Summary Review: Magic Labs and Polygon Labs have launched a cross-chain smart wallet solution on the AggLayer testnet, aiming to simplify cross-chain liquidity and make DeFi transactions smoother.
Magic Labs and Polygon Labs have introduced a cross-chain smart wallet, aiming to tackle the challenge of fragmented liquidity across multiple blockchain networks. Announced on Nov. 7, the new solution—called Newton—is now live on the AggLayer testnet. This cross-chain wallet is designed to simplify and unify liquidity across various blockchains, making it as seamless as using a universal internet standard.
Built with Polygon’s CDK (Cloud Development Kit), Newton offers features such as chain-abstracted smart wallets, integrated tooling, and the ability for cross-chain launches—all from a single command line. By connecting liquidity across blockchains, Newton helps overcome the inefficiencies caused by fragmented assets and trading volumes across networks. This fragmentation often leads to higher costs, slower transactions, and increased complexity for users, all of which Magic Labs and Polygon aim to minimize.
Magic Labs co-founder and CEO Sean Li emphasized that cross-chain unification is an inevitable step for the blockchain space, much like the ACH or SWIFT systems for traditional banking. He noted that his company has been pioneering wallet abstraction since 2018, working with notable clients like Polymarket, Immutable, and Helium.
In addition to Magic Labs and Polygon, other companies are working on liquidity integration. Orderly Network, for example, raised $5 million recently to build a cross-chain order book, while Axelar has focused on multichain interoperability with solutions that connect on-chain and off-chain systems.
Backed by PayPal, Placeholder, Lightspeed, and angel investors like Balaji Srinivasan, Magic Labs reports having onboarded over 35 million users and 200,000 developers to its decentralized application ecosystem.
Summary Review: Magic Labs and Polygon Labs have launched a cross-chain smart wallet solution on the AggLayer testnet, aiming to simplify cross–chain liquidity and make DeFi transactions smoother.
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