PayPal-backed Magic Labs and Polygon develop a cross-chain network to break ‘blockchain silos’

In order to facilitate the use of cross-chain decentralized applications (dapps) as easily as “surfing the web,” Polygon and Magic Labs are introducing a new cross-chain network.

On Thursday, Ethereum and Magic Labs, a blockchain onboarding startup, announced the introduction of Newton, a new cross-chain network. The platform’s objective is to facilitate the use of decentralized applications across multiple blockchains in a manner that is as effortless as reading the internet.

Newton will allow developers to create decentralized applications (dapps) that operate on various chains without necessitating that users maintain separate wallets by utilizing Polygon’s decentralized AggLayer and Chain Development Kit.

Sean Li, co-founder and CEO of Magic Labs, stated in a press release that developers can now create user experiences that eliminate barriers. “Users should prioritize transaction costs and timeliness over their chain affiliation.”

This action represents a transition to what Magic Labs refers to as “chain unification,” which is comparable to the standardization of conventional financial systems such as SWIFT or ACH. The technology standard has the potential to address the issue of “blockchain divisions,” which complicates the crypto user experience and fragments liquidity.

Newton will also incorporate Magic Labs’ bespoke, chain-agnostic, self-custodial crypto wallet Passport, which was the first to introduce the concept of “wallet abstraction” in 2018. The wallet offers a unified interface to users, irrespective of the blockchain technology that supports it, resulting in the illusion that they possess a single balance across all Ethereum-compatible networks.

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Jaemin Jin, co-founder and chief product officer at Magic Labs, stated, “Magic Labs has consistently prioritized user experience (UX). With Newton, we are expanding this approach to address Layer 2 fragmentation.”

The late-stage startup, which has secured a minimum of $82.9 million in funding from PayPal, Placeholder, and Lightspeed, as well as angel investors Naval and Balaji, among others, contends that it has onboarded more than 35 million users. Polymarket and Helium are among the dapps that have implemented its enrollment technology.

Polygon’s Agglayer is a network of aggregated blockchains that employs Ethereum as a settlement layer and for security, as its name suggests.

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