7 months ago
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The integration between Union Labs and the Aggregation Layer will unlock greater Web3 liquidity between Polygon and Cosmos chains.
Union Labs, a Web3 project built on the Cosmos ecosystem to enable hyper-efficient zero-knowledge (ZK) infrastructure for general messaging applications, has announced plans to integrate with Polygon Labs-backed aggregation layer alias AggLayer, which aims to unify the defragmenter nature of the blockchains. According to the announcement, the integration between Union’s network and AggLayer will significantly enhance liquidity and interoperability between Polygon-based chains and Cosmos-centered chains.
Furthermore, the Union network uses advanced ZK cryptography to ensure a fast and secure inter-blockchain communication protocol (IBC). According to Karel Kubat, the founder of Union Labs, the integration of both networks is monumental in addressing the siloed nature of blockchain technology while still upholding sovereignty.
The AggLayer was launched earlier this year by the Polygon team to integrate ZK proofs from all connected chains. As a result, the AggLayer ensures safety for cross-chain transactions that are near instant. Already, the AggLayer has connected with several chains including OKX-backed X Layer, Polygon zkEVM, and Astar zkEVM, among others in the pipeline.
“This is a big step for Union, Cosmos, the Polygon ecosystem, and the AggLayer as a whole. Union’s integration with the AggLayer will unlock more than just transactions; it is another opportunity for developers to build across networks, tap aggregated users, and develop seamless UX,” the announcement noted.
The integration between the Union network and AggLayer is a win-win situation as the overall experience will be seamless interoperability across different chains. Furthermore, Union network is a close collaborator with Celestia (TIA), a modular data availability network, which will be henceforth connected with the AggLayer.
Market Picture on Union Labs and AggLayer Integration
The Web3 ecosystem has grown to a trillion-dollar industry as it promises to onboard the bankless and revolutionize the finance sector. However, the Web3 ecosystem remains largely disintegrated and cumbersome and risky to transfer assets from one chain to another through different smart contract-enabled bridges.
Furthermore, billions of dollars have been lost in the past few years through poorly designed interchain bridges and most of the time users are left devastated.
However, Polygon Network is committed to ensuring secure and seamless Web3 connectivity, especially DeFi protocols on the Ethereum ecosystem. Notably, the Polygon network is a top-tier layer two scaling solution on the Ethereum ecosystem, with a total value locked (TVL) of about $887 million and a stablecoins market cap of around $1.58 billion.
The integration of the Union network and AggLayer will ultimately help in the mass adoption of MATIC token, the native token used on the Polygon ecosystem. As of this report, MATIC’s price trades around 68 cents, down 21 percent in the past seven days following the Bitcoin-led crypto selloff.
Additionally, the integration of AggLayer and Union network will help the Polygon network remain competitive among other layer two scaling solutions.
