Magic and Polygon Labs launch Newton testnet on AggLayer to unify wallets and liquidity

Wallet infrastructure provider Magic Labs, in collaboration with Polygon Labs, has introduced its proprietary testnet for Newton, a chain aggregation network integrated with Polygon’s AggLayer.

According to a press release shared with Crypto.news, Newton aims to eliminate blockchain silos and enable state and liquidity sharing across multiple blockchains.

Released in February 2024, AggLayer, developed by Polygon Labs, is an infrastructure layer that connects multiple blockchains to share state and liquidity. For example, Movement Labs brought MoveVM-based Layer 2 chains to AggLayer to unify liquidity and user bases across aggregate chains.

Integrated with Polygon’s AggLayer, Newton will offer a cross-chain wallet solution that allows users to access global liquidity and seamlessly execute transactions without having to deal with multiple wallets or go through complex processes.

Built with the Polygon Chain Development Kit, Newton’s private testnet allows developers to test smart wallet functions on multiple blockchains. This environment will provide access to chain-agnostic tools, allowing developers to build and deploy cross-chain applications without being tied to any specific blockchain.

Additionally, developers can leverage these smart wallets and free development tools to make it easier to build and distribute interoperable applications.

In addition to Newton, Magic Labs also introduced a smart wallet called “Passport” that will use Newton as the primary wallet solution.

Based on Newton’s chain aggregation network, Passport aims to provide “one wallet, one network, and one balance” by providing users with a single wallet experience across multiple blockchains, according to Magic co-founder and chief product officer Jaemin Jin. Laboratories.

The announcement stated that Passport will support all EVM compatible AggLayer Chain.

Magic Lab’s partnership with Polygon Labs follows a $52 million funding round completed in May 2023, during which the project received support from leading VC institutions such as PayPal Ventures, Cherubic, Synchrony, KX, Northzone, and Volt Capital.