one of blockchain’s main challenges, balkanization, the fragmented state of blockchains which requires customers to maintain totally different wallets for various networks. Magic Labs’ partnership with Polygon permits it to leverage the layer-2 community’s Chain Developer Package (CDK) and AggLayer, an aggregation layer that solves blockchain fragmentation by enabling sovereign chains to securely share liquidity, customers, and state.
Magic Labs mentioned that of standardised, Newton will make utilizing cross-chain dApps as simple as “browsing the online”.
Commenting on the announcement, Sean Li, co-founder and CEO of Magic Labs, mentioned in an announcement: “Builders can now construct consumer experiences that remove obstacles. Customers ought to solely care about transaction prices and pace, not which chain they’re on.”
Newton is a part of Magic Labs’ purpose of unifying blockchains, making a system akin to ACH or SWIFT in conventional finance. In accordance with the corporate, blockchain fragmentation creates a number of issues for the business, together with liquidity points and sophisticated consumer expertise.
Jaemin Jin, co-founder and chief product officer at Magic Labs commented: “Magic Labs has at all times centered on UX first, and with Newton, we’re extending this to resolve Layer 2 fragmentation.”
Magic Labs boasts backing from a few of the main enterprise capital corporations and angel traders together with PayPal Ventures, Placeholder and Lightspeed, and has raised $83 million to this point, based on CrunchBase.
In Might 2023, the corporate raised $52 million in a spherical led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital.
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