Magic and Polygon Labs launch Newton testnet on AggLayer to unify wallets and liquidity

2024-11-07 06:03:21

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Wallet infrastructure provider Magic Labs in collaboration with Polygon Labs has unveiled the private testnet for Newton, a chain unification network integrated with the Polygon’s AggLayer.

According to a press release shared with crypto.news, Newton aims to dismantle blockchain silos and enable state and liquidity sharing across multiple blockchains.

Launched in February 2024, the AggLayer, developed by Polygon Labs, is an infrastructure layer connecting multiple blockchains to share state and liquidity. For instance, Movement Labs brought MoveVM-based Layer 2 chains onto the AggLayer to unify liquidity and user bases across aggregated chains.

Newton, integrated with Polygon’s AggLayer, will offer a cross-chain wallet solution, that allows users to access global liquidity and execute transactions seamlessly without having to handle multiple wallets or go through complex processes.

Built with the Polygon Chain Development Kit, Newton’s private testnet enables developers to test smart wallet functions across multiple blockchains. This environment will provide access to chain-agnostic tools, allowing developers to build and deploy cross-chain applications without being tied to any specific blockchain.

Additionally, developers can leverage these smart wallets and free development tools, to streamline the creation and deployment of interoperable applications

Alongside Newton, Magic Labs has also unveiled a smart wallet called “Passport,” which Newton will feature as its primary wallet solution

Based on Newton’s chain unification network, Passport seeks to offer users a single wallet experience across multiple blockchains, enabling them to maintain “one wallet, one network, and one balance,” according to Jaemin Jin, co-founder and chief product officer at Magic Labs.

Passport will support all EVM-compatible AggLayer Chain, the announcement added

Magic Lab’s partnership with Polygon Labs follows a $52 million funding round completed in May 2023, where the project saw backing from prominent VC institutions like PayPal Ventures, Cherubic, Synchrony, KX, Northzone, and Volt Capital.

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