AggLayer is now powered by AUSD on Polygon, which enhances crosschain liquidity and eliminates token bridges.
Agora, a stablecoin company, has implemented its AUSD stablecoin as the native currency for Polygon’s AggLayer, a crosschain settlement network. This will facilitate multichain transactions by providing a stable, fiat-backed asset.
The partnership’s objective is to simplify and consolidate liquidity for developers and end-users in the AggLayer community onchain by eliminating the necessity for token bridges.
Nick van Eck, Drake Evans, and Joe McGrady spearheaded Agora, a stablecoin startup. State Street and VanEck are among the custodians that support its institutional-grade stablecoin, AUSD.
The development is significant for users of the AggLayer, which is intended to facilitate the connection and interaction of various chains. It is designed to increase the accessibility and efficiency of Web3 in order to spur mainstream adoption.
Developers and consumers may experience reduced transaction costs and more seamless crosschain interactions by incorporating AUSD onto AggLayer to serve as the native stablecoin of the crosschain network.
Connected chains to the AggLayer can access AUSD without the need for bridging processes or additional fees, thereby reducing financial and time-related costs.
In a Q&A session with Cointelegraph, an Agora spokesperson clarified that AUSD will allow “participating enterprises” on the AggLayer to “generate income directly from its use.”
AUSD endeavors to integrate a dependable repository of value and a solid payment mechanism into decentralized applications for developers who are developing applications on the AggLayer.
Nick van Eck stated in a press release that the AUSD integration is “about creating a more egalitarian economic network” in which income is “shared across network participants.” Van Eck shared this information with Cointelegraph.
This would imply that AggLayer users should anticipate receiving benefits from network participation in which the Web3 community is rewarded for using AUSD, rather than a centralized issuer.
Fabric Cryptography, a startup that specializes in the development of the AggLayer and the Polygon ecosystem, formed a partnership with Polygon Labs on September 10 to incorporate zero-knowledge proofs into the AggLayer.
Developers and end-users will experience enhanced security and cost savings as a result of the AggLayer’s integration of Fabric’s Verifiable Processing Units.
Mihailo Bjelic, co-founder of Polygon, explained to Cointelegraph the importance of the development, stating that “what would have taken three to five years can now happen in just six to 12 months.”
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