IoTeX to Enable Cross-Chain Rewards and Settlement with AggLayer Integration

IoTeX is a decentralized physical infrastructure network that has now partnered with Polygon Labs to integrate its 2.0 blockchain with AggLayer.

The collaboration was announced by addax CEO and co-founder Raullen Chai, together with Polygon co-founder Sandeep Nailwal, at the event R3al World in Singapore on Tuesday.

IoTeX, Polygon Partner to Enhance DePIN Adoption with AggLayer

The integration will leverage AggLayer’s cross-chain communication and liquidity-sharing functions to allow IoTeX-based projects to issue rewards and to give users more choices to settle a transaction on their preferred blockchain.

The company is integrating with AggLayer to extend cross-chain capabilities, unlocking new liquidity and scaling opportunities for DePIN projects. This partnership provides the connecting layer across various ecosystems, empowering DePIN projects to thrive in a multichain environment.

AggLayer is an interoperability layer currently under development by Polygon Labs and others, offering unified liquidity and security across blockchains. Polygon was recently chosen as one of the top Ethereum L2 projects for 2024, known for its robust and scalable solutions for Ethereum transactions.

AggLayer uses zero-knowledge proofs so that problems in one chain do not bleed into the funds or operations of other chains. Zero-knowledge is the concept whereby a party can prove to another party that something is indeed the case without necessarily showing them the data behind that fact. This increases privacy and security for blockchain transactions.

The important thing to underline is that all the above-mentioned possible utilities depend upon community consensus. In every moment, Polygon ensured that this expansion of POL’s functionality, especially inside the AggLayer, is made according to the will and consent of the community.

In July, the company released an IoTeX 2.0 white paper, stating the tech stack would be composed of composable modules and a unified trust layer to take DePIN adoption one notch higher. Such a stack shall be underpinned by a token economy linking DePIN dApps, Layer 2 chains, and devices. Infrastructure shall allow developers to easily integrate with AggLayer, which will enable users to engage with DePIN applications built on different blockchains.

Fueling DePIN Growth

Polygon Labs announced the blockchain aggregation layer in January this year for aggregating several chains into one to offer aggregated liquidity across chains.

Among projects utilizing or set to utilize the Polygon Content Deployment Kit, generally known as the Polygon CDK, to build their Layer 2s and bridge into AggLayer, are OKX’s X Layer, Immutable, Astar, Canto, Palm Network, Aavegotchi, IDEX, Nubank, and Manta Network, in addition to Polygon’s own PoS chain.

In July, Movement became the first Move-based network to be admitted into AggLayer on its quest to fill the interoperability gap between the Move and EVM ecosystems.

Just last week alone, crypto hardware maker Fabric Cryptography announced a deal with Polygon Labs to bring its bespoke ZK chips into the AggLayer ecosystem.

A number of projects in the Polygon ecosystem have already been leveraging IoTeX’s infrastructure, such as the geospatial data network Geodnet, and vehicle data monetization platform Dimo.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

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