Movement Labs join the AggLayer, strengthening Polygon and Move ecosystems
Polygon Weekly Overview - August 2, 2024
Welcome back to the Polygon Weekly Overview. The best place for Polygon community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
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By The Numbers
Polygon daily active users: 773.07K (-47.05%)
Polygon daily txns: 3.15M (-13.22%)
Polygon Total Volume Locked (TVL): $892.2M (-1.93%)
NFT weekly sales volume: $10.61M (+16.59%)
Top 3 NFT collections by sales volume:
Genesis APE: $925.1K
Matr1x Fire Weapon: $556.7K
Courtyard: $550.9K
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
Polygon Spotlight
🟪What happened: Movement Labs, a blockchain startup focused on expanding the Move coding language, announced that its layer-2 blockchain (L2) solutions are joining the AggLayer.
🟪Why does it matter: Movement’s integration with AggLayer signifies a milestone for both the Polygon and Ethereum ecosystems, opening the door for more Move Virtual Machine (MoveVM)-based chains.
Movement hopes to offer developers enhanced security and performance of the Move programming language by integrating into the AggLayer. The integration also aligns with the launch of Movement Labs' public testnet which features $160 million in committed TVL.
This development scales Movement’s mission to expand the usage of the Move language beyond the Aptos and Sui layer-1 blockchains it has already integrated with. This addition aims to provide more unified liquidity and user access across all aggregated chains within the AggLayer.
As interoperability becomes more sought after, Movement is diving deeper in its commitment to expand the Move programming language and an ecosystem around it.
MoveVM-based chains can interoperate with the liquidity and users of any AggLayer chain, which in turn can open more opportunities for developers.
🟪The big picture: As the AggLayer continues to support various chains, it hopes to drive the web3 space towards a more inclusive, interoperable and scalable future.
This integration can strengthen the Polygon ecosystem and increase Ethereum’s position as a dominant force in the blockchain space.
Multiple L2s such as the X layer, Immutable zkEVM, and Manta Pacific have utilized the Polygon Chain Development Kit to connect to AggLayer. These chains create for a more integrated network, in addition to interoperability across networks.
All in all, Movement hopes to play a pivotal role in advancing DeFi and fostering more interconnected ecosystems.
The integration with AggLayer will take it to a new level and bring on different kinds of aggregated chains, potentially unlocking “growth at the size of the internet.”
Forging the Ecosystem
Tenderly announced its support of the gaming L2 network, Immutable zkEVM
Haust Network, an EVM-compatible L2 solution, shared it will integrate into AggLayer using Polygon CDK
Versus-X released beta access for its web3 wagering ecosystem on Polygon PoS
Polymarket, a web3 prediction market on Polygon PoS, processed $1B worth of volume reported by Dune Analytics user petertherock (shown below)
Highlighting the community
Check out a thread by X user Real_n3xt that showcases Ronin Network and web3 gaming on Polygon
X user De3ngineer created a deep dive into Irreducible, a ZK-focused team focused on Binius technology, and its collaboration with the AggLayer
0xNXTLVL created a thread on X that showcased Movement Labs’ announcement to join the AggLayer
X creator Nofuturephoto released a video summarizing Farcaster Frames’ support for Polygon PoS transactions
Featured headlines
You might have seen these Polygon-related headlines recently…
Polymarket FTW: This Season of Chaos Has Seen the Meteoric Rise of the First (Really, Truly) Breakthrough Crypto dApp, Built on Polygon (Polygon Labs Blog)
Movement Labs Integrates with Polygon’s AggLayer to Improve Liquidity on Move-based L2 Chains (The Defiant)
Join in the fun
Want to dive into the Polygon ecosystem full-time? Find the latest job postings here.
Building on Polygon? Schedule a 1:1 call with a team member from the Polygon Labs Dev Rel team
Meet up with the Polygon community at a series of events during the Science of Blockchain conference in NYC, Aug. 5-6
Dive into the Polygon ecosystem and join the community Discord
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.