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Polygon and Magic Labs announce Newton cross-chain network
By Davide Grammatica
With the support of PayPal, Magic Labs and Polygon have announced the launch of the new Newton cross-chain network
Newton cross-chain solution
The “onboarding blockchain” startup Magic Labs, in collaboration with Polygon, announced in recent hours the launch of Newton, a new cross-chain network that aims to make it easier to use dApps on multiple blockchains.
The project offers blockchain developers, via Polygon’s Chain Development Kit, the opportunity to create dApps that are “operable” across different networks, without them having to use alternative wallets.
“Developers can now eliminate these barriers,” said Sean Li, co-founder and ceo of Magic Labs. “Users only have to worry about the cost and speed of transactions, not the chain they are on.”
Build once. Be everywhere.
Welcome to Newton. pic.twitter.com/xY75oISJwO
— Newton (@MagicNewton) November 7, 2024
PayPal's bet
The whole initiative seems to trace the role of entities like SWIFT in traditional finance, but translocated to the DeFi world. And it would consequently solve a problem of “fragmentation” of liquidity, divided today among various networks complicating the operations of less experienced users.
Newton’s wallet will be called Passport, and will provide, according to the release, a single interface for users regardless of the networks in which they will make their transactions (as long as they are EVM networks, compatible with Ethereum).
Magic Lab has reportedly already raised, to date, about $82 million, thanks to funding from fintech giants such as PayPal, Placeholder and Lightspeed.
“We are aiming for user experience first, and with Newton we are extending this to solve layer-2 fragmentation,” Jaemin Jin, chief product officer of Magic Labs, finally pointed out.
